Plan Snapshot
- Plan Sponsor: The Pay-O-Matic Corp.
- Sponsor EIN: 132651875
- Sponsor Address: 160 OAK DRIVE, SYOSSET, NY, 117914621
- Plan Type: 401(k)
- Total Participants: 1,571
- Total Assets: $12.4M
Key Plan Design Features
- Auto-Enrollment: Yes
- Auto-Escalation: No
- Allows Roth Contributions: No
- Participant Loans: No
- Participant-Directed Investments: No
- ERISA Section 404(c) Fiduciary Safe Harbor: Yes
Plan Financials by Year
| Year | Participants | Total Assets | Employer Contrib. | Employee Contrib. |
|---|---|---|---|---|
| 2024 | 1,571 | $12.4M | $82 | $703,915 |
| 2023 | 1,495 | $11.0M | $0 | $677,093 |
| 2022 | 1,515 | $10.6M | $0 | $698,428 |
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 | CONTACT ADMINISTRATOR | $148,071 | — | $148,071 |
| AGGREGATE RETIREMENT | CONTRACT ADMINISTRATOR | $59,168 | $26,940 | $86,108 |
| TOWERS WATSON INVESTMENT SERVICES | INVESTMENT ADVISORY | — | $27,719 | $27,719 |
| PENSION ASSURANCE LLP | Auditor | — | — | $0 |
Verified Provider Profiles
Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:
- PENSION ASSURANCE LLP — Auditor
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $261,898
- Estimated Expense Ratio: 2.104% 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 | $207,239 | — | $207,239 | — | — |
| 2023 | $194,348 | — | $194,348 | — | — |
| 2022 | $137,810 | — | $137,810 | — | — |