Retirement plan

W. VA INSURANCE CO. EMPLOYEES PROFIT SHARING PLAN AND TRUST

Name: WEST VIRGINIA INSURANCE COMPANY - W. VA INSURANCE CO. EMPLOYEES PROFIT SHARING PLAN AND TRUST (2021) Form 5500
Creator: WEST VIRGINIA INSURANCE COMPANY
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, W. VA INSURANCE CO. EMPLOYEES PROFIT SHARING PLAN AND TRUST, WEST VIRGINIA INSURANCE COMPANY

WEST VIRGINIA INSURANCE COMPANYEIN 55-0307210Plan #003PY 2021

2493 ELLENBORO ROAD, P.O. BOX 196 - HARRISVILLE, WV 26362304-643-2660wvainsurance.comLinkedIn11-50 employeesinsurance

Other plans on this EIN

1 filing

#002Retirement-$4.6M assets

Prospect flagsHigh feesLow participant contributionLow fidelity bond

How to read this page

Total assets (EOY)

$4.3M

-1.3% from 2020

Total participants

-4.8% from 2020

Average account balance

$215,092

-1.3% from 2020

Annual return

12.03%

-3.47 pp from 2020

Benchmarks

See 33,463 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants<25

Cohort33,463 peers

Snapshot2021

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

Analytics

Total assets (EOY)

Plan-year ending balance

$4.08M

Not enough data

1 years with asset history on file

Average account balance

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

$240K

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.

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.

106.3%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$157K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$10K

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

+9.18%

Not enough data

1 years with return on file

Admin fee / account holder

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

$31084

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

0 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 codes2E2J2F2G3D

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.
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 participant contribution
Participant 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.)
ComplianceLow fidelity bond
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).

Expense breakdown

Schedule H Part II

Admin total

$750K

$39484 / participant

Other / not subdivided$750K100.0%

% of EOY assets

17.439%

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

$215,092

$209,888+2.5%

$189,545+13.5%

$167,553+28.4%

Participation rate

100.0%

88.7%+11.3pp

87.8%+12.2pp

82.1%+17.9pp

Annual return

12.03%

748.66%-736.6pp

555.36%-543.3pp

478.89%-466.9pp

Employer contribution / active EE

$8,681

$6,915+25.5%

$6,162+40.9%

$4,840+79.4%

Participant deferral / active EE

$270

$8,934-97.0%

$8,220-96.7%

$6,343-95.7%

Admin fee / account holder

$37,510

$14,300+162.3%

$12,049+211.3%

$12,316+204.6%

W. VA INSURANCE CO. EMPLOYEES PROFIT SHARING PLAN AND TRUST

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

W. VA INSURANCE CO. EMPLOYEES PROFIT SHARING PLAN AND TRUST

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