Retirement plan

SUMMIT FINANCIAL GROUP, INC. DEFINED CONTRIBUTION PLAN

Name: SUMMIT FINANCIAL GROUP, INC. - SUMMIT FINANCIAL GROUP, INC. DEFINED CONTRIBUTION PLAN (2023) Form 5500
Creator: SUMMIT FINANCIAL GROUP, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SUMMIT FINANCIAL GROUP, INC. DEFINED CONTRIBUTION PLAN, SUMMIT FINANCIAL GROUP, INC.

SUMMIT FINANCIAL GROUP, INC.EIN 55-0672148Plan #001PY 2023

300 NORTH MAIN STREET - MOOREFIELD, WV 26836304-530-1000summitfgi.comLinkedIn201-500 employeesfinancial services

Other plans on this EIN

2 filings

#002Retirement-$18.7M assets #003Retirement-$3.3M assets

Prospect flagsNo flags tripped

Top hat statement on fileNQDC

Filed April 22, 2024

Plan administrator

Plan administrator name— Sign in and upgrade to view

300 N. Main Street

Moorefield, WV 26836

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Plans declared (12)

Summit Financial Group, Inc. Life Insurance Endorsement Method Split Dollar Plan Agreement3 emp
Summit Community Bank, Inc. Life Insurance Endorsement Method Split Dollar Plan Agreement12 emp
Summit Financial Group Inc. Executive Salary Continuation Agreement Plan3 emp
Summit Community Bank Inc. Executive Salary Continuation Agreement Plan14 emp
Summit Financial Group, Inc. Directors Deferral12 emp
+7 more

Total covered: 135 employees

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Total assets (EOY)

$43M

+17.7% from 2022

Total participants

613

+18.6% from 2022

Average account balance

$73,574

+0.6% from 2022

Annual return

19.34%

+29.29 pp from 2022

Benchmarks

See 258 peers

Peer group

Industry55 - Management of Companies and Enterprises

Plan typeDefined contribution

Participants250-999

Cohort258 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$42.97M

Not enough data

1 years with asset history on file

Average account balance

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

$74K

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.

584

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.

94.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$2.93M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$6K

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

+19.34%

Not enough data

1 years with return on file

Admin fee / account holder

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

$136

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

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Service providers

Top 5 by compensation

Provider	Service type	Compensation
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: EMPOWER ANNUITY INSURANCE COMPANY O Service code 64 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$67,011
MORGAN STANLEY SMITH BARNEY1 year Filed as: MORGAN STANLEY Service code 27 1585 BROADWAY · NEW YORK, NY 10036	Advisory (Plan)	$42,831
METRO BENEFITS, INC.6 years Service code 13 8150 PERRY HIGHWAY · PITTSBURGH, PA 15237	Contract Administrator	$13,980
BAKER TILLY US, LLP1 year Filed as: BAKER TILLY VIRCHOW KRAUSE, LLP Service code 10 4807 INNOVATE LANE · MADISON, WI 53718	Accounting	$13,005
GREAT-WEST LIFE & ANNUITY INSURANCE2 years Filed as: EMPOWER ADVISORY GROUP, LLC Service code 28 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Investment Management	$2,994

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

0 tripped

No flags tripped for this filing year. This plan looks clean.

Expense breakdown

Schedule H Part II

Admin total

$79K

$163 / participant

Contract admin$79K100.0%

% of EOY assets

0.185%

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: BAKER TILLY US LLP
Auditor EIN: 390859910
Audit fees: $0
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$73,574

$82,978-11.3%

$130,270-43.5%

$74,473-1.2%

Participation rate

94.0%

73.7%+20.4pp

76.3%+17.8pp

70.7%+23.3pp

Annual return

19.34%

123.05%-103.7pp

38.89%-19.6pp

34.36%-15.0pp

Employer contribution / active EE

$1,999

$3,391-41.1%

$4,128-51.6%

$2,638-24.2%

Participant deferral / active EE

$4,013

$5,370-25.3%

$6,797-41.0%

$4,530-11.4%

Admin fee / account holder

$136

$354-61.5%

$6,022-97.7%

$347-60.8%

Provider

Service type

Compensation

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: EMPOWER ANNUITY INSURANCE COMPANY O

Service code 64

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$67,011

MORGAN STANLEY SMITH BARNEY1 year

Filed as: MORGAN STANLEY

Service code 27

1585 BROADWAY · NEW YORK, NY 10036

Advisory (Plan)

$42,831

METRO BENEFITS, INC.6 years

Service code 13

8150 PERRY HIGHWAY · PITTSBURGH, PA 15237

Contract Administrator

$13,980

BAKER TILLY US, LLP1 year

Filed as: BAKER TILLY VIRCHOW KRAUSE, LLP

Service code 10

4807 INNOVATE LANE · MADISON, WI 53718

Accounting

$13,005

GREAT-WEST LIFE & ANNUITY INSURANCE2 years

Filed as: EMPOWER ADVISORY GROUP, LLC

Service code 28

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Investment Management

$2,994

SUMMIT FINANCIAL GROUP, INC. DEFINED CONTRIBUTION PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (12)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SUMMIT FINANCIAL GROUP, INC. DEFINED CONTRIBUTION PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (12)

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