Retirement plan

FIRST BUSINESS FINANCIAL SERVICES 401(K) PLAN

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

FIRST BUSINESS FINANCIAL SERVICESEIN 39-1576570Plan #002PY 2023

401 CHARMANY DR - MADISON, WI 53719608-238-8008

Prospect flagsNo flags tripped

How to read this page

Total assets (EOY)

$79.8M

+27.6% from 2022

Total participants

428

+2.1% from 2022

Average account balance

$188,715

+24.0% from 2022

Annual return

22.45%

+37.86 pp from 2022

Benchmarks

See 1,521 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants250-999

Cohort1,521 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$93.83M

Not enough data

1 years with asset history on file

Average account balance

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

$213K

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.

440

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.

98.8%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$6.69M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$19K

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

+17.02%

Not enough data

1 years with return on file

Admin fee / account holder

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

$56

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 3 by compensation

Provider	Service type	Compensation
FIRST BUSINESS TRUST & INVESTMENTS9+ years Service code 21 · EIN 39-0394950	Bank Trustee	$25,543
CHARLES SCHWAB & CO., INC.2 years Filed as: CHARLES SCHWAB TRUST BANK Service code 19 · EIN 82-3967259	Securities Custodian	$12,833
CHARLES SCHWAB & CO., INC.3 years Service code 59 · EIN 94-1737782	Shareholder Servicing	$0

Plan features & details

Pension benefit codes2E2F2G2J2K3D3H

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.
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

0 tripped

No flags tripped for this filing year. This plan looks clean.

Expense breakdown

Schedule H Part II

Admin total

$26K

$75 / participant

Recordkeeping$7K28.6%
Trustee / custodial$18K71.4%

% of EOY assets

0.032%

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: WIPFLI, LLP
Auditor EIN: 390758449
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$188,715

$100,272+88.2%

$170,057+11.0%

$74,473+153.4%

Participation rate

98.5%

87.4%+11.2pp

87.0%+11.5pp

70.7%+27.8pp

Annual return

22.45%

66.12%-43.7pp

53.42%-31.0pp

34.36%-11.9pp

Employer contribution / active EE

$8,800

$4,266+106.3%

$6,790+29.6%

$2,638+233.6%

Participant deferral / active EE

$10,652

$7,147+49.0%

$10,411+2.3%

$4,530+135.1%

Admin fee / account holder

$60

$235-74.3%

$12,826-99.5%

$347-82.6%

Provider

Service type

Compensation

FIRST BUSINESS TRUST & INVESTMENTS9+ years

Service code 21 · EIN 39-0394950

Bank Trustee

$25,543

CHARLES SCHWAB & CO., INC.2 years

Filed as: CHARLES SCHWAB TRUST BANK

Service code 19 · EIN 82-3967259

Securities Custodian

$12,833

CHARLES SCHWAB & CO., INC.3 years

Service code 59 · EIN 94-1737782

Shareholder Servicing

FIRST BUSINESS FINANCIAL SERVICES 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

FIRST BUSINESS 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