Retirement plan

AMENDED AND RESTATED AFFINITY BANK EMPLOYEE STOCK OWNERSHIP PLAN

Name: AFFINITY BANK - AMENDED AND RESTATED AFFINITY BANK EMPLOYEE STOCK OWNERSHIP PLAN (2024) Form 5500
Creator: AFFINITY BANK
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, AMENDED AND RESTATED AFFINITY BANK EMPLOYEE STOCK OWNERSHIP PLAN, AFFINITY BANK

AFFINITY BANKEIN 30-1030292Plan #002PY 2024

3175 HIGHWAY 278 N.W. - COVINGTON, GA 300142303770-786-7088myaffinitybank.comLinkedIn51-200 employeesbanking

Other plans on this EIN

1 filing

#001Retirement-$8.7M assets

Prospect flagsLow returnsHigh fees

How to read this page

Total assets (EOY)

$9.6M

+9.2% from 2023

Total participants

108

+4.9% from 2023

Average account balance

$89,073

+4.2% from 2023

Annual return

5.90%

+4.34 pp from 2023

Benchmarks

See 7,155 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants25-99

Cohort7,155 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$11.17M

Not enough data

1 years with asset history on file

Average account balance

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

$101K

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.

111

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.

100.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$330K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$4K

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

+13.49%

Not enough data

1 years with return on file

Admin fee / account holder

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

$1994

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

Providers data not reported

Schedule C was not filed on this plan's most recent Form 5500, so no compensated service providers are available to display.

Plan features & details

Pension benefit codes2P3D3H3I

Plan features

2P
Leveraged ESOP
Employee stock ownership plan that acquires employer securities with borrowed money or other debt-financing techniques.
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.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).
3I
Employer securities investment required
Plan requiring that all or part of employer contributions be invested and held at least for a limited period in employer securities.

Opportunity flags

2 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II

Admin total

$205K

$2561 / participant

Other / not subdivided$205K100.0%

% of EOY assets

2.130%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

No opinion code on file for this filing.

Auditor firm: (not reported)
Auditor EIN: -
Audit fees: (not subdivided)
Opinion code: -

Metric

This plan

Peer set

Industry

Size

Avg account balance

$89,073

$138,386-35.6%

$184,260-51.7%

$80,935+10.1%

Participation rate

100.0%

83.9%+16.1pp

86.8%+13.2pp

67.7%+32.3pp

Annual return

5.90%

20.02%-14.1pp

28.84%-22.9pp

35.66%-29.8pp

Employer contribution / active EE

$4,129

$4,851-14.9%

$6,427-35.8%

$2,757+49.8%

Participant deferral / active EE

$7,076-100.0%

$9,133-100.0%

$4,299-100.0%

Admin fee / account holder

$1,897

$10,489-81.9%

$13,898-86.3%

$6,924-72.6%

AMENDED AND RESTATED AFFINITY BANK EMPLOYEE STOCK OWNERSHIP PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

AMENDED AND RESTATED AFFINITY BANK EMPLOYEE STOCK OWNERSHIP 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