Retirement plan

FIRST FARMERS FINANCIAL CORP. 401K PROFIT SHARING PLAN

Name: FIRST FARMERS FINANCIAL CORP. - FIRST FARMERS FINANCIAL CORP. 401K PROFIT SHARING PLAN (2018) 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 2018

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

Prospect flagsHigh feesCorrective distributions

How to read this page

Total assets (EOY)

$25.6M

-5.2% from 2017

Total participants

396

-1.5% from 2017

Average account balance

$65,057

-4.2% from 2017

Annual return

-4.87%

-22.45 pp from 2017

Benchmarks

See 1,457 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants250-999

Cohort1,457 peers

Snapshot2018

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 5 by compensation

Provider	Service type	Compensation
GREAT-WEST LIFE & ANNUITY INSURANCE3 years Filed as: GREAT-WEST LIFE & ANNUITY INS CO Service code 64 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$128,276
RAYMOND JAMES FINANCIAL SERVICES4+ years Service code 55 880 CARILON PARKWAY · TREASURY-MF TRAILS, IN 33716	Other Commissions	$109,980
EPIC RETIREMENT PLAN SERVICES4+ years Filed as: RETIREMENT PLAN CONCEPTS & SERVICES Service code 13 · EIN 35-2091834 10319 DAWSONS CREEK BLVD. · FORT WAYNE, IN 46825	Contract Administrator	$20,902
TD AMERITRADE, INC.3 years Filed as: TD AMERITRADE, INC Service code 33 200 S. 108TH AVENUE · OMAHA, NE 68154	Securities brokerage	$300
GREAT-WEST LIFE & ANNUITY INSURANCE3 years Filed as: EMPOWER RETIREMENT ADVISORY SERVICE Service code 28 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Investment Management	$229

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.)
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$139K

$404 / participant

Other / not subdivided$139K100.0%

% of EOY assets

0.545%

all-in expense ratio

Categories reported

0 / 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: BKD, LLP
Auditor EIN: 440160260
Audit fees: (not subdivided)
Opinion code: Disclaimer

Metric

This plan

Peer set

Industry

Size

Avg account balance

$65,057

$80,005-18.7%

$140,019-53.5%

$55,725+16.7%

Participation rate

99.1%

87.0%+12.1pp

87.5%+11.6pp

70.9%+28.3pp

Annual return

-4.87%

0.46%-5.3pp

651.15%-656.0pp

244.93%-249.8pp

Employer contribution / active EE

$2,940

$3,403-13.6%

$5,605-47.5%

$2,078+41.5%

Participant deferral / active EE

$3,562

$5,264-32.3%

$6,927-48.6%

$3,356+6.1%

Admin fee / account holder

$355

$116+206.7%

$10,705-96.7%

$115+208.0%

Provider

Service type

Compensation

GREAT-WEST LIFE & ANNUITY INSURANCE3 years

Filed as: GREAT-WEST LIFE & ANNUITY INS CO

Service code 64

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$128,276

RAYMOND JAMES FINANCIAL SERVICES4+ years

Service code 55

880 CARILON PARKWAY · TREASURY-MF TRAILS, IN 33716

Other Commissions

$109,980

EPIC RETIREMENT PLAN SERVICES4+ years

Filed as: RETIREMENT PLAN CONCEPTS & SERVICES

Service code 13 · EIN 35-2091834

10319 DAWSONS CREEK BLVD. · FORT WAYNE, IN 46825

Contract Administrator

$20,902

TD AMERITRADE, INC.3 years

Filed as: TD AMERITRADE, INC

Service code 33

200 S. 108TH AVENUE · OMAHA, NE 68154

Securities brokerage

$300

GREAT-WEST LIFE & ANNUITY INSURANCE3 years

Filed as: EMPOWER RETIREMENT ADVISORY SERVICE

Service code 28

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Investment Management

$229

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