Plan Snapshot
- Plan Sponsor: Springfield Area Transit Co INC
- Sponsor EIN: 043572241
- Sponsor Address: 665 COTTAGE STREET, SPRINGFIELD, MA, 01104
- Plan Type: 401(k)
- Plan Number: 003
- Total Participants: 313
- Total Assets: $7.4M
Key Plan Design Features
- Auto-Enrollment: No
- Auto-Escalation: No
- Allows Roth Contributions: No
- 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 | 313 | $7.4M | $0 | $436,037 |
| 2023 | 297 | $7.2M | $0 | $423,006 |
| 2022 | 298 | $7.3M | $0 | $405,730 |
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 |
|---|---|---|---|---|
| MERRILL LYNCH PIERCE FENNER & SMITH | Investment Advisor | $17,163 | — | $17,163 |
| EMPOWER ANNUITY INSURANCE COMPANY | Recordkeeper | $14,716 | — | $14,716 |
| PASI, LLC | Other Service Provider | $2,185 | $3,460 | $5,645 |
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $37,524
- Estimated Expense Ratio: 0.507% 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 | $34,946 | — | $34,946 | — | — |
| 2023 | $32,444 | — | — | — | — |
| 2022 | $46,272 | $40,949 | $5,323 | — | — |