SUMMARY
ANNUAL REPORT
FOR
THE BANK OF GREENE COUNTY EMPLOYEES’ SAVINGS & PROFIT SHARING PLAN
AND
TRUST
This
is a
summary of the annual report for THE BANK OF GREENE COUNTY EMPLOYEES’ SAVINGS
& PROFIT SHARING PLAN AND TRUST, EIN 14-0553610, Plan No. 002, for the
period January 1, 2004 through December 31, 2004. The annual report has been
filed with the Employee Benefits Security Administration, U.S. Department
of
Labor, as required under the Employee Retirement Income Security Act of 1974
(ERISA).
Basic
Financial Statement
Benefits
under the plan are provided through a trust fund. Plan expenses were $61,601.
These expenses included $47,941 in benefits paid to participants and
beneficiaries and $13,660 in other expenses. A total of 108 persons were
participants in or beneficiaries of the plan at the end of the plan year,
although not all of these persons had yet earned the right to receive
benefits.
The
value
of plan assets, after subtracting liabilities of the plan, was $2,595,534
as of
December 31, 2004, compared to $2,166,731 as of January 1, 2004. During the
plan
year the plan experienced an increase in its net assets of $428,803. This
increase includes unrealized appreciation and depreciation in the value of
plan
assets; that is, the difference between the value of the plan's assets at
the
end of the year and the value of the assets at the beginning of the year
or the
cost of assets acquired during the year. The plan had total income of $490,404
including employer contributions of $78,614, employee contributions of $214,201,
and earnings from investments of $196,708.
Your
Rights To Additional Information
You
have
the right to receive a copy of the full annual report, or any part thereof,
on
request. The items listed below are included in that report:
1. financial
information; and
| |
2.
|
information
regarding any common or collective trusts, pooled separate accounts,
master trusts or 103-12 investment entities in which the plan
participates.
|
To
obtain
a copy of the full annual report, or any part thereof, write or call THE
BANK OF
GREENE COUNTY, 302 MAIN STREET, CATSKILL, NY 12414, (518) 943-2600.
You
also
have the right to receive from the plan administrator, on request and at
no
charge, a statement of the assets and liabilities of the plan and accompanying
notes, or a statement of income and expenses of the plan and accompanying
notes,
or both. If you request a copy of the full annual report from the plan
administrator, these two statements and accompanying notes will be included
as
part of that report.
You
also
have the legally protected right to examine the annual report at the main
office
of the plan (THE BANK OF GREENE COUNTY, 302 MAIN STREET, CATSKILL, NY 12414)
and
at the U.S. Department of Labor in Washington, D.C., or to obtain a copy
from
the U.S. Department of Labor upon payment of copying costs. Requests to the
Department should be addressed to: Public Disclosure Room, Room N1513, Employee
Benefits Security Administration, U.S. Department of Labor, 200 Constitution
Avenue, N.W., Washington, D.C. 20210.