Retirement plan

FORESIGHT FINANCIAL GROUP, INC. EMPLOYEE SAVINGS AND PROFIT SHARING PLAN

Name: FORESIGHT FINANCIAL GROUP, INC. - FORESIGHT FINANCIAL GROUP, INC. EMPLOYEE SAVINGS AND PROFIT SHARING PLAN (2023) Form 5500
Creator: FORESIGHT FINANCIAL GROUP, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, FORESIGHT FINANCIAL GROUP, INC. EMPLOYEE SAVINGS AND PROFIT SHARING PLAN, FORESIGHT FINANCIAL GROUP, INC.

FORESIGHT FINANCIAL GROUP, INC.EIN 36-3371610Plan #001PY 2023

809 CANNELL PURI COURT, P.O. BOX 339 - ROCKFORD, IL 61088815-847-7500LinkedIn1-10 employeesfinancial services

Prospect flagsLow returnsHigh feesFailed to transmit contributionsCorrective distributions

Top hat statement on fileNQDC

Filed November 28, 2016

Plan administrator

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3106 N Rockton Ave

Rockford State: IL Zip Code: 61103

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Plans declared (2)

Supplemental Executive Retirement Plan8 emp
Foresight Financial Gorup, Inc Deferred Compensation Plan8 emp

Total covered: 16 employees

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Total assets (EOY)

$31.6M

+10.9% from 2022

Total participants

319

+4.2% from 2022

Average account balance

$105,179

+7.2% from 2022

Annual return

12.56%

+24.58 pp from 2022

Benchmarks

See 2,152 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants100-249

Cohort2,152 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$36.86M

Not enough data

1 years with asset history on file

Average account balance

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

$121K

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.

304

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.

94.3%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$2.22M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$10K

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

+13.25%

Not enough data

1 years with return on file

Admin fee / account holder

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

$591

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 5 by compensation

Provider	Service type	Compensation
SAVANT CAPITAL MANAGEMENT9+ years Filed as: SAVANT CAPITAL MANAGEMENT, INC Service code 27 · EIN 36-3859937	Advisory (Plan)	$144,189
PCS RETIREMENT, LLC1 year Service code 12 · EIN 23-3038464	Consulting (general); Participant loa...	$19,306
BENNING GROUP, LLC9+ years Service code 10 · EIN 30-0003878	Accounting	$10,633
ADVISORTRUST1 year Filed as: ADVISORTRUST, INC. Service code 19 · EIN 46-4091337	Securities Custodian	$8,123
ASCENSUS LLC6 years Filed as: DWC ERISA CONSULTANTS, LLC Service code 17 · EIN 26-2091417	Pension Consulting	$5,315

Plan features & details

Pension benefit codes2A2E2F2G2J2K2T3D3H

Plan features

2A
Age/service weighted or new comparability plan
Age/service weighted plan where allocations are based on age service or age and service; or new comparability or similar plan where allocations are based on participant classifications consisting entirely or predominantly of highly compensated employees or the plan provides an additional allocation rate on compensation above a specified threshold that exceeds the permitted disparity limits of Code section 401(l).
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.
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

4 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$188K

$775 / participant

Recordkeeping$8K4.3%
Investment mgmt$144K76.9%
Contract admin$25K13.1%
Other / not subdivided$11K5.7%

% of EOY assets

0.594%

all-in expense ratio

Categories reported

3 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: BENNING GROUP, LLC
Auditor EIN: 300003878
Audit fees: $10,633
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$105,179

$130,294-19.3%

$170,043-38.1%

$71,511+47.1%

Participation rate

92.1%

86.2%+6.0pp

87.0%+5.1pp

67.9%+24.2pp

Annual return

12.56%

20.36%-7.8pp

53.40%-40.8pp

28.86%-16.3pp

Employer contribution / active EE

$2,537

$4,385-42.1%

$6,790-62.6%

$2,589-2.0%

Participant deferral / active EE

$6,264

$6,928-9.6%

$10,410-39.8%

$4,291+46.0%

Admin fee / account holder

$625

$966-35.3%

$12,824-95.1%

$1,588-60.6%

Provider

Service type

Compensation

SAVANT CAPITAL MANAGEMENT9+ years

Filed as: SAVANT CAPITAL MANAGEMENT, INC

Service code 27 · EIN 36-3859937

Advisory (Plan)

$144,189

PCS RETIREMENT, LLC1 year

Service code 12 · EIN 23-3038464

Consulting (general); Participant loa...

$19,306

BENNING GROUP, LLC9+ years

Service code 10 · EIN 30-0003878

Accounting

$10,633

ADVISORTRUST1 year

Filed as: ADVISORTRUST, INC.

Service code 19 · EIN 46-4091337

Securities Custodian

$8,123

ASCENSUS LLC6 years

Filed as: DWC ERISA CONSULTANTS, LLC

Service code 17 · EIN 26-2091417

Pension Consulting

$5,315

FORESIGHT FINANCIAL GROUP, INC. EMPLOYEE SAVINGS AND PROFIT SHARING PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (2)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

FORESIGHT FINANCIAL GROUP, INC. EMPLOYEE SAVINGS AND PROFIT SHARING PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (2)

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