Retirement plan

FIRST STATE BANK OF MIDDLEBURY 401(K) PSP

Name: FIRST STATE BANK OF MIDDLEBURY - FIRST STATE BANK OF MIDDLEBURY 401(K) PSP (2024) Form 5500
Creator: FIRST STATE BANK OF MIDDLEBURY
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, FIRST STATE BANK OF MIDDLEBURY 401(K) PSP, FIRST STATE BANK OF MIDDLEBURY

FIRST STATE BANK OF MIDDLEBURYEIN 35-0310540Plan #002PY 2024

111 SOUTH MAIN STREET, PO BOX 69 - MIDDLEBURY, IN 46540574-825-2166

Prospect flagsHigh fees

Top hat statement on fileNQDC

Filed September 9, 2005

This is a legacy paper filing. Plan administrator and contact details are recorded in the original filing, which has not been digitised into structured fields.

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Total assets (EOY)

$19.6M

+21.2% from 2023

Total participants

136

-0.7% from 2023

Average account balance

$148,641

+24.9% from 2023

Annual return

13.61%

-3.26 pp from 2023

Benchmarks

See 277 peers

Peer group

Industry55 - Management of Companies and Enterprises

Plan typeDefined contribution

Participants100-249

Cohort277 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$19.62M

Not enough data

1 years with asset history on file

Average account balance

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

$149K

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.

132

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.

96.2%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.80M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$17K

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

+13.61%

Not enough data

1 years with return on file

Admin fee / account holder

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

$305

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

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Service providers

Top 2 by compensation

Provider	Service type	Compensation
LPL FINANCIAL7 years Filed as: LPL FINANCIAL RPCP Service code 27 · EIN 04-3046611	Advisory (Plan)	$24,750
THE VANGUARD GROUP, INC.8 years Service code 15 · EIN 23-1945930	Recordkeeping	$15,476

Plan features & details

Pension benefit codes2S2E3D2G2J2K2F2T

Plan features

2E
Profit-sharing
Profit-sharing plan.
2F
ERISA section 404(c) plan
This plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
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.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
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.

Opportunity flags

1 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)

Expense breakdown

Schedule H Part II

Admin total

$40K

$383 / participant

Investment mgmt$25K61.5%
Contract admin$15K38.5%

% of EOY assets

0.205%

all-in expense ratio

Categories reported

2 / 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: FORVIS MAZARS
Auditor EIN: 440160260
Audit fees: (not subdivided)
Opinion code: Disclaimer

Metric

This plan

Peer set

Industry

Size

Avg account balance

$148,641

$89,225+66.6%

$133,698+11.2%

$74,478+99.6%

Participation rate

96.2%

69.4%+26.8pp

76.4%+19.8pp

67.2%+29.0pp

Annual return

13.61%

22.76%-9.1pp

580.90%-567.3pp

1370.56%-1356.9pp

Employer contribution / active EE

$11,420

$2,816+305.6%

$4,218+170.8%

$2,626+334.8%

Participant deferral / active EE

$5,694

$4,597+23.9%

$7,016-18.8%

$4,350+30.9%

Admin fee / account holder

$305

$1,545-80.3%

$6,703-95.5%

$1,946-84.3%

Provider

Service type

Compensation

LPL FINANCIAL7 years

Filed as: LPL FINANCIAL RPCP

Service code 27 · EIN 04-3046611

Advisory (Plan)

$24,750

THE VANGUARD GROUP, INC.8 years

Service code 15 · EIN 23-1945930

Recordkeeping

$15,476

FIRST STATE BANK OF MIDDLEBURY 401(K) PSP

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

FIRST STATE BANK OF MIDDLEBURY 401(K) PSP

Top hat statement on fileNQDC

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