Retirement plan

FIRST FARMERS FINANCIAL CORP. 401K PROFIT SHARING PLAN

Name: FIRST FARMERS FINANCIAL CORP. - FIRST FARMERS FINANCIAL CORP. 401K PROFIT SHARING PLAN (2024) Form 5500
Creator: FIRST FARMERS FINANCIAL CORP.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, FIRST FARMERS FINANCIAL CORP. 401K PROFIT SHARING PLAN, FIRST FARMERS FINANCIAL CORP.

FIRST FARMERS FINANCIAL CORP.EIN 31-1248326Plan #002PY 2024

PO BOX 690, 123 N JEFFERSON - CONVERSE, IN 469190690765-395-3486

Prospect flagsLow returnsHigh fees

How to read this page

Total assets (EOY)

$40.2M

+5.1% from 2023

Total participants

427

+3.1% from 2023

Average account balance

$94,281

+2.1% from 2023

Annual return

11.65%

-3.65 pp from 2023

Benchmarks

See 1,547 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants250-999

Cohort1,547 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$40.16M

Not enough data

1 years with asset history on file

Average account balance

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

$94K

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.

426

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.

99.7%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$3.04M

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

+11.65%

Not enough data

1 years with return on file

Admin fee / account holder

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

$364

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 6 by compensation

Provider	Service type	Compensation
NORTHWEST BANK4 years Service code 25 100 LIBERTY ST · WARREN, PA 16365	Directed Trustee	$57,053
GREAT-WEST LIFE & ANNUITY INSURANCE3 years Filed as: EMPOWER ANNUITY INSURANCE COMPANY Service code 64 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$37,332
EPIC RETIREMENT PLAN SERVICES10+ years Filed as: RETIREMENT PLAN CONCEPTS & SERVICES Service code 13 · EIN 35-2091834 10319 DAWSONS CREEK BLVD. · FORT WAYNE, IN 46825	Contract Administrator	$29,373
FORVIS, LLP2 years Filed as: FORVIS MAZARS, LLP Service code 10 910 E. ST. LOUIS ST. STE 200 · SPRINGFIELD, MO 658011190	Accounting	$18,200
GREAT-WEST LIFE & ANNUITY INSURANCE3 years Filed as: EMPOWER ADVISORY GROUP, LLC Service code 28 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Investment Management	$12,080
ASCIB, L.P.4 years Filed as: ASCIB LP Service code 99 901 S. MOPAC EXPRESSWAY · AUSTIN, TX 78746	Other Fees	$11,000

Plan features & details

Pension benefit codes2E2G2J2K2T3D3H

Plan features

2E
Profit-sharing
Profit-sharing plan.
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.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

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

$155K

$442 / participant

Investment mgmt$155K100.0%

% of EOY assets

0.386%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: FORVIS MAZARS, LLP
Auditor EIN: 440160260
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$94,281

$129,227-27.0%

$184,256-48.8%

$77,762+21.2%

Participation rate

99.7%

87.4%+12.4pp

86.8%+12.9pp

70.6%+29.1pp

Annual return

11.65%

33.24%-21.6pp

28.85%-17.2pp

31.27%-19.6pp

Employer contribution / active EE

$3,877

$4,412-12.1%

$6,427-39.7%

$2,728+42.1%

Participant deferral / active EE

$4,796

$7,307-34.4%

$9,133-47.5%

$4,651+3.1%

Admin fee / account holder

$364

$256+42.3%

$13,899-97.4%

$433-15.9%

Provider

Service type

Compensation

NORTHWEST BANK4 years

Service code 25

100 LIBERTY ST · WARREN, PA 16365

Directed Trustee

$57,053

GREAT-WEST LIFE & ANNUITY INSURANCE3 years

Filed as: EMPOWER ANNUITY INSURANCE COMPANY

Service code 64

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$37,332

EPIC RETIREMENT PLAN SERVICES10+ years

Filed as: RETIREMENT PLAN CONCEPTS & SERVICES

Service code 13 · EIN 35-2091834

10319 DAWSONS CREEK BLVD. · FORT WAYNE, IN 46825

Contract Administrator

$29,373

FORVIS, LLP2 years

Filed as: FORVIS MAZARS, LLP

Service code 10

910 E. ST. LOUIS ST. STE 200 · SPRINGFIELD, MO 658011190

Accounting

$18,200

GREAT-WEST LIFE & ANNUITY INSURANCE3 years

Filed as: EMPOWER ADVISORY GROUP, LLC

Service code 28

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Investment Management

$12,080

ASCIB, L.P.4 years

Filed as: ASCIB LP

Service code 99

901 S. MOPAC EXPRESSWAY · AUSTIN, TX 78746

Other Fees

$11,000

FIRST FARMERS FINANCIAL CORP. 401K PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

FIRST FARMERS FINANCIAL CORP. 401K PROFIT SHARING 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