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Company:
Magyar Bank
Plan:
Magyar Bank 401k Profit Sharing Plan
 

Magyar Bank

60 Plan:

 
 
60
9
62
78
0
10
20
30
40
50
60
70
80
90
100
For the average 401k participant, the 18 point difference between this plan's BrightScope Rating (60) and the top rated plan (78) could equate to:
[How is this calculated?]
8 additional years of work
Up to $116,900 in lost retirement savings.
The delay in retirement calculations apply solely to this defined contribution plan and do not take into account other retirement plans and programs offered by this employer.

 

Retirement Plan Description

Magyar Bank 401k Profit Sharing Plan is a defined contribution plan with a profit-sharing component and 401k feature. This plan has a BrightScope Rating of 60. Magyar Bank 401k Profit Sharing Plan currently has over 100 active participants and over $3.2M in plan assets.

 

 Investment Menu Statistics

No. of Investment Options
26
Plan Average: 24
Top 3 Funds in this 401k
1. Transamerica Stable Value Fund 13%
2. Magyar Bancorp, Inc. Employer Stock 9%
3. American Funds Fundamental Investors 6%

 
Plan Component Ratings

 Retirement Plan Details

Address 400 Somerset St
New Brunswick, NJ 08901 
Industry Savings Institutions
Administrator Vicki Fackovec
Net Plan Assets $3,200,000
Total Participants 120
Avg Account Balance $29,000

 Compare Other Companies in Peer Group

Chicopee Savings Bank 68.1
Skowhegan Savings Bank 68.1
Ballston Spa National Bank 67.8
Colonial Bank, Fsb 65.6
Franklin Savings Bank 63.0
American Security Bank 62.6

  Plan Service Providers

Insurance Carrier Transamerica
Insurance Advisor/Broker CBIZ Financial Solutions, Inc.
Recordkeeper ABN AMRO Trust Services Company
Consultant CBIZ Financial Solutions, Inc.
Auditor WithumSmith + Brown, PC

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