Retirement plan

FIRST FARMERS FINANCIAL CORP. 401K PROFIT SHARING PLAN

Name: FIRST FARMERS FINANCIAL CORP. - FIRST FARMERS FINANCIAL CORP. 401K PROFIT SHARING PLAN (2022) 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 2022

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

Prospect flagsHigh feesFailed to transmit contributions

How to read this page

Total assets (EOY)

$34.4M

-14.9% from 2021

Total participants

411

-0.5% from 2021

Average account balance

$84,210

-14.1% from 2021

Annual return

-13.78%

-28.39 pp from 2021

Benchmarks

See 1,529 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants250-999

Cohort1,529 peers

Snapshot2022

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 BANK2 years Service code 25 100 LIBERT ST · WARREN, PA 16365	Directed Trustee	$53,057
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: EMPOWER ANNUITY INSURANCE COMPANY Service code 28 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Investment Management	$33,807
EPIC RETIREMENT PLAN SERVICES8+ years Filed as: RETIREMENT PLAN CONCEPTS & SERVICES Service code 13 · EIN 35-2091834 10319 DAWSONS CREEK BLVD. · FORT WAYNE, IN 46825	Contract Administrator	$25,776
BKD, LLP2 years Filed as: BKD LLP Service code 10 910 E. ST. LOUIS ST. STE 200 · SPRINGFIELD, MO 658011190	Accounting	$15,000
ASCIB, L.P.2 years Filed as: ASCIB LP Service code 99 901 S. MOPAC EXPRESSWAY · AUSTIN, TX 78746	Other Fees	$10,000
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: EMPOWER ADVISORY GROUP, LLC Service code 64 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$6,933

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.)
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).

Expense breakdown

Schedule H Part II

Admin total

$135K

$402 / participant

Other / not subdivided$135K100.0%

% of EOY assets

0.391%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

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

Metric

This plan

Peer set

Industry

Size

Avg account balance

$84,210

$86,897-3.1%

$151,639-44.5%

$64,819+29.9%

Participation rate

99.4%

87.3%+12.1pp

87.5%+11.9pp

71.5%+27.9pp

Annual return

-13.78%

-3.57%-10.2pp

3.34%-17.1pp

32.84%-46.6pp

Employer contribution / active EE

$3,817

$4,010-4.8%

$6,165-38.1%

$2,507+52.3%

Participant deferral / active EE

$4,638

$6,690-30.7%

$8,363-44.5%

$4,311+7.6%

Admin fee / account holder

$329

$153+115.1%

$11,613-97.2%

$188+75.2%

Provider

Service type

Compensation

NORTHWEST BANK2 years

Service code 25

100 LIBERT ST · WARREN, PA 16365

Directed Trustee

$53,057

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: EMPOWER ANNUITY INSURANCE COMPANY

Service code 28

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Investment Management

$33,807

EPIC RETIREMENT PLAN SERVICES8+ years

Filed as: RETIREMENT PLAN CONCEPTS & SERVICES

Service code 13 · EIN 35-2091834

10319 DAWSONS CREEK BLVD. · FORT WAYNE, IN 46825

Contract Administrator

$25,776

BKD, LLP2 years

Filed as: BKD LLP

Service code 10

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

Accounting

$15,000

ASCIB, L.P.2 years

Filed as: ASCIB LP

Service code 99

901 S. MOPAC EXPRESSWAY · AUSTIN, TX 78746

Other Fees

$10,000

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: EMPOWER ADVISORY GROUP, LLC

Service code 64

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$6,933

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