Retirement plan

FIRST NATIONAL BANK OF MILACA PROFIT SHARING PLAN-ICBM

Name: FIRST NATIONAL BANK OF MILACA - FIRST NATIONAL BANK OF MILACA PROFIT SHARING PLAN-ICBM (2024) Form 5500
Creator: FIRST NATIONAL BANK OF MILACA
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, FIRST NATIONAL BANK OF MILACA PROFIT SHARING PLAN-ICBM, FIRST NATIONAL BANK OF MILACA

FIRST NATIONAL BANK OF MILACAEIN 41-0256800Plan #001PY 2024

P.O. BOX 38 - MILACA, MN 56353320-983-3101fnbmilaca.comLinkedIn11-50 employeesbanking

Prospect flagsHigh feesLow participant contribution

Top hat statement on fileNQDC

Filed April 15, 2021

Plan administrator

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190 Second Ave. SW

Milaca, MN 56353

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Plans declared (1)

Supplemental Executive Retirement Plan3 emp

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Total assets (EOY)

$7M

+15.0% from 2023

Total participants

+19.3% from 2023

Average account balance

$125,590

+10.9% from 2023

Annual return

12.39%

-0.73 pp from 2023

Benchmarks

See 7,155 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants25-99

Cohort7,155 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$7.03M

Not enough data

1 years with asset history on file

Average account balance

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

$126K

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.

96.6%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$208K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$4K

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

+12.39%

Not enough data

1 years with return on file

Admin fee / account holder

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

$1392

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

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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 codes2E2F2G2J2T3D

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.

Opportunity flags

2 tripped

OpportunityLow participant contribution
Participant 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.)

Expense breakdown

Schedule H Part II

Admin total

$78K

$1344 / participant

Other / not subdivided$78K100.0%

% of EOY assets

1.108%

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

$125,590

$138,386-9.2%

$184,260-31.8%

$80,935+55.2%

Participation rate

79.3%

83.9%-4.6pp

86.8%-7.5pp

67.7%+11.6pp

Annual return

12.39%

20.02%-7.6pp

28.84%-16.5pp

35.66%-23.3pp

Employer contribution / active EE

$1,776

$4,851-63.4%

$6,427-72.4%

$2,757-35.6%

Participant deferral / active EE

$1,803

$7,076-74.5%

$9,133-80.3%

$4,299-58.1%

Admin fee / account holder

$1,392

$10,489-86.7%

$13,898-90.0%

$6,924-79.9%

FIRST NATIONAL BANK OF MILACA PROFIT SHARING PLAN-ICBM

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 NATIONAL BANK OF MILACA PROFIT SHARING PLAN-ICBM

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