How much does Tower Products Incorporated contribute to its ESOP?

In 2024, employer contributions to the Tower Products Incorporated plan averaged $12,257 per active participant, above the $2,416 median for plans of similar size. Public filings report contribution dollars, not the match formula; the formula is in the plan's summary plan description.

What is the average account balance in the Tower Products Incorporated 401(k)?

The average participant account balance was $126,696 for plan year 2024, based on 236 accounts.

Tower Products IncorporatedESOP

Name: Tower Products Incorporated 401(k) plan: Form 5500 data
Creator: U.S. Department of Labor

TOWER PRODUCTS ESOP · SAUGERTIES, NY · plan year 2024

Employer contribution per participant · 2024

$12,257

Tower Products Incorporated's 2024 Form 5500 did not separately report plan administrative expenses, which is common where recordkeeping is paid through investment revenue-sharing or a master trust. The plan held $29,900,355 across 236 participant accounts, with employer contributions averaging $12,257 per active participant. See methodology for what Form 5500 does and doesn't capture.

The plan sits in the $10M–$50M size bracket, benchmarked here against 27,838 comparable plans and shown alongside other retail trade employers. By assets it is the 1,961st-largest of 5,648 plans among New York employers on file, and the 1,034th of 5,215 in retail trade. active participation has grown from 128 to 161 since 2022.

Plan summary
Net assets, end of year$29,900,355
Participants with balances236
Active participants161
Employer contributions$1,973,353
Employee contributions—
Employer contribution per active participant$12,257
Average account balance$126,696
Benefits paid to participants$362,142
Plan auditUnmodified (clean) audit opinion
AuditorDAVIE KAPLAN, CPA, P.C.

Plan history3

Yearassets · accounts · employer contribution

2024$29.9M · 236 accts · $2.0M emplr

2023$23.0M · 220 accts · $1.9M emplr

2022$9.2M · 195 accts · $1.7M emplr

Employer contributions to the Tower Products Incorporated plan · 2024

Employer contribution per active participant$12,257

Median for plans this size$2,416

2024$12,257 per active participant

2023$12,203 per active participant

2022$13,509 per active participant

Tower Products Incorporated's 2024 employer contribution ran above the $2,416 median for plans its size, placing it in the top quarter of its peers. Filings report dollars actually contributed, not the match formula; the formula itself (for example, 50% of the first 6% of pay) lives in the plan's summary plan description from HR.

Administrative cost history3

2024Not separately reported

2023Not separately reported

2022Not separately reported

All plans at this employer2

TOWER PRODUCTS INCORPORATED PROFIT SHARING PLAN401(k)

TOWER PRODUCTS ESOPESOP

Same employer

Tower Products Incorporated's health & benefits plan: carriers, premiums & broker pay

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Source: U.S. Department of Labor, Form 5500 series, EIN 141659003 · Verify on EFAST2 · Amounts are as reported by the plan sponsor for the plan year shown.