Retirement plan

WEST GATE BANK PROFIT SHARING 401(K) PLAN

Name: WEST GATE BANK - WEST GATE BANK PROFIT SHARING 401(K) PLAN (2018) Form 5500
Creator: WEST GATE BANK
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, WEST GATE BANK PROFIT SHARING 401(K) PLAN, WEST GATE BANK

WEST GATE BANKEIN 47-0523112Plan #001PY 2018

6003 OLD CHENEY ROAD - LINCOLN, NE 68516402-434-3456westgate.bankLinkedIn201-500 employeesbanking

Prospect flagsLow participationLow employer contributionCorrective distributions

How to read this page

Total assets (EOY)

$9.2M

+10.8% from 2017

Total participants

235

+16.9% from 2017

Average account balance

$57,925

-6.0% from 2017

Annual return

3.60%

-13.78 pp from 2017

Benchmarks

See 2,193 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants100-249

Cohort2,193 peers

Snapshot2018

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

Analytics

Total assets (EOY)

Plan-year ending balance

$21.86M

Not enough data

1 years with asset history on file

Average account balance

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

$95K

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.

229

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.

71.2%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$2.00M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$9K

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

+15.05%

Not enough data

1 years with return on file

Admin fee / account holder

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

$124

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

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

Service providers

Top 3 by compensation

Provider	Service type	Compensation
DA DAVIDSON & CO2 years Service code 27 8 THIRD ST NORTH · GREAT FALLS, MT 59401	Advisory (Plan)	$21,207
LUTZ & COMPANY, PC1 year Filed as: LUTZ AND COMPANY PC Service code 10 · EIN 47-0625816	Accounting	$7,060
AMERICAN FUNDS4+ years Filed as: CAPITAL RESEARCH & MANAGEMENT CO. Service code 25 · EIN 95-1411037	Directed Trustee	$975

Plan features & details

Pension benefit codes2E2F2G2J2K2T3B3D

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.
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.
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.
3B
Plan covering self-employed individuals
Plan covering self-employed individuals.
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 participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$29K

$144 / participant

Contract admin$29K100.0%

% of EOY assets

0.317%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Disclaimer opinion

Auditor declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.

Auditor firm: LUTZ & COMPANY PC
Auditor EIN: 470625816
Audit fees: (not subdivided)
Opinion code: Disclaimer

Metric

This plan

Peer set

Industry

Size

Avg account balance

$57,925

$79,523-27.2%

$140,019-58.6%

$56,287+2.9%

Participation rate

62.6%

85.7%-23.1pp

87.5%-24.9pp

69.9%-7.3pp

Annual return

3.60%

2.39%+1.2pp

651.15%-647.6pp

-9.96%+13.6pp

Employer contribution / active EE

$1,095

$3,350-67.3%

$5,605-80.5%

$2,111-48.1%

Participant deferral / active EE

$3,341

$5,129-34.9%

$6,927-51.8%

$3,350-0.3%

Admin fee / account holder

$184

$614-70.1%

$10,705-98.3%

$521-64.7%

Provider

Service type

Compensation

DA DAVIDSON & CO2 years

Service code 27

8 THIRD ST NORTH · GREAT FALLS, MT 59401

Advisory (Plan)

$21,207

LUTZ & COMPANY, PC1 year

Filed as: LUTZ AND COMPANY PC

Service code 10 · EIN 47-0625816

Accounting

$7,060

AMERICAN FUNDS4+ years

Filed as: CAPITAL RESEARCH & MANAGEMENT CO.

Service code 25 · EIN 95-1411037

Directed Trustee

$975

WEST GATE BANK PROFIT SHARING 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

WEST GATE BANK PROFIT SHARING 401(K) 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