Retirement plan

IDA GROVE BANCSHARES, INC. ESOP WITH 401(K) PROVISIONS AND TRUST AGREEMENT

Name: UNITED BANK OF IOWA - IDA GROVE BANCSHARES, INC. ESOP WITH 401(K) PROVISIONS AND TRUST AGREEMENT (2024) Form 5500
Creator: UNITED BANK OF IOWA
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, IDA GROVE BANCSHARES, INC. ESOP WITH 401(K) PROVISIONS AND TRUST AGREEMENT, UNITED BANK OF IOWA

UNITED BANK OF IOWAEIN 42-1166401Plan #003PY 2024

501 2ND ST - IDA GROVE, IA 514451304712-364-3393unitedbk.comLinkedIn201-500 employeesbanking

Prospect flagsLow returnsHigh fees

How to read this page

Total assets (EOY)

$67.2M

+4.2% from 2023

Total participants

404

+4.1% from 2023

Average account balance

$179,146

+2.8% from 2023

Annual return

7.78%

-1.89 pp from 2023

Benchmarks

See 262 peers

Peer group

Industry55 - Management of Companies and Enterprises

Plan typeDefined contribution

Participants250-999

Cohort262 peers

Snapshot2024

See peer percentile detail. $4.99 for your first month.

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Analytics

Total assets (EOY)

Plan-year ending balance

$71.17M

Not enough data

1 years with asset history on file

Average account balance

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

$188K

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.

378

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.

90.6%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$3.77M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$13K

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

+10.65%

Not enough data

1 years with return on file

Admin fee / account holder

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

$425

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

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Service providers

Top 6 by compensation

Provider	Service type	Compensation
PRINCIPAL LIFE INSURANCE COMPANY9+ years Service code 13 · EIN 42-0127290	Contract Administrator	$122,747
PRINCIPAL LIFE INSURANCE COMPANY8 years Filed as: PRINCIPAL SECURITIES INC Service code 27 · EIN 42-0941553	Advisory (Plan)	$58,402
EIDE BAILLY LLP4 years Filed as: EIDE BAILLY Service code 10 · EIN 45-0250958	Accounting	$12,154
PRINCIPAL LIFE INSURANCE COMPANY3 years Filed as: PRINCIPAL LIFE INSURANCE Service code 13 · EIN 42-1520346	Contract Administrator	$10,855
NYEMASTER GOOD P.C.1 year Filed as: NYEMASTER GOODE, P.C Service code 27 · EIN 42-1154516	Advisory (Plan)	$7,125
WILSHIRE ASSOCIATES INCORPORATED3 years Filed as: WILSHIRE ADVISORS LLC Service code 27 · EIN 95-2755361	Advisory (Plan)	$0

Plan features & details

Pension benefit codes2E2F2G2I2J2K2O2P2Q2S2T3I

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.
2I
Stock bonus
Stock bonus plan.
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.
2P
Leveraged ESOP
Employee stock ownership plan that acquires employer securities with borrowed money or other debt-financing techniques.
2Q
ESOP maintained by an S corporation
The employer maintaining this ESOP is an S corporation.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
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

2 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.

Expense breakdown

Schedule H Part II

Admin total

$161K

$556 / participant

Investment mgmt$14K8.7%
Legal$4K2.3%
Valuation$5K2.9%
Other trustee fees$10K6.1%
Contract admin$123K76.5%
Other / not subdivided$6K3.5%

% of EOY assets

0.240%

all-in expense ratio

Categories reported

5 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

The auditor signed off without reservation. This is the cleanest opinion.

Auditor firm: EIDE BAILLY
Auditor EIN: 450250958
Audit fees: $5,578
Opinion code: Unqualified

Look up a plan sponsor by EIN. Free Form 5500 search. No signup.

Metric

This plan

Peer set

Industry

Size

Avg account balance

$179,146

$89,588+100.0%

$136,007+31.7%

$77,643+130.7%

Participation rate

90.0%

74.3%+15.7pp

76.5%+13.5pp

70.6%+19.4pp

Annual return

7.78%

17.42%-9.6pp

579.32%-571.5pp

31.24%-23.5pp

Employer contribution / active EE

$5,396

$3,491+54.6%

$4,217+28.0%

$2,726+98.0%

Participant deferral / active EE

$6,956

$5,591+24.4%

$7,025-1.0%

$4,647+49.7%

Admin fee / account holder

$430

$539-20.1%

$6,858-93.7%

$4300%

Provider

Service type

Compensation

PRINCIPAL LIFE INSURANCE COMPANY9+ years

Service code 13 · EIN 42-0127290

Contract Administrator

$122,747

PRINCIPAL LIFE INSURANCE COMPANY8 years

Filed as: PRINCIPAL SECURITIES INC

Service code 27 · EIN 42-0941553

Advisory (Plan)

$58,402

EIDE BAILLY LLP4 years

Filed as: EIDE BAILLY

Service code 10 · EIN 45-0250958

Accounting

$12,154

PRINCIPAL LIFE INSURANCE COMPANY3 years

Filed as: PRINCIPAL LIFE INSURANCE

Service code 13 · EIN 42-1520346

Contract Administrator

$10,855

NYEMASTER GOOD P.C.1 year

Filed as: NYEMASTER GOODE, P.C

Service code 27 · EIN 42-1154516

Advisory (Plan)

$7,125

WILSHIRE ASSOCIATES INCORPORATED3 years

Filed as: WILSHIRE ADVISORS LLC

Service code 27 · EIN 95-2755361

Advisory (Plan)

IDA GROVE BANCSHARES, INC. ESOP WITH 401(K) PROVISIONS AND TRUST AGREEMENT

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

IDA GROVE BANCSHARES, INC. ESOP WITH 401(K) PROVISIONS AND TRUST AGREEMENT

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