Retirement plan

FIRST FARMERS FINANCIAL CORP. 401K PROFIT SHARING PLAN

Name: FIRST FARMERS FINANCIAL CORP. - FIRST FARMERS FINANCIAL CORP. 401K PROFIT SHARING PLAN (2019) 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 2019

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

Prospect flagsHigh feesCorrective distributions

How to read this page

Total assets (EOY)

$29.6M

+15.8% from 2018

Total participants

397

+0.3% from 2018

Average account balance

$74,789

+15.0% from 2018

Annual return

20.52%

+25.38 pp from 2018

Benchmarks

See 1,467 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants250-999

Cohort1,467 peers

Snapshot2019

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 INSURANCE4 years Filed as: GREAT-WEST LIFE & ANNUITY INS CO Service code 64 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$130,498
RAYMOND JAMES FINANCIAL SERVICES5+ years Service code 55 880 CARILON PARKWAY · TREASURY-MF TRAILS, IN 33716	Other Commissions	$113,436
EPIC RETIREMENT PLAN SERVICES5+ years Filed as: RETIREMENT PLAN CONCEPTS & SERVICES Service code 13 · EIN 35-2091834 10319 DAWSONS CREEK BLVD. · FORT WAYNE, IN 46825	Contract Administrator	$25,267
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: ADVISED ASSETS GROUP Service code 28 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Investment Management	$944
TD AMERITRADE, INC.1 year Filed as: TD AMERITRADE Service code 33 200 S. 108TH AVENUE · OMAHA, NE 68154	Securities brokerage	$50

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

$151K

$457 / participant

Other / not subdivided$151K100.0%

% of EOY assets

0.510%

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

$74,789

$88,515-15.5%

$162,177-53.9%

$67,579+10.7%

Participation rate

99.7%

86.8%+12.9pp

87.6%+12.1pp

71.3%+28.4pp

Annual return

20.52%

27.04%-6.5pp

115.60%-95.1pp

378.56%-358.0pp

Employer contribution / active EE

$3,118

$3,563-12.5%

$5,613-44.5%

$2,148+45.2%

Participant deferral / active EE

$3,817

$5,724-33.3%

$7,297-47.7%

$3,539+7.9%

Admin fee / account holder

$382

$124+208.7%

$10,843-96.5%

$142+168.3%

Provider

Service type

Compensation

GREAT-WEST LIFE & ANNUITY INSURANCE4 years

Filed as: GREAT-WEST LIFE & ANNUITY INS CO

Service code 64

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$130,498

RAYMOND JAMES FINANCIAL SERVICES5+ years

Service code 55

880 CARILON PARKWAY · TREASURY-MF TRAILS, IN 33716

Other Commissions

$113,436

EPIC RETIREMENT PLAN SERVICES5+ years

Filed as: RETIREMENT PLAN CONCEPTS & SERVICES

Service code 13 · EIN 35-2091834

10319 DAWSONS CREEK BLVD. · FORT WAYNE, IN 46825

Contract Administrator

$25,267

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: ADVISED ASSETS GROUP

Service code 28

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Investment Management

$944

TD AMERITRADE, INC.1 year

Filed as: TD AMERITRADE

Service code 33

200 S. 108TH AVENUE · OMAHA, NE 68154

Securities brokerage

$50

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