Retirement plan

BANKFIRST 401K PROFIT SHARING PLAN

Name: BANKFIRST - BANKFIRST 401K PROFIT SHARING PLAN (2024) Form 5500
Creator: BANKFIRST
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, BANKFIRST 401K PROFIT SHARING PLAN, BANKFIRST

BANKFIRSTEIN 47-0529225Plan #001PY 2024

PO BOX 868 - NORFOLK, NE 68702402-371-8005bankfirstonline.comLinkedIn51-200 employeesbanking

Other plans on this EIN

2 filings

#003Retirement-$1.1M assets #002Retirement-$309K assets

Prospect flagsLow participant contribution

How to read this page

Total assets (EOY)

$17.3M

+13.6% from 2023

Total participants

163

-2.4% from 2023

Average account balance

$115,891

+20.5% from 2023

Annual return

14.20%

-1.73 pp from 2023

Benchmarks

See 2,174 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants100-249

Cohort2,174 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$17.27M

Not enough data

1 years with asset history on file

Average account balance

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

$116K

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.

149

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.

86.4%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.52M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$15K

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

+14.20%

Not enough data

1 years with return on file

Admin fee / account holder

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

$122

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 2 by compensation

Provider	Service type	Compensation
UNION BANK & TRUST COMPANY6 years Service code 12 · EIN 47-0321480	Sub-transfer agency fees; Investment ...	$18,120
MATRIX CLEARANCE AND SETTLEMENT6 years Service code 33 · EIN 13-4046432	Sub-transfer agency fees; Securities ...	$0

Plan features & details

Pension benefit codes2E2F2H2J2K2T3D

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).
2H
Partial participant-directed account plan
Participants have the opportunity to direct the investment of a portion 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.
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

1 tripped

OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II

Admin total

$18K

$176 / participant

Recordkeeping$18K100.0%

% of EOY assets

0.105%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

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

Metric

This plan

Peer set

Industry

Size

Avg account balance

$115,891

$122,042-5.0%

$184,243-37.1%

$74,429+55.7%

Participation rate

86.4%

85.5%+0.9pp

86.8%-0.4pp

67.2%+19.2pp

Annual return

14.20%

19.91%-5.7pp

28.82%-14.6pp

1368.38%-1354.2pp

Employer contribution / active EE

$11,378

$4,538+150.7%

$6,427+77.0%

$2,625+333.5%

Participant deferral / active EE

$3,428

$7,143-52.0%

$9,132-62.5%

$4,348-21.2%

Admin fee / account holder

$122

$1,252-90.3%

$13,914-99.1%

$1,944-93.7%

Provider

Service type

Compensation

UNION BANK & TRUST COMPANY6 years

Service code 12 · EIN 47-0321480

Sub-transfer agency fees; Investment ...

$18,120

MATRIX CLEARANCE AND SETTLEMENT6 years

Service code 33 · EIN 13-4046432

Sub-transfer agency fees; Securities ...

BANKFIRST 401K PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

BANKFIRST 401K PROFIT SHARING 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