Retirement plan

VIRGINIA NATIONAL BANKSHARES CORPORATION 401(K) PROFIT SHARING PLAN

Name: VIRGINIA NATIONAL BANKSHARES CORPORATION - VIRGINIA NATIONAL BANKSHARES CORPORATION 401(K) PROFIT SHARING PLAN (2023) Form 5500
Creator: VIRGINIA NATIONAL BANKSHARES CORPORATION
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, VIRGINIA NATIONAL BANKSHARES CORPORATION 401(K) PROFIT SHARING PLAN, VIRGINIA NATIONAL BANKSHARES CORPORATION

VIRGINIA NATIONAL BANKSHARES CORPORATIONEIN 54-1902129Plan #001PY 2023

222 E MAIN ST - CHARLOTTESVILLE, VA 229025232434-817-8621vnbcorp.comLinkedIn51-200 employeesbanking

Prospect flagsLow returnsHigh feesFailed to transmit contributions

How to read this page

Total assets (EOY)

$17.1M

+11.8% from 2022

Total participants

202

-1.5% from 2022

Average account balance

$86,142

+14.7% from 2022

Annual return

14.49%

+28.07 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

$18.84M

Not enough data

1 years with asset history on file

Average account balance

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

$98K

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.

193

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.

99.4%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.45M

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

+12.13%

Not enough data

1 years with return on file

Admin fee / account holder

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

$406

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
PRINCIPAL LIFE INSURANCE COMPANY9+ years Service code 13 · EIN 42-0127290	Contract Administrator	$79,041
NORTHWESTERN MUTUAL INVESTMENT SERV1 year Filed as: NORTHWESTERN MUTUAL WEALTH MGMT Service code 27 · EIN 39-2018056	Advisory (Plan)	$23,001
NORTHWESTERN MUTUAL INVESTMENT SERV9+ years Service code 49 · EIN 52-2114207	Other Services	$11,300

Plan features & details

Pension benefit codes2E2F2G2J2K2S2T3D3H

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.
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.
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.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

Opportunity flags

3 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.
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).

Expense breakdown

Schedule H Part II

Admin total

$79K

$494 / participant

Contract admin$79K100.0%

% of EOY assets

0.461%

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: YOUNT, HYDE AND BARBOUR, P.C.
Auditor EIN: 541149263
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$86,142

$130,294-33.9%

$170,043-49.3%

$71,511+20.5%

Participation rate

98.1%

86.2%+12.0pp

87.0%+11.1pp

67.9%+30.2pp

Annual return

14.49%

20.36%-5.9pp

53.40%-38.9pp

28.86%-14.4pp

Employer contribution / active EE

$4,130

$4,385-5.8%

$6,790-39.2%

$2,589+59.5%

Participant deferral / active EE

$5,737

$6,928-17.2%

$10,410-44.9%

$4,291+33.7%

Admin fee / account holder

$397

$966-58.9%

$12,824-96.9%

$1,588-75.0%

Provider

Service type

Compensation

PRINCIPAL LIFE INSURANCE COMPANY9+ years

Service code 13 · EIN 42-0127290

Contract Administrator

$79,041

NORTHWESTERN MUTUAL INVESTMENT SERV1 year

Filed as: NORTHWESTERN MUTUAL WEALTH MGMT

Service code 27 · EIN 39-2018056

Advisory (Plan)

$23,001

NORTHWESTERN MUTUAL INVESTMENT SERV9+ years

Service code 49 · EIN 52-2114207

Other Services

$11,300

VIRGINIA NATIONAL BANKSHARES CORPORATION 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

VIRGINIA NATIONAL BANKSHARES CORPORATION 401(K) 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