Retirement plan

MORTON COMMUNITY BANK 401(K) RETIREMENT PLAN

Name: MORTON COMMUNITY BANK - MORTON COMMUNITY BANK 401(K) RETIREMENT PLAN (2024) Form 5500
Creator: MORTON COMMUNITY BANK
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, MORTON COMMUNITY BANK 401(K) RETIREMENT PLAN, MORTON COMMUNITY BANK

MORTON COMMUNITY BANKEIN 37-0808298Plan #003PY 2024

721 WEST JACKSON STREET - MORTON, IL 61550309-925-2511hometownbanks.comLinkedIn501-1000 employeesbanking

Prospect flagsHigh feesLow participationLow employer contributionLow participant contributionCorrective distributions

Top hat statement on fileNQDC

Filed January 1, 2015 (most recent of 2 filings on file)

This is a legacy paper filing. Plan administrator and contact details are recorded in the original filing, which has not been digitised into structured fields.

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Total assets (EOY)

$58.2M

+14.1% from 2023

Total participants

698

+4.0% from 2023

Average account balance

$152,457

+12.9% from 2023

Annual return

15.36%

-6.89 pp from 2023

Benchmarks

See 1,547 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants250-999

Cohort1,547 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$58.24M

Not enough data

1 years with asset history on file

Average account balance

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

$152K

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.

382

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.

48.5%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$3.24M

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

+15.36%

Not enough data

1 years with return on file

Admin fee / account holder

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

$319

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 4 by compensation

Provider	Service type	Compensation
ALLIANCE PENSION CONSULTANTS, LLC5 years Filed as: ALLIANCE PENSION CONSULTANTS, INC. Service code 15 · EIN 36-4389114	Recordkeeping	$69,695
DAVID ROMANO5 years Filed as: DAVID VAUGHAN INVESTMENTS, LLC Service code 27 · EIN 37-1272863	Advisory (Plan)	$44,155
CHARLES SCHWAB & CO., INC.5 years Filed as: CHARLES SCHWAB TRUST BANK Service code 19 · EIN 82-3967259	Securities Custodian	$10,746
CHARLES SCHWAB & CO., INC.5 years Service code 59 · EIN 94-1737782	Shareholder Servicing	$225

Plan features & details

Pension benefit codes2E2F2G2J2K2R2T3D3H

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.
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.
2R
Participant-directed brokerage accounts
Participant-directed brokerage accounts provided as an investment option under the plan.
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

5 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.
OpportunityLow employer contribution
Employer 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.)
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$122K

$199 / participant

Recordkeeping$70K57.2%
Investment mgmt$44K36.2%
Other / not subdivided$8K6.6%

% of EOY assets

0.209%

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: CLIFTON LARSON ALLEN LLP
Auditor EIN: 410746749
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$152,457

$129,227+18.0%

$184,256-17.3%

$77,762+96.1%

Participation rate

48.5%

87.4%-38.9pp

86.8%-38.4pp

70.6%-22.1pp

Annual return

15.36%

33.24%-17.9pp

28.85%-13.5pp

31.27%-15.9pp

Employer contribution / active EE

$1,206

$4,412-72.7%

$6,427-81.2%

$2,728-55.8%

Participant deferral / active EE

$4,080

$7,307-44.2%

$9,133-55.3%

$4,651-12.3%

Admin fee / account holder

$319

$256+24.8%

$13,899-97.7%

$433-26.3%

Provider

Service type

Compensation

ALLIANCE PENSION CONSULTANTS, LLC5 years

Filed as: ALLIANCE PENSION CONSULTANTS, INC.

Service code 15 · EIN 36-4389114

Recordkeeping

$69,695

DAVID ROMANO5 years

Filed as: DAVID VAUGHAN INVESTMENTS, LLC

Service code 27 · EIN 37-1272863

Advisory (Plan)

$44,155

CHARLES SCHWAB & CO., INC.5 years

Filed as: CHARLES SCHWAB TRUST BANK

Service code 19 · EIN 82-3967259

Securities Custodian

$10,746

CHARLES SCHWAB & CO., INC.5 years

Service code 59 · EIN 94-1737782

Shareholder Servicing

$225

MORTON COMMUNITY BANK 401(K) RETIREMENT PLAN

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

MORTON COMMUNITY BANK 401(K) RETIREMENT PLAN

Top hat statement on fileNQDC

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