Retirement plan

VBA DEFINED CONTRIBUTION PLAN FOR THE FREEDOM BANK OF VIRGINIA

Name: THE FREEDOM BANK OF VIRGINIA - VBA DEFINED CONTRIBUTION PLAN FOR THE FREEDOM BANK OF VIRGINIA (2017) Form 5500
Creator: THE FREEDOM BANK OF VIRGINIA
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, VBA DEFINED CONTRIBUTION PLAN FOR THE FREEDOM BANK OF VIRGINIA, THE FREEDOM BANK OF VIRGINIA

THE FREEDOM BANK OF VIRGINIAEIN 54-1968622Plan #001PY 2017

10555 MAIN STREET, SUITE 100 - FAIRFAX, VA 22030703-272-5300freedom.bankLinkedIn51-200 employeesbanking

Prospect flagsLow participation

How to read this page

Total assets (EOY)

$6.1M

+36.5% from 2016

Total participants

+12.2% from 2016

Average account balance

-100.0% from 2016

Annual return

18.42%

+6.90 pp from 2016

Benchmarks

See 7,574 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants25-99

Cohort7,574 peers

Snapshot2017

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

Analytics

Total assets (EOY)

Plan-year ending balance

$10.31M

Not enough data

1 years with asset history on file

Average account balance

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

$80K

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.

129

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.

97.9%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.29M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$13K

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

+14.98%

Not enough data

1 years with return on file

Admin fee / account holder

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

$378

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

Providers data not reported

Schedule C was not filed on this plan's most recent Form 5500, so no compensated service providers are available to display.

Plan features & details

Pension benefit codes2E2F2G2J2T3D3H

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.
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

1 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.

Expense breakdown

Schedule H Part II

Admin total

$40K

$484 / participant

Other / not subdivided$40K100.0%

% of EOY assets

0.657%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

No opinion code on file for this filing.

Auditor firm: (not reported)
Auditor EIN: -
Audit fees: (not subdivided)
Opinion code: -

Metric

This plan

Peer set

Industry

Size

Avg account balance

$100,060-100.0%

$149,721-100.0%

$70,126-100.0%

Participation rate

0.0%

83.6%-83.6pp

87.1%-87.1pp

69.5%-69.5pp

Annual return

18.42%

27.46%-9.0pp

1501.67%-1483.3pp

73.15%-54.7pp

Employer contribution / active EE

$2,727

$3,661-25.5%

$5,444-49.9%

$2,343+16.4%

Participant deferral / active EE

$7,404

$4,982+48.6%

$6,568+12.7%

$3,332+122.2%

Admin fee / account holder

$8,285-100.0%

$11,282-100.0%

$4,645-100.0%

VBA DEFINED CONTRIBUTION PLAN FOR THE FREEDOM BANK OF VIRGINIA

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

VBA DEFINED CONTRIBUTION PLAN FOR THE FREEDOM BANK OF VIRGINIA

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