Magyar Bank 401(K) Profit Sharing Plan — Form 5500 plan (Magyar Bank)
Plain-English plan summary
According to public Form 5500 filings published through the U.S. Department of Labor (DOL) Employee Benefits Security Administration (EBSA) via the EFAST2 system, Magyar Bank 401(K) Profit Sharing Plan is a benefit plan reported by Magyar Bank under EIN 22-1085787 and plan number 002. The latest loaded filing year is 2023. The filing reports 120 participants and $11,104,205 in end-of-year plan assets, where available in the loaded dataset.
Key reported metrics
- Plan sponsor
- Magyar Bank
- EIN
- 22-1085787
- Plan number
- 002
- Plan type
- 2
- Location
- New Brunswick, NJ
- Latest filing year
- 2023
- Participants
- 120
- End-of-year plan assets
- $11,104,205
Form 5500 filing history
| Filing year | Participants | Schedules | Filing |
|---|---|---|---|
| 2023 | 120 | H, C | 20240731094436NAL0021294993001 |
Reported financial statement (2023 · Schedule H)
Net assets
- Total assets (EOY)
- $11,104,205
- Total liabilities (EOY)
- $0
- Net assets (EOY)
- $11,104,205
- Net assets (BOY)
- $10,419,200
Income & contributions
- Employer contributions
- $246,760
- Participant contributions
- $604,689
- Total contributions
- $1,167,299
- Total income / additions
- $2,427,236
Expenses & distributions
- Benefits paid
- $1,688,547
- Administrative expenses
- $53,684
- Total expenses
- $1,742,231
- Net increase / (decrease)
- $685,005
Service provider compensation (Schedule C)
| Provider | Service | Direct comp. | Indirect comp. | Year |
|---|---|---|---|---|
| Principal Life Insurance Company | CONTRACT ADMINISTRATOR | $53,083 | $0 | 2023 |
| Alden Capital | INVESTMENT ADVISORY | $0 | $22,705 | 2023 |
| Wilshire Advisors LLC | INVESTMENT ADVISORY | $0 | $0 | 2023 |