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 (2022) 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 2022

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

Other plans on this EIN

1 filing

#002Retirement-$2.6M assets

Prospect flagsHigh feesLow participant contribution

How to read this page

Total assets (EOY)

$3.1M

-18.5% from 2021

Total participants

-5.5% from 2021

Average account balance

$53,854

-12.8% from 2021

Annual return

-15.24%

-25.61 pp from 2021

Benchmarks

See 7,130 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants25-99

Cohort7,130 peers

Snapshot2022

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

Analytics

Total assets (EOY)

Plan-year ending balance

$5.16M

Not enough data

1 years with asset history on file

Average account balance

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

$85K

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.

103.4%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$304K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$5K

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

+14.44%

Not enough data

1 years with return on file

Admin fee / account holder

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

$4128

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

$365K

$6194 / participant

Other / not subdivided$365K100.0%

% of EOY assets

11.906%

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

$53,854

$110,083-51.1%

$151,639-64.5%

$68,486-21.4%

Participation rate

79.7%

84.0%-4.3pp

87.5%-7.8pp

67.9%+11.8pp

Annual return

-15.24%

-10.12%-5.1pp

3.34%-18.6pp

-7.85%-7.4pp

Employer contribution / active EE

$1,961

$4,470-56.1%

$6,165-68.2%

$2,597-24.5%

Participant deferral / active EE

$1,728

$6,526-73.5%

$8,363-79.3%

$4,028-57.1%

Admin fee / account holder

$6,412

$7,718-16.9%

$11,613-44.8%

$5,404+18.7%

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