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 (2016) 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 2016

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

Prospect flagsLow returnsHigh 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)

$6.2M

No prior year

Total participants

No prior year

Average account balance

$123,189

No prior year

Annual return

5.38%

No prior year

Benchmarks

See 7,671 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants25-99

Cohort7,671 peers

Snapshot2016

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

Analytics

Total assets (EOY)

Plan-year ending balance

$8.44M

Not enough data

1 years with asset history on file

Average account balance

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

$146K

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.

111.5%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$498K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$10K

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

+16.86%

Not enough data

1 years with return on file

Admin fee / account holder

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

$5323

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

3 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.)
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II

Admin total

$361K

$8205 / participant

Other / not subdivided$361K100.0%

% of EOY assets

5.861%

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

$123,189

$87,834+40.3%

$133,979-8.1%

$62,881+95.9%

Participation rate

100.0%

83.4%+16.6pp

87.1%+12.9pp

69.3%+30.7pp

Annual return

5.38%

12.05%-6.7pp

29.30%-23.9pp

20.14%-14.8pp

Employer contribution / active EE

$7,392

$3,482+112.3%

$5,211+41.9%

$2,281+224.1%

Participant deferral / active EE

$701

$4,812-85.4%

$6,282-88.8%

$3,203-78.1%

Admin fee / account holder

$7,221

$5,372+34.4%

$9,324-22.6%

$4,296+68.1%

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