# Preferred Bank 401(k) Plan
Source: https://planprovider.pro/companies/preferred-bank-401k-plan-001-0199

> Preferred Bank's 401(k) plan: 312 participants, plan year 2024 financials, providers, and benchmarks from Form 5500.

Form 5500 filing data for plan year 2024.

## Plan Snapshot

- **Plan Sponsor:** Preferred Bank

- **Sponsor EIN:** 954340199

- **Sponsor Address:** 601 SOUTH FIGUEROA STREET, LOS ANGELES, CA, 90017

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

- **Total Participants:** 312

- **Total Assets:** $58.8M

## Key Plan Design Features

- **Auto-Enrollment:** Yes

- **Auto-Escalation:** No

- **Allows Roth Contributions:** No

- **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|312|$58.8M|$708,640|$3.0M|

| 2023|284|$50.6M|$672,934|$2.9M|

| 2022|253|$42.0M|$584,266|$2.5M|

## 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|

| NEWPORT GROUP, INC.|RECORD KEEPER|$30,347|—|$30,347|

| AUDIT AND TAX SOLUTIONS CPAS|Auditor|—|—|$0|

### Verified Provider Profiles

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

- [AUDIT AND TAX SOLUTIONS CPAS](https://planprovider.pro/provider/audit-and-tax-solutions-cpas-inc) — Auditor

## Plan Fees & Expenses

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

- **Total Service Provider Fees:** $30,347

- **Estimated Expense Ratio:** 0.052% 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|$7,234|—|—|—|—|

| 2023|$16,895|—|$16,895|—|—|

| 2022|$5,139|—|$5,139|—|—|

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[View full interactive plan profile on PlanProvider.Pro](https://planprovider.pro/companies/preferred-bank-401k-plan-001-0199)

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