Retirement plan

SOUTHERN MICHIGAN BANCORP, INC. EMPLOYEE STOCK OWNERSHIP PLAN

Name: SOUTHERN MICHIGAN BANCORP, INC. - SOUTHERN MICHIGAN BANCORP, INC. EMPLOYEE STOCK OWNERSHIP PLAN (2019) Form 5500
Creator: SOUTHERN MICHIGAN BANCORP, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SOUTHERN MICHIGAN BANCORP, INC. EMPLOYEE STOCK OWNERSHIP PLAN, SOUTHERN MICHIGAN BANCORP, INC.

SOUTHERN MICHIGAN BANCORP, INC.EIN 38-2407501Plan #002PY 2019

P.O. BOX 309, 51 W. PEARL STREET - COLDWATER, MI 490360309517-279-5503

Prospect flagsLow returns

How to read this page

Total assets (EOY)

$15.4M

+16.8% from 2018

Total participants

218

+6.3% from 2018

Average account balance

$70,851

+9.8% from 2018

Annual return

16.77%

+10.67 pp from 2018

Benchmarks

See 2,202 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants100-249

Cohort2,202 peers

Snapshot2019

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

Analytics

Total assets (EOY)

Plan-year ending balance

$22.46M

Not enough data

1 years with asset history on file

Average account balance

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

$82K

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.

273

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.

89.7%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.92M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$8K

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

+17.27%

Not enough data

1 years with return on file

Admin fee / account holder

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

$64

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

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

Service providers

Top 1 by compensation

Provider	Service type	Compensation
KJ RETIREMENT CONSULTANTS, LLC1 year Service code 13 · EIN 45-3547265 P.O. BOX 211201 · ST. PAUL, MN 55121	Contract Administrator	$2,275

Plan features & details

Pension benefit codes2E2I2J2K2P2S3H3I

Plan features

2E
Profit-sharing
Profit-sharing plan.
2I
Stock bonus
Stock bonus plan.
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.
2P
Leveraged ESOP
Employee stock ownership plan that acquires employer securities with borrowed money or other debt-financing techniques.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).
3I
Employer securities investment required
Plan requiring that all or part of employer contributions be invested and held at least for a limited period in employer securities.

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

$5K

$27 / participant

Other / not subdivided$5K100.0%

% of EOY assets

0.033%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Disclaimer opinion

Auditor declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.

Auditor firm: BRINK, KEY & CHLUDZINSKI, P.C.
Auditor EIN: 383061223
Audit fees: (not subdivided)
Opinion code: Disclaimer

Metric

This plan

Peer set

Industry

Size

Avg account balance

$70,851

$98,982-28.4%

$162,185-56.3%

$65,186+8.7%

Participation rate

100.0%

85.8%+14.2pp

87.6%+12.4pp

70.2%+29.8pp

Annual return

16.77%

24.84%-8.1pp

115.61%-98.8pp

29.39%-12.6pp

Employer contribution / active EE

$1,956

$3,467-43.6%

$5,613-65.2%

$2,177-10.1%

Participant deferral / active EE

$3,612

$5,384-32.9%

$7,297-50.5%

$3,514+2.8%

Admin fee / account holder

$23

$596-96.1%

$10,844-99.8%

$847-97.3%

Provider

Service type

Compensation

KJ RETIREMENT CONSULTANTS, LLC1 year

Service code 13 · EIN 45-3547265

P.O. BOX 211201 · ST. PAUL, MN 55121

Contract Administrator

$2,275

SOUTHERN MICHIGAN BANCORP, INC. EMPLOYEE STOCK OWNERSHIP PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SOUTHERN MICHIGAN BANCORP, INC. EMPLOYEE STOCK OWNERSHIP 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