Retirement plan

STATE BANK EMPLOYEE 401(K) SAVINGS PLAN

Name: STATE BANK - STATE BANK EMPLOYEE 401(K) SAVINGS PLAN (2023) Form 5500
Creator: STATE BANK
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, STATE BANK EMPLOYEE 401(K) SAVINGS PLAN, STATE BANK

STATE BANKEIN 37-0532990Plan #002PY 2023

P.O. BOX 148, 885 N. ILLINOIS ROUTE 3 - WATERLOO, IL 62298618-939-7195sbw.bankLinkedIn51-200 employeesbanking

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$3.5M

+13.8% from 2022

Total participants

-9.8% from 2022

Average account balance

$75,557

+26.2% from 2022

Annual return

20.63%

+39.05 pp from 2022

Benchmarks

See 7,176 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants25-99

Cohort7,176 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$4.27M

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.

113.6%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$326K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$7K

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

+16.39%

Not enough data

1 years with return on file

Admin fee / account holder

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

$2679

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 codes2E2F2G2J2T3D3H

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.
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

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

$576K

$14779 / participant

Other / not subdivided$576K100.0%

% of EOY assets

16.584%

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

$75,557

$125,797-39.9%

$170,057-55.6%

$75,177+0.5%

Participation rate

100.0%

83.6%+16.4pp

87.0%+13.0pp

67.2%+32.8pp

Annual return

20.63%

27.20%-6.6pp

53.42%-32.8pp

160.75%-140.1pp

Employer contribution / active EE

$3,150

$4,616-31.8%

$6,790-53.6%

$2,671+17.9%

Participant deferral / active EE

$5,624

$6,838-17.7%

$10,411-46.0%

$4,126+36.3%

Admin fee / account holder

$12,530

$8,177+53.2%

$12,826-2.3%

$5,651+121.7%

STATE BANK EMPLOYEE 401(K) SAVINGS PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

STATE BANK EMPLOYEE 401(K) SAVINGS 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