Retirement plan

FIRST BANK UPPER MICHIGAN DEF COMP P/S

Name: FIRST BANK UPPER MICHIGAN - FIRST BANK UPPER MICHIGAN DEF COMP P/S (2024) Form 5500
Creator: FIRST BANK UPPER MICHIGAN
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, FIRST BANK UPPER MICHIGAN DEF COMP P/S, FIRST BANK UPPER MICHIGAN

FIRST BANK UPPER MICHIGANEIN 38-0579985Plan #002PY 2024

1400 DELTA AVENUE - GLADSTONE, MI 49837906-428-3535first-bank.comLinkedIn51-200 employeesbanking

Prospect flagsLow returns

Top hat statement on fileNQDC

Filed July 25, 2017

Plan administrator

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1400 Delta Avenue

Gladstone State: MI Zip Code: 49837

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Plans declared (1)

Supplemental Executive Retirment Plan4 emp

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Total assets (EOY)

$29M

+12.1% from 2023

Total participants

178

-6.3% from 2023

Average account balance

$163,919

+18.4% from 2023

Annual return

11.85%

-5.25 pp from 2023

Benchmarks

See 2,173 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants100-249

Cohort2,173 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$29.01M

Not enough data

1 years with asset history on file

Average account balance

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

$164K

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.

177

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.

99.2%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.10M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$9K

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

+11.85%

Not enough data

1 years with return on file

Admin fee / account holder

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

$55

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 3 by compensation

Provider	Service type	Compensation
SECURITY NATIONAL BANK7 years Service code 21 · EIN 42-0943319	Bank Trustee	$3,474
CHARLES SCHWAB & CO., INC.5 years Filed as: CHARLES SCHWAB TRUST BANK Service code 19 · EIN 82-3967259	Securities Custodian	$817
CHARLES SCHWAB & CO., INC.7 years Service code 19 · EIN 94-1737782	Securities Custodian	$0

Plan features & details

Pension benefit codes2E2F2G2J2K2T3D

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.
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

1 tripped

OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II

Admin total

$10K

$79 / participant

Other / not subdivided$10K100.0%

% of EOY assets

0.033%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: ANDREWS HOOPER PAVLIK PLC
Auditor EIN: 383133790
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$163,919

$122,063+34.3%

$184,256-11.0%

$74,478+120.1%

Participation rate

99.2%

85.5%+13.7pp

86.8%+12.4pp

67.2%+32.0pp

Annual return

11.85%

19.92%-8.1pp

28.85%-17.0pp

1370.56%-1358.7pp

Employer contribution / active EE

$3,353

$4,539-26.1%

$6,427-47.8%

$2,626+27.7%

Participant deferral / active EE

$5,641

$7,144-21.1%

$9,133-38.2%

$4,350+29.7%

Admin fee / account holder

$55

$1,253-95.6%

$13,899-99.6%

$1,946-97.2%

Provider

Service type

Compensation

SECURITY NATIONAL BANK7 years

Service code 21 · EIN 42-0943319

Bank Trustee

$3,474

CHARLES SCHWAB & CO., INC.5 years

Filed as: CHARLES SCHWAB TRUST BANK

Service code 19 · EIN 82-3967259

Securities Custodian

$817

CHARLES SCHWAB & CO., INC.7 years

Service code 19 · EIN 94-1737782

Securities Custodian

FIRST BANK UPPER MICHIGAN DEF COMP P/S

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

FIRST BANK UPPER MICHIGAN DEF COMP P/S

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

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