Plan Snapshot
- Plan Sponsor: Spencer Savings Bank Sla
- Sponsor EIN: 221296609
- Sponsor Address: 611 RIVER DR, ELMWOOD PARK, NJ, 074071325
- Plan Type: 401(k)
- Plan Number: 002
- Total Participants: 386
- Total Assets: $51.9M
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. |
|---|---|---|---|---|
| 2025 | 386 | $51.9M | $0 | $0 |
| 2024 | 298 | $48.4M | $1.1M | $1.9M |
| 2023 | 301 | $45.2M | $1.1M | $1.8M |
| 2022 | 272 | $41.5M | $1.2M | $1.5M |
| 2021 | 244 | $46.6M | $984,918 | $1.4M |
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 | $191,710 | — | $191,710 |
| TOWERS WATSON INVESTMENT SERVICES, | Investment Advisor | — | $98,017 | $98,017 |
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $289,727
- Estimated Expense Ratio: 0.558% 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 |
|---|---|---|---|---|---|
| 2025 | $6,554,531 | — | $191,710 | — | — |
| 2024 | $188,237 | — | $188,237 | — | — |
| 2023 | $168,968 | — | $168,968 | — | — |
| 2022 | $128,472 | — | $128,472 | — | — |
| 2021 | $8,145 | — | $8,095 | — | — |