Retirement plan

FIRST STATE BANK SOUTHWEST KSOP PLAN AND TRUST

Name: FIRST STATE BANK SOUTHWEST - FIRST STATE BANK SOUTHWEST KSOP PLAN AND TRUST (2023) Form 5500
Creator: FIRST STATE BANK SOUTHWEST
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, FIRST STATE BANK SOUTHWEST KSOP PLAN AND TRUST, FIRST STATE BANK SOUTHWEST

FIRST STATE BANK SOUTHWESTEIN 41-0514195Plan #002PY 2023

1433 OXFORD STREET - WORTHINGTON, MN 561870725507-376-9747firststatebanksw.comLinkedIn51-200 employeesbanking

Prospect flagsLow returnsHigh feesHigh assets / participant

Top hat statement on fileNQDC

Filed February 7, 2017 (most recent of 3 filings on file)

Plan administrator

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1433 Oxford Street

Worthington State: MN Zip Code: 56187

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Plans declared (1)

SERP4 emp

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Total assets (EOY)

$21M

+10.4% from 2022

Total participants

+1.5% from 2022

Average account balance

$309,030

+10.4% from 2022

Annual return

8.95%

+25.11 pp from 2022

Benchmarks

See 7,176 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants25-99

Cohort7,176 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$23.31M

Not enough data

1 years with asset history on file

Average account balance

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

$319K

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.

93.5%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$737K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$16K

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

+7.71%

Not enough data

1 years with return on file

Admin fee / account holder

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

$1531

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 codes2E2F2J2K2O2Q2T3I

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).
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.
2O
ESOP other than a leveraged ESOP
Employee stock ownership plan that is not leveraged.
2Q
ESOP maintained by an S corporation
The employer maintaining this ESOP is an S corporation.
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.
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

3 tripped

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.
InformationalHigh assets / participant
Assets per participant exceed $250,000 - top-decile high-value plan.

Expense breakdown

Schedule H Part II

Admin total

$529K

$12583 / participant

Other / not subdivided$529K100.0%

% of EOY assets

2.515%

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

$309,030

$125,797+145.7%

$170,043+81.7%

$75,173+311.1%

Participation rate

97.6%

83.6%+14.0pp

87.0%+10.6pp

67.2%+30.4pp

Annual return

8.95%

27.20%-18.2pp

53.40%-44.5pp

160.72%-151.8pp

Employer contribution / active EE

$10,915

$4,616+136.4%

$6,790+60.7%

$2,671+308.6%

Participant deferral / active EE

$7,040

$6,838+3.0%

$10,410-32.4%

$4,126+70.6%

Admin fee / account holder

$7,772

$8,177-4.9%

$12,824-39.4%

$5,651+37.5%

FIRST STATE BANK SOUTHWEST KSOP PLAN AND TRUST

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 STATE BANK SOUTHWEST KSOP PLAN AND TRUST

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