Retirement plan

FRIENDSHIP BANCORP 401(K) PLAN

Name: FRIENDSHIP BANCORP, INC. - FRIENDSHIP BANCORP 401(K) PLAN (2023) Form 5500
Creator: FRIENDSHIP BANCORP, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, FRIENDSHIP BANCORP 401(K) PLAN, FRIENDSHIP BANCORP, INC.

FRIENDSHIP BANCORP, INC.EIN 35-1749607Plan #001PY 2023

5908 E. MAIN STREET - FRIENDSHIP, IN 47021812-667-5101LinkedIn1-10 employeesbanking

Prospect flagsHigh feesCorrective distributions

How to read this page

Total assets (EOY)

$8.6M

+15.6% from 2022

Total participants

122

-12.2% from 2022

Average account balance

$76,895

+34.2% from 2022

Annual return

14.04%

+28.38 pp from 2022

Benchmarks

See 583 peers

Peer group

Industry55 - Management of Companies and Enterprises

Plan typeDefined contribution

Participants25-99

Cohort583 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$9.56M

Not enough data

1 years with asset history on file

Average account balance

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

$80K

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.

119

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.

92.1%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$648K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$6K

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

+10.92%

Not enough data

1 years with return on file

Admin fee / account holder

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

$479

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 2 by compensation

Provider	Service type	Compensation
WEALTH MANAGEMENT SYSTEMS INC6 years Filed as: 9258 WEALTH MANAGEMENT, LLC Service code 26 · EIN 82-2359200 4420 COOPER ROAD · CINCINNATI, OH 45242	Advisory (Participants)	$22,937
JOHN HANCOCK LIFE INSURANCE COMPANY9+ years Service code 15 · EIN 01-0233346 P.O. BOX 600 · BUFFALO, NY 142010600	Recordkeeping	$602

Plan features & details

Pension benefit codes2I2J2K2P3I

Plan features

2I
Stock bonus
Stock bonus plan.
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.
2P
Leveraged ESOP
Employee stock ownership plan that acquires employer securities with borrowed money or other debt-financing techniques.
3I
Employer securities investment required
Plan requiring that all or part of employer contributions be invested and held at least for a limited period in employer securities.

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

$52K

$537 / participant

Investment mgmt$23K44.5%
Contract admin$3K5.8%
Other / not subdivided$26K49.7%

% of EOY assets

0.598%

all-in expense ratio

Categories reported

2 / 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: $0
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$76,895

$90,745-15.3%

$130,231-41.0%

$75,173+2.3%

Participation rate

89.6%

71.1%+18.5pp

76.3%+13.3pp

67.2%+22.4pp

Annual return

14.04%

34.45%-20.4pp

38.86%-24.8pp

160.72%-146.7pp

Employer contribution / active EE

$1,686

$3,314-49.1%

$4,126-59.1%

$2,671-36.9%

Participant deferral / active EE

$5,483

$5,362+2.3%

$6,799-19.3%

$4,126+32.9%

Admin fee / account holder

$460

$6,331-92.7%

$6,020-92.4%

$5,651-91.9%

Provider

Service type

Compensation

WEALTH MANAGEMENT SYSTEMS INC6 years

Filed as: 9258 WEALTH MANAGEMENT, LLC

Service code 26 · EIN 82-2359200

4420 COOPER ROAD · CINCINNATI, OH 45242

Advisory (Participants)

$22,937

JOHN HANCOCK LIFE INSURANCE COMPANY9+ years

Service code 15 · EIN 01-0233346

P.O. BOX 600 · BUFFALO, NY 142010600

Recordkeeping

$602

FRIENDSHIP BANCORP 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

FRIENDSHIP BANCORP 401(K) 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