NEWTEK BUSINESS SERVICES 401(K) PLAN

Plan Contact

  • Address: 1981 MARCUS AVENUE, SUITE 130,LAKE SUCCESS,NY
  • Contact person: BRIAN MOON
  • Phone: (212) 356-9500

Plan General Information

NEWTEK BUSINESS SERVICES 401(K) PLAN Total Retirement Plan Assets

At the end of 2022, the total retirement plan assets of NEWTEK BUSINESS SERVICES 401(K) PLAN is $28,212,884.00.This plan was established in 2004.

NEWTEK BUSINESS SERVICES 401(K) PLAN Total Number of Retirement Plan Participants

At the end of 2022, the total number of retirement plan participants in NEWTEK BUSINESS SERVICES 401(K) PLAN is 623

NEWTEK BUSINESS SERVICES 401(K) PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for NEWTEK BUSINESS SERVICES 401(K) PLAN is $45,285.00

NEWTEK BUSINESS SERVICES 401(K) PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for NEWTEK BUSINESS SERVICES 401(K) PLAN is $5,538.00.

NEWTEK BUSINESS SERVICES 401(K) PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in NEWTEK BUSINESS SERVICES 401(K) PLAN is approximately $460.00
Investing in this additonal $460.00 for 20 years would give you extra $29,468.00, assuming a 10% annual return.

NEWTEK BUSINESS SERVICES 401(K) PLAN Total Employer Contribution and Match Rate

In 2022, NEWTEK BUSINESS SERVICES 401(K) PLAN allocates $286,857.00 to match its employees' contributions, providing an employer match rate of 9.02% of their contributions

NEWTEK BUSINESS SERVICES 401(K) PLAN Total Retirement Plan Asset Growth Rate

In 2022, the total retirement plan asset growth rate of NEWTEK BUSINESS SERVICES 401(K) PLAN is -15.93%.

NEWTEK BUSINESS SERVICES 401(K) PLAN Estimated Aggregate Retirement Account Investment Gain/Loss

In 2022, the estimated aggregate retirement account investment gain/loss for NEWTEK BUSINESS SERVICES 401(K) PLAN is -19.04%. This measures the effectiveness of the plan participants' investments in the year.

NEWTEK BUSINESS SERVICES 401(K) PLAN Expense Ratio

In 2022, the investment and administrative expense ratio of NEWTEK BUSINESS SERVICES 401(K) PLAN is 0.32%.

Enrollment Features

NEWTEK BUSINESS SERVICES 401(K) 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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