Retirement plan

BATES FINANCIAL SERVICES 401(K) PLAN

Name: BATES FINANCIAL GROUP, INC. - BATES FINANCIAL SERVICES 401(K) PLAN (2023) Form 5500
Creator: BATES FINANCIAL GROUP, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, BATES FINANCIAL SERVICES 401(K) PLAN, BATES FINANCIAL GROUP, INC.

BATES FINANCIAL GROUP, INC.EIN 38-3662632Plan #002PY 2023

8437 NORTHERN AVENUE - ROCKFORD, IL 61107815-332-4020batesfinancialadvisors.comLinkedIn1-10 employeesfinancial services

Prospect flagsHigh feesLow assets / participant

How to read this page

Total assets (EOY)

$306K

+82.2% from 2022

Total participants

-5.3% from 2022

Average account balance

$17,016

+92.3% from 2022

Annual return

57.73%

+77.02 pp from 2022

Benchmarks

See 36,154 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants<25

Cohort36,154 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$304K

Not enough data

1 years with asset history on file

Average account balance

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

$22K

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.

155.6%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$63K

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

+17.01%

Not enough data

1 years with return on file

Admin fee / account holder

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

$8444

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

2 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
OpportunityLow assets / participant
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.

Expense breakdown

Schedule H Part II

Admin total

$27K

$2425 / participant

Other / not subdivided$27K100.0%

% of EOY assets

8.708%

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

$17,016

$185,905-90.8%

$170,057-90.0%

$139,487-87.8%

Participation rate

100.0%

87.8%+12.2pp

87.0%+13.0pp

80.3%+19.7pp

Annual return

57.73%

60.56%-2.8pp

53.42%+4.3pp

373.84%-316.1pp

Employer contribution / active EE

$2,094

$7,597-72.4%

$6,790-69.2%

$4,755-56.0%

Participant deferral / active EE

$3,671

$11,627-68.4%

$10,411-64.7%

$6,713-45.3%

Admin fee / account holder

$1,482

$15,397-90.4%

$12,826-88.4%

$11,407-87.0%

BATES FINANCIAL SERVICES 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

BATES FINANCIAL SERVICES 401(K) 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