Plan Snapshot
- Plan Sponsor: Tower Federal Credit Union
- Sponsor EIN: 530214895
- Sponsor Address: 7901 SANDY SPRING ROAD, LAUREL, MD, 20707
- Plan Type: 401(k)
- Total Participants: 619
- Total Assets: $91.7M
Key Plan Design Features
- Auto-Enrollment: Yes
- Auto-Escalation: No
- Allows Roth Contributions: No
- 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 | 619 | $91.7M | $1.8M | $4.5M |
| 2023 | 596 | $78.0M | $1.5M | $4.0M |
| 2022 | 556 | $62.2M | $1.2M | $3.7M |
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 |
|---|---|---|---|---|
| DOERENMAYHEW ASSURANCE | Auditor | — | — | $0 |
Verified Provider Profiles
Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:
- DOERENMAYHEW ASSURANCE — Auditor
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $0
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 | $119,548 | $12,094 | — | — | — |
| 2023 | $123,848 | $9,332 | — | — | — |
| 2022 | $115,779 | $7,969 | — | — | — |