SOLVAY BANK EMPLOYEES SAVINGS AND PROTECTION PLAN
Plan Contact
- Address: 1537 MILTON AVE,SOLVAY,NY
- Contact person: BETTY CALDWELL
- Phone: (315) 484-2207
Plan General Information
SOLVAY BANK EMPLOYEES SAVINGS AND PROTECTION PLAN Total Retirement Plan Assets
At the end of 2023, the total retirement plan assets of SOLVAY BANK EMPLOYEES SAVINGS AND PROTECTION PLAN is $15,298,590.00.This plan was established in 1987.
SOLVAY BANK EMPLOYEES SAVINGS AND PROTECTION PLAN Total Number of Retirement Plan Participants
At the end of 2023, the total number of retirement plan participants in SOLVAY BANK EMPLOYEES SAVINGS AND PROTECTION PLAN is 208
SOLVAY BANK EMPLOYEES SAVINGS AND PROTECTION PLAN Average Participant Retirement Account Value
In 2023, the average participant retirement account value for SOLVAY BANK EMPLOYEES SAVINGS AND PROTECTION PLAN is $73,550.00
SOLVAY BANK EMPLOYEES SAVINGS AND PROTECTION PLAN Estimated Average Employee Contribution Amount
In 2023, the estimated average employee contribution amount per participant for SOLVAY BANK EMPLOYEES SAVINGS AND PROTECTION PLAN is $3,710.00.
SOLVAY BANK EMPLOYEES SAVINGS AND PROTECTION PLAN Estimated Average Employer Match
In 2023, the estimated average employer match for an employee in SOLVAY BANK EMPLOYEES SAVINGS AND PROTECTION PLAN is approximately $2,712.00
Investing in this additonal $2,712.00 for 20 years would give you extra $173,620.00, assuming a 10% annual return.
Investing in this additonal $2,712.00 for 20 years would give you extra $173,620.00, assuming a 10% annual return.
SOLVAY BANK EMPLOYEES SAVINGS AND PROTECTION PLAN Total Employer Contribution and Match Rate
In 2023, SOLVAY BANK EMPLOYEES SAVINGS AND PROTECTION PLAN allocates $564,267.00 to match its employees' contributions, providing an employer match rate of 78.60% of their contributions
SOLVAY BANK EMPLOYEES SAVINGS AND PROTECTION PLAN Total Retirement Plan Asset Growth Rate
In 2023, the total retirement plan asset growth rate of SOLVAY BANK EMPLOYEES SAVINGS AND PROTECTION PLAN is 17.50%.
SOLVAY BANK EMPLOYEES SAVINGS AND PROTECTION PLAN Estimated Aggregate Retirement Account Investment Gain/Loss
In 2023, the estimated aggregate retirement account investment gain/loss for SOLVAY BANK EMPLOYEES SAVINGS AND PROTECTION PLAN is 16.69%. This measures the effectiveness of the plan participants' investments in the year.
SOLVAY BANK EMPLOYEES SAVINGS AND PROTECTION PLAN Expense Ratio
In 2023, the investment and administrative expense ratio of SOLVAY BANK EMPLOYEES SAVINGS AND PROTECTION PLAN is 0.32%.
Enrollment Features
SOLVAY BANK EMPLOYEES SAVINGS AND PROTECTION PLAN has the following features:Automatic Enrollment: It provides automatic enrollment with elective contributions deducted from payroll.
Default Investments: It uses a default investment account for participants or employees who fail to direct assets in their account.
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