Plan Snapshot
- Plan Sponsor: Sumitomo Mitsui Banking Corporation
- Sponsor EIN: 135611820
- Sponsor Address: 277 PARK AVENUE 6TH FLOOR, NEW YORK, NY, 10172
- Plan Type: 401(k)
- Total Participants: 4,537
- Total Assets: $764.5M
Key Plan Design Features
- Auto-Enrollment: Yes
- Auto-Escalation: No
- Allows Roth Contributions: Yes
- Participant Loans: Yes
- 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 | 4,537 | $764.5M | $22.3M | $67.4M |
| 2023 | 4,155 | $619.8M | $20.0M | $58.8M |
| 2022 | 3,721 | $473.1M | $15.0M | $44.3M |
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 LIFE & ANNUITY INSURANCE CO | RECORDKEEPER | $445,501 | — | $445,501 |
| CAPFINANCIAL PARTNERS LLC DBA CAPTR | NONE | $110,000 | — | $110,000 |
| COHNREZNICK LLP | NONE | $88,800 | — | $88,800 |
| COHNREZNICK, LLP | Auditor | $88,800 | — | $88,800 |
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $733,101
- Estimated Expense Ratio: 0.096% 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 | $655,610 | $110,190 | — | $88,800 | — |
| 2023 | $643,362 | $110,000 | — | $20,000 | — |
| 2022 | $623,919 | $110,000 | $456,012 | — | $57,907 |