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

> Needham Bank's 401(k) plan: 370 participants, plan year 2024 financials, providers, and benchmarks from Form 5500.

Form 5500 filing data for plan year 2024.

## Plan Snapshot

- **Plan Sponsor:** Needham Bank

- **Sponsor EIN:** 843556185

- **Sponsor Address:** 1063 GREAT PLAIN AVE, NEEDHAM, MA, 024922302

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

- **Total Participants:** 370

- **Total Assets:** $58.0M

## Key Plan Design Features

- **Auto-Enrollment:** Yes

- **Auto-Escalation:** No

- **Allows Roth Contributions:** Yes

- **Participant Loans:** Yes

- **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|370|$58.0M|$2.6M|$3.8M|

| 2023|344|$46.0M|$1.2M|$1.6M|

## 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|CONTRACT ADMINISTRATOR|$69,843|—|$69,843|

| WOLF & COMPANY, P.C.|Auditor|—|—|$0|

## Plan Fees & Expenses

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

- **Total Service Provider Fees:** $69,843

- **Estimated Expense Ratio:** 0.120% 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|

| 2024|$69,860|—|$69,860|—|—|

| 2023|$25,768|—|$25,768|—|—|

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