Bowery Residents' Committee 401(k) match, vesting and fees
What Bowery Residents' Committee's 401(k) plan says about matching contributions
Under the terms of the Plan, an employee is eligible for the Sponsor matching contribution on January 1 and July 1 of each year following the completion of one year of service and attain the age of 18. The Sponsor will make a matching contribution each payroll period equal to 100% of the employee contribution but not to exceed 4% of eligible compensation. Effective July 1, 2023, the Plan was amended to increase the employer matching contribution rate to 6% of eligible compensation.
Quoted directly from the filing. Plan terms may have changed; check your current Summary Plan Description.
Plan features
Indented passages are quoted word for word from the audit report; plan terms may have changed since, so check your current Summary Plan Description.
| Employer match | Quoted from the filing above | Audit report, p. 29 ↗ |
| Match vesting | Participants are 100% vested in their voluntary contributions and Sponsor’s contributions plus earnings thereon. | Audit report, p. 29 ↗ |
| Roth contributions | The Plan does accept rollovers and transfers from other qualified plans, but only for those employees eligible to participate in the Plan. Effective January 1, 2024, the Plan also allows Roth contributions, as amended. | Audit report, p. 29 ↗ |
| Loans | The Plan Document includes provisions authorizing loans from the Plan to active eligible participants. Loans are made to any eligible participant demonstrating a qualifying need. The minimum amount of a loan shall be $1,000. The maximum amount of a participant’s loans is determined by the available loan balance restricted to the lesser of $50,000 or 50% of the participant’s vested account balance. All loans are covered by demand notes and are repayable over a period not to exceed five years (except for loans for the purchase of a principal residence) through payroll withholdings unless the participant is paying the loan in full. Interest on the loans is based on local prevailing rates as determined by the Plan Administrator. | Audit report, p. 30 ↗ |
| Recordkeeper | Empower Life & Annuity Insurance Co | Schedule C ↗ |
| Independent auditor | Forvis Mazars LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
All rows are from the plan year 2024 filing; plan features from its audit report.
How the plan compares
Plan year 2024 medians for 1,281 defined-contribution plans in health care and social assistance with 1,000 to 4,999 participants.
| Bowery Residents' Committee: employer contribution per participant | $306 | |
| Peer median | $1,358 |
| Bowery Residents' Committee: average balance | $18,431 | |
| Peer median | $44,442 |
| Bowery Residents' Committee: admin expenses ÷ assets | 0.13% | |
| Peer median | 0.21% |
Admin expenses are the plan's reported administrative expenses divided by its assets; they do not include fund expense ratios.
Plan history
Plan assets went from $20M at the end of plan year 2021 to $33.5M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 1,817 | $33.5M | $556K | $306 | 0.13% | Quoted in the audit report, p. 29 ↗ | Form 5500 ↗ |
| 2023 | 634 | $23.7M | $1.3M | $2,557 | 0.24% | Not published | Form 5500 ↗ |
| 2022 | 436 | $18.1M | $548K | $1,301 | 0.01% | Not published | Form 5500 ↗ |
| 2021 | 429 | $20M | $562K | $1,362 | 0.01% | Not published | Form 5500 ↗ |
Other Bowery Residents' Committee plans (1)
Each plan files its own Form 5500. Figures are from each plan's latest filing.
Brc Union 403(b) Plan
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Recordkeeper | Empower Life & Annuity Insurance Co | Schedule C ↗ |
| Independent auditor | Forvis Mazars LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | 401(k) · Terminated (final filing) | Form 5500 ↗ |
Common questions
Does Bowery Residents' Committee match 401(k) contributions?
The audit report attached to the Brc 403(b) Plan's plan year 2024 Form 5500, page 29 says: “Under the terms of the Plan, an employee is eligible for the Sponsor matching contribution on January 1 and July 1 of each year following the completion of one year of service and attain the age of 18. The Sponsor will make a matching contribution each payroll period equal to 100% of the employee contribution but not to exceed 4% of eligible compensation. Effective July 1, 2023, the Plan was amended to increase the employer matching contribution rate to 6% of eligible compensation.” Plan terms may have changed; check your current Summary Plan Description.
When is the Bowery Residents' Committee 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 29 says: “Participants are 100% vested in their voluntary contributions and Sponsor’s contributions plus earnings thereon.”
Who manages the Bowery Residents' Committee 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Empower Life & Annuity Insurance Co. The plan administrator is Bowery Residents' Committee, Inc..
I left Bowery Residents' Committee. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Bowery Residents' Committee, Inc., (212) 803-5724) or the recordkeeper, Empower Life & Annuity Insurance Co. The Bowery Residents' Committee old 401(k) page lists the contacts from every plan filing. Find an old Bowery Residents' Committee 401(k)
Data from the public Form 5500 annual reports Bowery Residents' Committee filed with the U.S. Department of Labor (plan years 2021 and 2022 and 2023 and 2024) and, where noted, the attached independent auditor's report. Plan terms may have changed since the filing; check your current Summary Plan Description. PlanFacts is not affiliated with Bowery Residents' Committee. Not financial advice. Report a correction · Methodology