Retirement plan

FIRST SAVINGS MORTGAGE CORPORATION 401(K) SALARY REDUCTION PLAN

Name: FIRST SAVINGS MORTGAGE CORPORATION - FIRST SAVINGS MORTGAGE CORPORATION 401(K) SALARY REDUCTION PLAN (2023) Form 5500
Creator: FIRST SAVINGS MORTGAGE CORPORATION
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, FIRST SAVINGS MORTGAGE CORPORATION 401(K) SALARY REDUCTION PLAN, FIRST SAVINGS MORTGAGE CORPORATION

FIRST SAVINGS MORTGAGE CORPORATIONEIN 54-1476331Plan #001PY 2023

8484 WESTPARK DRIVE, SUITE 900 - MCLEAN, VA 22102703-883-9010firstsavingsmortgage.comLinkedIn51-200 employeesfinancial services

Prospect flagsHigh feesHigh assets / participantLow employer contributionCorrective distributions

How to read this page

Total assets (EOY)

$54.3M

+19.8% from 2022

Total participants

189

-1.0% from 2022

Average account balance

$319,601

+19.1% from 2022

Annual return

19.83%

+39.58 pp from 2022

Benchmarks

See 2,152 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants100-249

Cohort2,152 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$63.33M

Not enough data

1 years with asset history on file

Average account balance

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

$386K

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.

164

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.

86.9%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.91M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$12K

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

+17.12%

Not enough data

1 years with return on file

Admin fee / account holder

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

$604

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
LINCOLN NATIONAL CORPORATION5 years Filed as: LINCOLN RETIREMENT SERVICES Service code 13 · EIN 35-0472300 PO BOX 2212 · FORT WAYNE, IN 46081	Contract Administrator	$82,675
ASCENSUS LLC2 years Filed as: MAP RETIREMENT USA Service code 14 · EIN 86-3678481 W6180 AEROTECH DR · APPLETON, WI 54914	Plan Administrator	$21,706

Plan features & details

Pension benefit codes2E2F2G2J2K2T3D

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.
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

4 tripped

OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.
OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).
InformationalHigh assets / participant
Assets per participant exceed $250,000 - top-decile high-value plan.

Expense breakdown

Schedule H Part II

Admin total

$85K

$540 / participant

Other / not subdivided$85K100.0%

% of EOY assets

0.156%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: PBMARES,LLP
Auditor EIN: 540737372
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$319,601

$130,294+145.3%

$170,057+87.9%

$71,529+346.8%

Participation rate

87.9%

86.2%+1.7pp

87.0%+0.9pp

67.9%+20.0pp

Annual return

19.83%

20.36%-0.5pp

53.42%-33.6pp

28.97%-9.1pp

Employer contribution / active EE

$1,516

$4,385-65.4%

$6,790-77.7%

$2,590-41.5%

Participant deferral / active EE

$11,169

$6,928+61.2%

$10,411+7.3%

$4,291+160.3%

Admin fee / account holder

$499

$966-48.4%

$12,826-96.1%

$1,588-68.6%

Provider

Service type

Compensation

LINCOLN NATIONAL CORPORATION5 years

Filed as: LINCOLN RETIREMENT SERVICES

Service code 13 · EIN 35-0472300

PO BOX 2212 · FORT WAYNE, IN 46081

Contract Administrator

$82,675

ASCENSUS LLC2 years

Filed as: MAP RETIREMENT USA

Service code 14 · EIN 86-3678481

W6180 AEROTECH DR · APPLETON, WI 54914

Plan Administrator

$21,706

FIRST SAVINGS MORTGAGE CORPORATION 401(K) SALARY REDUCTION PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

FIRST SAVINGS MORTGAGE CORPORATION 401(K) SALARY REDUCTION 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