Plan Snapshot
- Plan Sponsor: Somerset Regal Bank
- Sponsor EIN: 220784760
- Sponsor Address: 220 WEST UNION AVE, BOUND BROOK, NJ, 088051335
- Plan Type: 401(k)
- Total Participants: 108
- Total Assets: $16.6M
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 | 108 | $16.6M | $263,016 | $698,077 |
| 2023 | 113 | $13.3M | $171,760 | $483,204 |
| 2022 | 59 | $11.5M | $122,827 | $377,444 |
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 | Recordkeeper | $26,861 | — | $26,861 |
| ONEDIGITAL INVESTMENT ADVISORS | Investment Advisor | $19,207 | — | $19,207 |
Verified Provider Profiles
Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:
- ONEDIGITAL INVESTMENT ADVISORS — Investment Advisor
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $46,068
- Estimated Expense Ratio: 0.278% 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 | $46,068 | $19,207 | $26,861 | — | — |
| 2023 | $31,908 | $10,302 | $21,606 | — | — |
| 2022 | $576,472 | — | $38,631 | — | — |