Retirement plan

BANK OF THE JAMES FINANCIAL GROUP, INC. 401(K) PROFIT SHARING PLAN AND TRUST

Name: BANK OF THE JAMES FINANCIAL GROUP, INC. - BANK OF THE JAMES FINANCIAL GROUP, INC. 401(K) PROFIT SHARING PLAN AND TRUST (2017) Form 5500
Creator: BANK OF THE JAMES FINANCIAL GROUP, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, BANK OF THE JAMES FINANCIAL GROUP, INC. 401(K) PROFIT SHARING PLAN AND TRUST, BANK OF THE JAMES FINANCIAL GROUP, INC.

BANK OF THE JAMES FINANCIAL GROUP, INC.EIN 20-0500300Plan #001PY 2017

828 MAIN STREET - LYNCHBURG, VA 24504434-455-7576

Prospect flagsHigh feesCorrective distributions

How to read this page

Total assets (EOY)

$8M

+26.8% from 2016

Total participants

160

+6.0% from 2016

Average account balance

$50,984

+21.2% from 2016

Annual return

17.40%

+8.47 pp from 2016

Benchmarks

See 2,201 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants100-249

Cohort2,201 peers

Snapshot2017

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

Analytics

Total assets (EOY)

Plan-year ending balance

$16.78M

Not enough data

1 years with asset history on file

Average account balance

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

$84K

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.

200

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.

99.4%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.58M

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

+11.92%

Not enough data

1 years with return on file

Admin fee / account holder

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

$167

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
UNIFIED TRUST COMPANY, N.A.2 years Service code 15 · EIN 61-1381380 2353 ALEXANDRIA DRIVE, SUITE 100 · LEXINGTON, KY 40504	Recordkeeping	$30,436
MASSACHUSETTS MUTUAL LIFE INS. CO.2 years Filed as: MASS MUTUAL LIFE INSURANCE Service code 51 · EIN 04-2746212	Investment Mgmt Fees	$27,410
HCI-EBS, INC.1 year Service code 15 · EIN 52-1061078 424 GRAVES MILL ROAD, SUITE 300 · LYNCHBURG, VA 24502	Recordkeeping	$7,501

Plan features & details

Pension benefit codes2E2F2G2J2K2T3D

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

$65K

$445 / participant

Investment mgmt$27K41.9%
Contract admin$8K11.5%
Other / not subdivided$30K46.6%

% of EOY assets

0.816%

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: YOUNT, HYDE & BARBOUR, P.C.
Auditor EIN: 541149263
Audit fees: (not subdivided)
Opinion code: Disclaimer

Metric

This plan

Peer set

Industry

Size

Avg account balance

$50,984

$89,739-43.2%

$149,716-65.9%

$62,293-18.2%

Participation rate

98.0%

85.1%+12.9pp

87.1%+10.9pp

69.5%+28.4pp

Annual return

17.40%

21.01%-3.6pp

1501.67%-1484.3pp

28.90%-11.5pp

Employer contribution / active EE

$1,834

$3,233-43.3%

$5,444-66.3%

$2,042-10.2%

Participant deferral / active EE

$3,616

$4,797-24.6%

$6,568-44.9%

$3,169+14.1%

Admin fee / account holder

$416

$551-24.5%

$11,282-96.3%

$479-13.2%

Provider

Service type

Compensation

UNIFIED TRUST COMPANY, N.A.2 years

Service code 15 · EIN 61-1381380

2353 ALEXANDRIA DRIVE, SUITE 100 · LEXINGTON, KY 40504

Recordkeeping

$30,436

MASSACHUSETTS MUTUAL LIFE INS. CO.2 years

Filed as: MASS MUTUAL LIFE INSURANCE

Service code 51 · EIN 04-2746212

Investment Mgmt Fees

$27,410

HCI-EBS, INC.1 year

Service code 15 · EIN 52-1061078

424 GRAVES MILL ROAD, SUITE 300 · LYNCHBURG, VA 24502

Recordkeeping

$7,501

BANK OF THE JAMES FINANCIAL GROUP, INC. 401(K) PROFIT SHARING PLAN AND TRUST

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

BANK OF THE JAMES FINANCIAL GROUP, INC. 401(K) PROFIT SHARING PLAN AND 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