# Magyar Bank 401(k) Plan
Source: https://planprovider.pro/companies/magyar-bank-401k-plan

> Magyar Bank's 401(k) plan: 105 participants, plan year 2024 financials, providers, and benchmarks from Form 5500.

Form 5500 filing data for plan year 2024.

## Plan Snapshot

- **Plan Sponsor:** Magyar Bank

- **Sponsor EIN:** 221085787

- **Sponsor Address:** 400 SOMERSET STREET, NEW BRUNSWICK, NJ, 08901

- **Plan Type:** 401(k)

- **Total Participants:** 105

- **Total Assets:** $13.6M

## 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.|

| 2024|105|$13.6M|$253,874|$641,836|

| 2023|98|$11.1M|$246,760|$604,689|

| 2022|90|$10.4M|$247,749|$623,376|

## 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|

| CARON & BLETZER, PLLC|Auditor|—|—|$0|

### Verified Provider Profiles

Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:

- [CARON & BLETZER, PLLC](https://planprovider.pro/provider/caron-bletzer) — Auditor

## Plan Fees & Expenses

Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.

- **Total Service Provider Fees:** $0

### 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|

| 2024|$59,399|—|$59,399|—|—|

| 2023|$53,684|—|$53,684|—|—|

| 2022|$56,121|—|$56,121|—|—|

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