Retirement plan

FINANCIAL INSTITUTIONS, INC. 401K PLAN

Name: FINANCIAL INSTITUTIONS, INC. - FINANCIAL INSTITUTIONS, INC. 401K PLAN (2016) Form 5500
Creator: FINANCIAL INSTITUTIONS, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, FINANCIAL INSTITUTIONS, INC. 401K PLAN, FINANCIAL INSTITUTIONS, INC.

FINANCIAL INSTITUTIONS, INC.EIN 16-0816610Plan #002PY 2016

55 NORTH MAIN STREET - WARSAW, NY 14569585-786-1100

Other plans on this EIN

1 filing

#001Retirement-$76.5M assets

Prospect flagsLow employer contribution

Top hat statement on fileNQDC

Filed February 2, 2000 (most recent of 2 filings on file)

This is a legacy paper filing. Plan administrator and contact details are recorded in the original filing, which has not been digitised into structured fields.

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How to read this page

Total assets (EOY)

$43.7M

No prior year

Total participants

895

No prior year

Average account balance

$51,747

No prior year

Annual return

8.23%

No prior year

Benchmarks

See 1,433 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants250-999

Cohort1,433 peers

Snapshot2016

See peer percentile detail. $4.99 for your first month.

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Analytics

Total assets (EOY)

Plan-year ending balance

$80.66M

Not enough data

1 years with asset history on file

Average account balance

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

$96K

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.

839

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.

96.5%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$4.30M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$7K

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

+17.51%

Not enough data

1 years with return on file

Admin fee / account holder

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

$77

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

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Service providers

Top 6 by compensation

Provider	Service type	Compensation
MILLIMAN, INC.2+ years Service code 15 · EIN 91-0675641	Recordkeeping	$95,823
CHARLES SCHWAB & CO., INC.2+ years Filed as: CHARLES SCHWAB & CO, INC. Service code 19 · EIN 94-1737782	Securities Custodian	$3,573
CHARLES SCHWAB & CO., INC.2+ years Filed as: CHARLES SCHWAB & CO. INC Service code 19	Securities Custodian	$0
CHARLES SCHWAB & CO., INC.2+ years Filed as: CHARLES SCHWAB & CO. INC. Service code 19	Securities Custodian	$0
CHARLES SCHWAB & CO., INC.2+ years Filed as: CHARLES SCHWAB BANK Service code 19 · EIN 42-1558009	Securities Custodian	$0
CHARLES SCHWAB & CO., INC.1+ years Filed as: CHARLES SCHWAB TRUST COMPANY Service code 19 · EIN 42-1558009	Securities Custodian	$0

Plan features & details

Pension benefit codes2E2F2G2J2K2S2T

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.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
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.

Opportunity flags

1 tripped

OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II

Admin total

$96K

$146 / participant

Other / not subdivided$96K100.0%

% of EOY assets

0.219%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

The auditor signed off without reservation. This is the cleanest opinion.

Auditor firm: BONADIO & CO., LLP
Auditor EIN: 161131146
Audit fees: (not subdivided)
Opinion code: Unqualified

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$51,747

$71,802-27.9%

$133,980-61.4%

$57,658-10.3%

Participation rate

92.4%

85.5%+6.9pp

87.1%+5.3pp

70.2%+22.1pp

Annual return

8.23%

13.51%-5.3pp

29.30%-21.1pp

5.13%+3.1pp

Employer contribution / active EE

$3,161-100.0%

$5,211-100.0%

$1,974-100.0%

Participant deferral / active EE

$3,774

$4,606-18.1%

$6,282-39.9%

$3,061+23.3%

Admin fee / account holder

$113

$88+29.4%

$9,324-98.8%

$95+20.0%

Provider

Service type

Compensation

MILLIMAN, INC.2+ years

Service code 15 · EIN 91-0675641

Recordkeeping

$95,823

CHARLES SCHWAB & CO., INC.2+ years

Filed as: CHARLES SCHWAB & CO, INC.

Service code 19 · EIN 94-1737782

Securities Custodian

$3,573

CHARLES SCHWAB & CO., INC.2+ years

Filed as: CHARLES SCHWAB & CO. INC

Service code 19

Securities Custodian

CHARLES SCHWAB & CO., INC.2+ years

Filed as: CHARLES SCHWAB & CO. INC.

Service code 19

Securities Custodian

CHARLES SCHWAB & CO., INC.2+ years

Filed as: CHARLES SCHWAB BANK

Service code 19 · EIN 42-1558009

Securities Custodian

CHARLES SCHWAB & CO., INC.1+ years

Filed as: CHARLES SCHWAB TRUST COMPANY

Service code 19 · EIN 42-1558009

Securities Custodian

FINANCIAL INSTITUTIONS, INC. 401K PLAN

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

FINANCIAL INSTITUTIONS, INC. 401K PLAN

Top hat statement on fileNQDC

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