Plan Snapshot
- Plan Sponsor: Magyar Bank
- Sponsor EIN: 221085787
- Sponsor Address: 400 SOMERSET STREET, NEW BRUNSWICK, NJ, 08901
- Plan Type: 401(k)
- Plan Number: 002
- Total Participants: 119
- Total Assets: $15.7M
Key Plan Design Features
- Auto-Enrollment: Yes
- Auto-Escalation: No
- Allows Roth Contributions: Yes
- Participant Loans: No
- Participant-Directed Investments: Yes
- ERISA Section 404(c) Fiduciary Safe Harbor: Yes
Plan Financials by Year
| Year | Participants | Total Assets | Employer Contrib. | Employee Contrib. |
|---|---|---|---|---|
| 2025 | 119 | $15.7M | $0 | $0 |
| 2024 | 105 | $13.6M | $253,874 | $641,836 |
| 2023 | 98 | $11.1M | $246,760 | $604,689 |
| 2022 | 11 | $4.1M | $0 | $0 |
Service Providers (Schedule C)
Vendors paid $5,000 or more for services to the plan, ranked by total compensation (direct + indirect fees).
| Provider Name | Role | Direct Compensation | Indirect Compensation | Total Fees |
|---|---|---|---|---|
| PRINCIPAL LIFE INSURANCE COMPANY | Recordkeeper | $65,045 | — | $65,045 |
| ALDEN CAPITAL | Investment Advisor | — | $30,300 | $30,300 |
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $95,345
- Estimated Expense Ratio: 0.609% of plan assets
Historical Administrative Expenses
Breakdown of administrative expense categories reported on Form 5500 filings.
| Year | Total Admin Expenses | Investment Mgmt Fees | Contract Admin Fees | IQPA Audit Fees | Professional Fees |
|---|---|---|---|---|---|
| 2025 | $1,050,150 | — | $65,046 | — | — |
| 2024 | $59,399 | — | $59,399 | — | — |
| 2023 | $53,684 | — | $53,684 | — | — |
| 2022 | $275,349 | — | — | — | — |