Retirement plan

THE BANK OF HERRIN EMPLOYEES' 401(K) PROFIT SHARING PLAN

Name: BANK OF HERRIN - THE BANK OF HERRIN EMPLOYEES' 401(K) PROFIT SHARING PLAN (2024) Form 5500
Creator: BANK OF HERRIN
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, THE BANK OF HERRIN EMPLOYEES' 401(K) PROFIT SHARING PLAN, BANK OF HERRIN

BANK OF HERRINEIN 37-0207950Plan #001PY 2024

PO BOX B - HERRIN, IL 62948618-942-6666bankofherrin.comLinkedIn11-50 employeesbanking

Other plans on this EIN

1 filing

#002Retirement-$3.0M assets

Prospect flagsHigh feesLow participant contribution

How to read this page

Total assets (EOY)

$4.4M

+15.6% from 2023

Total participants

-5.4% from 2023

Average account balance

$75,143

+19.5% from 2023

Annual return

25.40%

+9.07 pp from 2023

Benchmarks

See 7,155 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants25-99

Cohort7,155 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$4.43M

Not enough data

1 years with asset history on file

Average account balance

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

$75K

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.

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.

96.7%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$339K

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

+25.40%

Not enough data

1 years with return on file

Admin fee / account holder

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

$12668

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

0 years with F_SCH_H allocation on file

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

Service providers

Providers data not reported

Schedule C was not filed on this plan's most recent Form 5500, so no compensated service providers are available to display.

Plan features & details

Pension benefit codes2E2F2G2J2T3D

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.
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

2 tripped

OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.
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

$747K

$12253 / participant

Other / not subdivided$747K100.0%

% of EOY assets

16.858%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

No opinion code on file for this filing.

Auditor firm: (not reported)
Auditor EIN: -
Audit fees: (not subdivided)
Opinion code: -

Metric

This plan

Peer set

Industry

Size

Avg account balance

$75,143

$138,393-45.7%

$184,256-59.2%

$80,959-7.2%

Participation rate

82.0%

83.9%-1.9pp

86.8%-4.9pp

67.7%+14.3pp

Annual return

25.40%

20.01%+5.4pp

28.85%-3.4pp

35.67%-10.3pp

Employer contribution / active EE

$2,869

$4,847-40.8%

$6,427-55.4%

$2,757+4.1%

Participant deferral / active EE

$2,692

$7,076-62.0%

$9,133-70.5%

$4,300-37.4%

Admin fee / account holder

$12,668

$10,489+20.8%

$13,899-8.9%

$6,925+82.9%

THE BANK OF HERRIN EMPLOYEES' 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

THE BANK OF HERRIN EMPLOYEES' 401(K) 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