Retirement plan

PATRIOT BANK, N.A. 401(K) SAVINGS PLAN

Name: PATRIOT BANK, N.A. - PATRIOT BANK, N.A. 401(K) SAVINGS PLAN (2023) Form 5500
Creator: PATRIOT BANK, N.A.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, PATRIOT BANK, N.A. 401(K) SAVINGS PLAN, PATRIOT BANK, N.A.

PATRIOT BANK, N.A.EIN 06-1364615Plan #001PY 2023

900 BEDFORD STREET - STAMFORD, CT 06901203-252-5900bankpatriot.comLinkedIn51-200 employeesbanking

Prospect flagsHigh feesCorrective distributions

How to read this page

Total assets (EOY)

$8M

+15.9% from 2022

Total participants

176

-4.3% from 2022

Average account balance

$54,656

+15.1% from 2022

Annual return

17.47%

+32.99 pp from 2022

Benchmarks

See 2,152 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants100-249

Cohort2,152 peers

Snapshot2023

Free accounts unlock saves, downloads, and 3-year history.

Analytics

Total assets (EOY)

Plan-year ending balance

$8.72M

Not enough data

1 years with asset history on file

Average account balance

Total assets / participants with a balance (line 6g)

$61K

Not enough data

1 years with per-participant data

Participants with account balance

Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.

142

Not enough data

1 years with headcount on file

Eligible Participants and Participation

Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.

72.4%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.20M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$10K

Not enough data

1 years with per-participant contribution data

Asset flow

BOY + contributions + return - distributions = EOY

Year

Annual return

Diverging bars; negative years highlighted

+12.47%

Not enough data

1 years with return on file

Admin fee / account holder

Total admin expenses / participants with a balance (line 6g)

$236

Not enough data

1 years with admin cost on file

Asset composition

Cash / stocks / bonds / mutual funds / real estate / loans over time

Not enough data

1 years with F_SCH_H allocation on file

Free accounts unlock saves, downloads, and 3-year history.

Service providers

Top 3 by compensation

Provider	Service type	Compensation
PASI, LLC3 years Service code 49	Other Services	$3,712
PASI, LLC8 years Filed as: PASI Service code 49 · EIN 26-1407927	Other Services	$2,164
MORNINGSTAR9+ years Service code 27 · EIN 36-3297908	Advisory (Plan)	$1,221

Plan features & details

Pension benefit codes2E2F2G2J2K3D2T

Plan features

2E
Profit-sharing
Profit-sharing plan.
2F
ERISA section 404(c) plan
This plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
2G
Total participant-directed account plan
Participants have the opportunity to direct the investment of all of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
2J
Code section 401(k) feature
Cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan under which employees may elect to defer part of their compensation or receive these amounts in cash.
2K
Code section 401(m) arrangement
Employee contributions are allocated to separate accounts under the plan or employer contributions are based in whole or in part on employee deferrals or contributions to the plan. Not applicable to 401(k) plans with only QNECs and/or QMACs or to 403(b)(1) 403(b)(7) or 408 arrangements.
2T
Default investment account
Total or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.
3D
Pre-approved pension plan
A master prototype or volume submitter plan that is the subject of a favorable opinion or advisory letter from the IRS.

Opportunity flags

2 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$55K

$486 / participant

Recordkeeping$1K1.9%
Investment mgmt$7K13.3%
Contract admin$47K84.7%

% of EOY assets

0.690%

all-in expense ratio

Categories reported

3 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: RSM US LLP
Auditor EIN: 420714325
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$54,656

$130,294-58.1%

$170,028-67.9%

$71,495-23.6%

Participation rate

74.6%

86.2%-11.6pp

87.0%-12.4pp

67.9%+6.6pp

Annual return

17.47%

20.36%-2.9pp

53.39%-35.9pp

28.85%-11.4pp

Employer contribution / active EE

$2,466

$4,385-43.8%

$6,788-63.7%

$2,589-4.8%

Participant deferral / active EE

$7,882

$6,928+13.8%

$10,409-24.3%

$4,291+83.7%

Admin fee / account holder

$377

$966-61.0%

$12,820-97.1%

$1,588-76.3%

Provider

Service type

Compensation

PASI, LLC3 years

Service code 49

Other Services

$3,712

PASI, LLC8 years

Filed as: PASI

Service code 49 · EIN 26-1407927

Other Services

$2,164

MORNINGSTAR9+ years

Service code 27 · EIN 36-3297908

Advisory (Plan)

$1,221

PATRIOT BANK, N.A. 401(K) SAVINGS PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

PATRIOT BANK, N.A. 401(K) SAVINGS PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion