Retirement plan

PEOPLESBANK 401(K) PLAN

Name: PEOPLESBANK - PEOPLESBANK 401(K) PLAN (2020) Form 5500
Creator: PEOPLESBANK
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, PEOPLESBANK 401(K) PLAN, PEOPLESBANK

PEOPLESBANKEIN 20-0262355Plan #002PY 2020

330 WHITNEY AVE. - HOLYOKE, MA 01040413-493-7520bankatpeoples.comLinkedIn201-500 employeesbanking

Other plans on this EIN

1 filing

#001Retirement-$20.5M assets

Prospect flagsHigh fees

Top hat statement on fileNQDC

Filed December 15, 2022 (most recent of 5 filings on file)

Plan administrator

Plan administrator name— Sign in and upgrade to view

330 Whitney Avenue

Holyoke, MA 01040

Email— Sign in and upgrade to view Phone— Sign in and upgrade to view

Plans declared (1)

PeoplesBank Nonqualified Deferred Compensation Plan, 2023 Restatement2 emp

Open the filing PDF

How to read this page

Total assets (EOY)

$57.4M

+17.8% from 2019

Total participants

441

+7.3% from 2019

Average account balance

$152,629

+8.1% from 2019

Annual return

15.01%

-13.04 pp from 2019

Benchmarks

See 1,455 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants250-999

Cohort1,455 peers

Snapshot2020

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

Analytics

Total assets (EOY)

Plan-year ending balance

$68.87M

Not enough data

1 years with asset history on file

Average account balance

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

$186K

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.

370

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.

81.3%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$4.10M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$13K

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

+11.69%

Not enough data

1 years with return on file

Admin fee / account holder

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

$387

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 9 by compensation

Provider	Service type	Compensation
MASSACHUSETTS MUTUAL LIFE INS. CO.6+ years Service code 49 · EIN 04-1590850	Other Services	$111,657
COMMONWEALTH FINANCIAL NETWORK2 years Service code 27 · EIN 04-2675571	Advisory (Plan)	$6,000
AMERICAN FUNDS4 years Service code 52 · EIN 95-1411037	Indirect Investment Fees	$0
BLACKROCK3 years Service code 52 · EIN 22-3483675	Indirect Investment Fees	$0
FIDELITY INVESTMENTS INSTITUTIONAL3 years Filed as: FIDELITY ADVISOR Service code 52 · EIN 04-3022712	Indirect Investment Fees	$0
FIDELITY INVESTMENTS INSTITUTIONAL3 years Filed as: FIDELITY INVESTMENTS Service code 52 · EIN 04-3365630	Indirect Investment Fees	$0
INVESCO4 years Service code 52 · EIN 94-2362417	Indirect Investment Fees	$0
THE VANGUARD GROUP, INC.3 years Filed as: VANGUARD Service code 52 · EIN 23-2311358	Indirect Investment Fees	$0
WELLS FARGO BANK, N.A.4 years Filed as: WELLS FARGO Service code 52 · EIN 41-0449260	Indirect Investment Fees	$0

Plan features & details

Pension benefit codes2E2J2F2H2K3D2T

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).
2H
Partial participant-directed account plan
Participants have the opportunity to direct the investment of a portion 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

1 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)

Expense breakdown

Schedule H Part II

Admin total

$118K

$337 / participant

Investment mgmt$111K94.0%
Contract admin$7K5.9%
Other / not subdivided$1300.1%

% of EOY assets

0.205%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Disclaimer opinion

Auditor declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.

Auditor firm: WOLF & COMPANY
Auditor EIN: 042689883
Audit fees: (not subdivided)
Opinion code: Disclaimer

Metric

This plan

Peer set

Industry

Size

Avg account balance

$152,629

$111,608+36.8%

$177,848-14.2%

$73,412+107.9%

Participation rate

81.4%

87.9%-6.5pp

87.7%-6.3pp

72.2%+9.2pp

Annual return

15.01%

18.23%-3.2pp

48.33%-33.3pp

59.30%-44.3pp

Employer contribution / active EE

$5,563

$3,796+46.6%

$5,919-6.0%

$2,234+149.1%

Participant deferral / active EE

$4,381

$6,199-29.3%

$7,714-43.2%

$3,806+15.1%

Admin fee / account holder

$313

$166+89.0%

$12,431-97.5%

$158+98.2%

Provider

Service type

Compensation

MASSACHUSETTS MUTUAL LIFE INS. CO.6+ years

Service code 49 · EIN 04-1590850

Other Services

$111,657

COMMONWEALTH FINANCIAL NETWORK2 years

Service code 27 · EIN 04-2675571

Advisory (Plan)

$6,000

AMERICAN FUNDS4 years

Service code 52 · EIN 95-1411037

Indirect Investment Fees

BLACKROCK3 years

Service code 52 · EIN 22-3483675

Indirect Investment Fees

FIDELITY INVESTMENTS INSTITUTIONAL3 years

Filed as: FIDELITY ADVISOR

Service code 52 · EIN 04-3022712

Indirect Investment Fees

FIDELITY INVESTMENTS INSTITUTIONAL3 years

Filed as: FIDELITY INVESTMENTS

Service code 52 · EIN 04-3365630

Indirect Investment Fees

INVESCO4 years

Service code 52 · EIN 94-2362417

Indirect Investment Fees

THE VANGUARD GROUP, INC.3 years

Filed as: VANGUARD

Service code 52 · EIN 23-2311358

Indirect Investment Fees

WELLS FARGO BANK, N.A.4 years

Filed as: WELLS FARGO

Service code 52 · EIN 41-0449260

Indirect Investment Fees

PEOPLESBANK 401(K) PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

PEOPLESBANK 401(K) PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

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