Plan Snapshot
- Plan Sponsor: Salem Tools, INC.
- Sponsor EIN: 540885549
- Sponsor Address: P.O. BOX 1509, SALEM, VA, 24153
- Plan Type: 401(k)
- Plan Number: 001
- Total Participants: 72
- Total Assets: $15.2M
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 | 72 | $15.2M | $210,058 | $517,726 |
| 2023 | 83 | $14.6M | $217,742 | $516,142 |
| 2022 | 94 | $13.2M | $198,742 | $566,104 |
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 |
|---|---|---|---|---|
| ADP, INC. | Recordkeeper | $25,092 | — | $25,092 |
Verified Provider Profiles
Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:
- ADP, INC. — Recordkeeper
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $25,092
- Estimated Expense Ratio: 0.165% 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 | $25,092 | — | — | — | — |
| 2023 | $24,668 | — | — | — | — |
| 2022 | $24,288 | — | — | — | — |