Retirement plan

FIRST STATE BANCORP, INC. COMBINED RETIREMENT BENEFIT PLAN

Name: FIRST STATE BANCORP, INC. - FIRST STATE BANCORP, INC. COMBINED RETIREMENT BENEFIT PLAN (2023) Form 5500
Creator: FIRST STATE BANCORP, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, FIRST STATE BANCORP, INC. COMBINED RETIREMENT BENEFIT PLAN, FIRST STATE BANCORP, INC.

FIRST STATE BANCORP, INC.EIN 43-1281074Plan #003PY 2023

100 W 3RD ST - CARUTHERSVILLE, MO 638301356573-333-1700LinkedIn51-200 employeesbanking

Prospect flagsHigh retiree %Low returnsHigh feesHigh assets / participant

How to read this page

Total assets (EOY)

$39.8M

+6.9% from 2022

Total participants

156

+4.7% from 2022

Average account balance

$284,630

+12.2% from 2022

Annual return

12.26%

+11.07 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

$42.96M

Not enough data

1 years with asset history on file

Average account balance

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

$305K

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.

141

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.

89.3%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$838K

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

+14.30%

Not enough data

1 years with return on file

Admin fee / account holder

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

$1358

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 9 by compensation

Provider	Service type	Compensation
POLSINELLI3 years Filed as: POLSINELLI PC Service code 29 · EIN 43-1064260 900 W. 48TH PLACE · KANSAS CITY, MO 64112	Legal	$127,020
PRINCIPAL LIFE INSURANCE COMPANY1 year Filed as: PRINCIPAL FINANCIAL GROUP Service code 16 · EIN 42-1520346 2990 BETHESDA PL · WINSTON-SALEM, NC 27103	Consulting	$52,259
BANKERS TRUST COMPANY1 year Filed as: TI-TRUST, INC. Service code 21 · EIN 20-1171923 2900 N 23RD ST · QUINCY, IL 62305	Bank Trustee	$40,000
PRINCIPAL LIFE INSURANCE COMPANY9+ years Service code 13 · EIN 42-0127290	Contract Administrator	$38,630
PRAIRIE CAPITAL ADVISORS1 year Service code 28 · EIN 36-4072641 200 S SANTA FE AVE · SALINA, KS 67401	Investment Management	$30,000
FORVIS, LLP1 year Service code 10 · EIN 44-0160260 4350 CONGRESS STREET · CHARLOTTE, NC 28209	Accounting	$23,201
CETERA ADVISOR NETWORKS LLC5 years Filed as: CETERA INVESTMENT ADVISERS LLC Service code 27	Advisory (Plan)	$16,915
STEVENS & LEE1 year Service code 13 · EIN 23-1886296	Contract Administrator	$15,077
CETERA ADVISOR NETWORKS LLC1 year Filed as: CETERA Service code 27 · EIN 42-0127290	Advisory (Plan)	$0

Plan features & details

Pension benefit codes2E2G2I2J2K2P2Q2T3I

Plan features

2E
Profit-sharing
Profit-sharing plan.
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.
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.
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

4 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.
InformationalHigh retiree %
Retirees and beneficiaries make up 25% or more of total participants - indicates an ageing workforce or a frozen plan.

Expense breakdown

Schedule H Part II

Admin total

$343K

$4289 / participant

Investment mgmt$304K88.7%
Contract admin$39K11.3%

% of EOY assets

0.861%

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: FORVIS, LLP
Auditor EIN: 440160260
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$284,630

$125,797+126.3%

$170,057+67.4%

$75,177+278.6%

Participation rate

80.0%

83.6%-3.6pp

87.0%-7.0pp

67.2%+12.8pp

Annual return

12.26%

27.20%-14.9pp

53.42%-41.2pp

160.75%-148.5pp

Employer contribution / active EE

$6,842

$4,616+48.2%

$6,790+0.8%

$2,671+156.1%

Participant deferral / active EE

$4,129

$6,838-39.6%

$10,411-60.3%

$4,126+0.1%

Admin fee / account holder

$2,451

$8,177-70.0%

$12,826-80.9%

$5,651-56.6%

Provider

Service type

Compensation

POLSINELLI3 years

Filed as: POLSINELLI PC

Service code 29 · EIN 43-1064260

900 W. 48TH PLACE · KANSAS CITY, MO 64112

Legal

$127,020

PRINCIPAL LIFE INSURANCE COMPANY1 year

Filed as: PRINCIPAL FINANCIAL GROUP

Service code 16 · EIN 42-1520346

2990 BETHESDA PL · WINSTON-SALEM, NC 27103

Consulting

$52,259

BANKERS TRUST COMPANY1 year

Filed as: TI-TRUST, INC.

Service code 21 · EIN 20-1171923

2900 N 23RD ST · QUINCY, IL 62305

Bank Trustee

$40,000

PRINCIPAL LIFE INSURANCE COMPANY9+ years

Service code 13 · EIN 42-0127290

Contract Administrator

$38,630

PRAIRIE CAPITAL ADVISORS1 year

Service code 28 · EIN 36-4072641

200 S SANTA FE AVE · SALINA, KS 67401

Investment Management

$30,000

FORVIS, LLP1 year

Service code 10 · EIN 44-0160260

4350 CONGRESS STREET · CHARLOTTE, NC 28209

Accounting

$23,201

CETERA ADVISOR NETWORKS LLC5 years

Filed as: CETERA INVESTMENT ADVISERS LLC

Service code 27

Advisory (Plan)

$16,915

STEVENS & LEE1 year

Service code 13 · EIN 23-1886296

Contract Administrator

$15,077

CETERA ADVISOR NETWORKS LLC1 year

Filed as: CETERA

Service code 27 · EIN 42-0127290

Advisory (Plan)

FIRST STATE BANCORP, INC. COMBINED RETIREMENT BENEFIT PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

FIRST STATE BANCORP, INC. COMBINED RETIREMENT BENEFIT 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