Plan Snapshot
- Plan Sponsor: Salem Five Cents Savings Bank
- Sponsor EIN: 041802790
- Sponsor Address: 210 ESSEX STREET, SALEM, MA, 01970
- Plan Type: 401(k)
- Total Participants: 660
- Total Assets: $108.2M
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 | 660 | $108.2M | $2.0M | $5.8M |
| 2023 | 658 | $99.2M | $1.8M | $5.5M |
| 2022 | 635 | $89.8M | $1.7M | $5.5M |
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 |
|---|---|---|---|---|
| EMPOWER ANNUITY INSURANCE COMPANY O | NONE | $16,355 | — | $16,355 |
| WOLF & COMPANY, PC | Auditor | — | — | $0 |
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $16,355
- Estimated Expense Ratio: 0.015% 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 | $18,840 | — | — | — | — |
| 2023 | $17,235 | — | $16,335 | — | — |
| 2022 | $13,930 | — | $13,930 | — | — |