# Townebank 401(k) Plan
Source: https://planprovider.pro/companies/townebank-401k-plan

> Townebank's 401(k) plan: 2,649 participants, plan year 2024 financials, providers, and benchmarks from Form 5500.

Form 5500 filing data for plan year 2024.

## Plan Snapshot

- **Plan Sponsor:** Townebank

- **Sponsor EIN:** 541910608

- **Sponsor Address:** 6001 HARBOUR VIEW BLVD, SUFFOLK, VA, 234352767

- **Plan Type:** 401(k)

- **Total Participants:** 2,649

- **Total Assets:** $320.2M

## 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|2,649|$320.2M|$5.9M|$18.2M|

| 2023|2,679|$283.1M|$5.7M|$17.6M|

| 2022|2,629|$244.7M|$5.6M|$17.1M|

## 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|

| FORVIS MAZARS, LLP|Auditor|—|—|$0|

### Verified Provider Profiles

Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:

- [FORVIS MAZARS, LLP](https://planprovider.pro/provider/forvis-mazars-llp) — 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|$416,906|$65,945|$350,961|—|—|

| 2023|$380,129|$64,018|$316,111|—|—|

| 2022|$369,610|$62,155|$307,455|—|—|

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