Plan Snapshot
- Plan Sponsor: The Citizens Bank
- Sponsor EIN: 570874845
- Sponsor Address: 1600 W. PALMETTO STREET, FLORENCE, SC, 29501
- Plan Type: 401(k)
- Total Participants: 223
- Total Assets: $27.7M
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 | 223 | $27.7M | $533,322 | $953,749 |
| 2023 | 171 | $24.9M | $500,000 | $905,177 |
| 2022 | 167 | $21.4M | $501,856 | $798,720 |
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 | CONTRACT ADMINISTRATOR | $11,010 | — | $11,010 |
| SCOTT AND COMPANY, LLC | Auditor | — | — | $0 |
Verified Provider Profiles
Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:
- SCOTT AND COMPANY, LLC — Auditor
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $11,010
- Estimated Expense Ratio: 0.040% 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 | $11,010 | — | $11,010 | — | — |
| 2023 | $3,250 | — | $3,250 | — | — |
| 2022 | $1,760 | — | $1,760 | — | — |