SALEM ELECTRIC CO. RETIREMENT SAVINGS PLAN
ERISA Form 5500 plan record drawn from DOL EBSA — verify with linked source filings below.
SALEM ELECTRIC COMPANY
This 401(k) plan holds $16M in total assets and serves 204 participants as of 2024. It is sponsored by SALEM ELECTRIC COMPANY in North Carolina. The plan reported positive net income of $871K for the year.
What the Filing Says About SALEM ELECTRIC CO. RETIREMENT SAVINGS PLAN
SALEM ELECTRIC CO. RETIREMENT SAVINGS PLAN is a 401(k) retirement plan sponsored by SALEM ELECTRIC COMPANY, headquartered in North Carolina. As of the 2024 Form 5500 filing, the plan reports $16M in total end-of-year assets and covers 204 participants across the Construction industry. The sponsor's EIN on file with the U.S. Department of Labor is 560633616, and the plan has been effective since 1994-09-01. Its filing status is currently FILING RECEIVED.
Year over year, total assets moved from $15M at the beginning of 2024 to $16M at year-end — a gain of 5.9%. Net assets (after liabilities) closed the year at $16M, with reported net income of $871K driven by investment returns, contributions received, and benefit payments during the period. These figures reflect what the plan administrator certified on Schedule H or Schedule I of the Form 5500 annual return and can be compared against 2 prior plan-year filings from the same sponsor shown below.
Asset totals and participant counts reflect a single plan year snapshot and can change materially with market conditions, plan mergers, or workforce changes. Fields such as "net income" include both realized investment performance and contribution/distribution flows — a single-year figure does not by itself indicate plan health or participant outcomes. This page summarizes public DOL disclosures for research and educational purposes only and is not retirement, tax, legal, or financial advice. Before making decisions about your own retirement benefits or evaluating an employer's plan, verify the underlying filing directly via the DOL EFAST2 system and consult a qualified professional.
Financial Summary (2023)
| Total Assets (Beginning of Year) | $15M |
| Total Assets (End of Year) | $16M |
| Net Assets (End of Year) | $16M |
| Net Income | $871K |
| Plan Type | 401(k) |
| Employer EIN | 560633616 |
| Plan Effective Date | 1994-09-01 |
| Filing Status | FILING RECEIVED |
Sponsor Plan History (SALEM ELECTRIC COMPANY)
| Year | Plans | Participants | Total Assets |
|---|---|---|---|
| 2022 | 1 | 158 | $13M |
| 2023 | 1 | 147 | $15M |
| 2024 | 1 | 204 | $16M |
Nearby 401(k) Plans in North Carolina
Peer 401(k) plans — same state, same plan type — ranked by total assets.
- THE BANK OF AMERICA 401(K) PLAN $54.8B · 173,899
- HONEYWELL 401(K) PLAN $15.4B · 40,004
- DUKE ENERGY RETIREMENT SAVINGS PLAN $10.4B · 28,121
- TRUIST FINANCIAL CORPORATION 401(K) SAVINGS PLAN $10.1B · 55,480
- NUCOR CORPORATION PROFIT SHARING AND RETIREMENT SAVINGS PLAN $8.5B · 24,174
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Source: U.S. Department of Labor, Employee Benefits Security Administration (EBSA), Form 5500 public disclosure dataset. Plan year 2024.
Source: DOL EFAST2 filing system (efast.dol.gov) — original filing retrieval by EIN 560633616.
Reference: IRS Publication 560 — Retirement Plans for Small Business, contribution-limit rules.
Reference: IRS Publication 590-B — Distributions from IRAs, RMD rules under SECURE Act 2.0.
Read our methodology — how this data is sourced, computed, and verified.