BCB Community Bank 401(k) Plan
Notes to Financial Statements Modified Cash Basis
As of
December 31, 2022 and 2021 and for the Year Ended December 31, 2022
The Plans ability to receive amounts due in accordance with the contract is dependent
on Voyas ability to meet its financial obligations. Voyas ability to meet its contractual obligations may be affected by future economic and regulatory developments.
Certain events might limit the ability of the Plan to transact at contract value with Voya. These events may be different under each contract.
Examples of such events include the following:
1. The Plans failure to qualify under Section 401(a) of the Internal Revenue
Code or the failure of the trust to be tax-exempt under Section 501(a) of the Internal Revenue Code
2. Premature termination of the contract
3. Plan termination or merger
4.
Changes to the Plans prohibition on competing investment options
5. Bankruptcy of the Bank or other events (for example,
divestitures or spinoffs of a subsidiary) that significantly affect the Plans normal operations.
No events are probable of occurring
that might limit the ability of the Plan to transact at contract value with Voya and that also would limit the ability of the Plan to transact at contract value with the participants.
In addition, certain events allow Voya to terminate the contract with the Plan and settle at an amount different from contract value. Those
events may be different under each contract. Examples of such events may include the following:
1. An uncured violation of the Plans
investment guidelines
2. A breach of material obligation under the contract
3. A material misrepresentation
4. An amendment to the agreement without the consent of Voya.
7. Risk and Uncertainties
The Plan
offers investment options in various investment securities, including the Company common stock fund, pooled separate accounts and a guaranteed annuity contract which are exposed to various risks such as interest rate, market, and credit risk. Due to
the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the value of investment securities will occur in the near term and that such changes could materially affect participants
account balances and the amounts reported in the statement of net assets available for benefits.
As of December 31, 2022, the Plan
had investments of $2,179,737 concentrated in 1 fund representing 14% of the net assets available for benefits.
See report of independent registered
public accounting firm.
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