Retirement plan

STATE BANK OF INDIA 401(K) PLAN & TRUST

Name: STATE BANK OF INDIA - STATE BANK OF INDIA 401(K) PLAN & TRUST (2017) Form 5500
Creator: STATE BANK OF INDIA
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, STATE BANK OF INDIA 401(K) PLAN & TRUST, STATE BANK OF INDIA

STATE BANK OF INDIAEIN 13-2535604Plan #001PY 2017

460 PARK AVENUE - NEW YORK, NY 100221906212-521-3250

Other plans on this EIN

1 filing

#002Retirement-$1.4M assets

Prospect flagsLow returnsLow fidelity bondFailed to transmit contributions

How to read this page

Total assets (EOY)

$8.7M

+9.5% from 2016

Total participants

109

-12.8% from 2016

Average account balance

$89,276

+9.5% from 2016

Annual return

7.53%

+4.39 pp from 2016

Benchmarks

See 7,573 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants25-99

Cohort7,573 peers

Snapshot2017

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

Analytics

Total assets (EOY)

Plan-year ending balance

$15.79M

Not enough data

1 years with asset history on file

Average account balance

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

$184K

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.

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.

101.2%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$739K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$9K

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

+9.82%

Not enough data

1 years with return on file

Admin fee / account holder

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

$4594

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

0 years with F_SCH_H allocation on file

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

Service providers

Top 2 by compensation

Provider	Service type	Compensation
MERRILL LYNCH PIERCE FENNER & SMITH3+ years Filed as: MERRILL LYNCH LIFE AGENCY INC Service code 49 · EIN 13-2808480	Other Services	$8,563
PRINCIPAL LIFE INSURANCE COMPANY3+ years Service code 13 · EIN 42-0127290	Contract Administrator	$3,193

Plan features & details

Pension benefit codes2E2F2G2J2K2T3D3F

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.
3F
Leased employees
Plan sponsor(s) received services of leased employees as defined in Code section 414(n) during the plan year.

Opportunity flags

3 tripped

OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
ComplianceLow fidelity bond
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).

Expense breakdown

Schedule H Part II

Admin total

$3K

$41 / participant

Contract admin$3K100.0%

% of EOY assets

0.037%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Qualified opinion

Opinion is qualified - a specific issue limited the scope or accuracy of the audit.

Auditor firm: PARITZ & COMPANY
Auditor EIN: 222407815
Audit fees: (not subdivided)
Opinion code: Qualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$89,276

$100,041-10.8%

$149,718-40.4%

$70,131+27.3%

Participation rate

84.4%

83.6%+0.8pp

87.1%-2.7pp

69.5%+14.9pp

Annual return

7.53%

27.43%-19.9pp

1501.70%-1494.2pp

73.14%-65.6pp

Employer contribution / active EE

$2,123

$3,662-42.0%

$5,444-61.0%

$2,342-9.4%

Participant deferral / active EE

$5,743

$4,983+15.3%

$6,568-12.6%

$3,332+72.4%

Admin fee / account holder

$33

$8,286-99.6%

$11,283-99.7%

$4,645-99.3%

Provider

Service type

Compensation

MERRILL LYNCH PIERCE FENNER & SMITH3+ years

Filed as: MERRILL LYNCH LIFE AGENCY INC

Service code 49 · EIN 13-2808480

Other Services

$8,563

PRINCIPAL LIFE INSURANCE COMPANY3+ years

Service code 13 · EIN 42-0127290

Contract Administrator

$3,193

STATE BANK OF INDIA 401(K) PLAN & TRUST

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

STATE BANK OF INDIA 401(K) PLAN & TRUST

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