# Salem Five Cents Savings Bank 401(k) Plan
Source: https://planprovider.pro/companies/salem-five-cents-savings-bank-401k-plan

> Salem Five Cents Savings Bank's 401(k) plan: 660 participants, plan year 2024 financials, providers, and benchmarks from Form 5500.

Form 5500 filing data for plan year 2024.

## 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|—|—|

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