Retirement plan

VBA DEFINED CONTRIBUTION PLAN FOR SUMMIT FINANCIAL GROUP, INC.

Name: SUMMIT FINANCIAL GROUP, INC. - VBA DEFINED CONTRIBUTION PLAN FOR SUMMIT FINANCIAL GROUP, INC. (2018) Form 5500
Creator: SUMMIT FINANCIAL GROUP, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, VBA DEFINED CONTRIBUTION PLAN FOR SUMMIT FINANCIAL GROUP, INC., SUMMIT FINANCIAL GROUP, INC.

SUMMIT FINANCIAL GROUP, INC.EIN 55-0672148Plan #001PY 2018

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

Other plans on this EIN

1 filing

#002Retirement-$11.3M assets

Prospect flagsHigh fees

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)

$25.5M

+37.7% from 2017

Total participants

304

+3.4% from 2017

Average account balance

$88,082

+32.5% from 2017

Annual return

39.90%

+20.43 pp from 2017

Benchmarks

See 237 peers

Peer group

Industry55 - Management of Companies and Enterprises

Plan typeDefined contribution

Participants250-999

Cohort237 peers

Snapshot2018

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 7 by compensation

Provider	Service type	Compensation
MASSACHUSETTS MUTUAL LIFE INS. CO.1 year Filed as: MASSACHUSETTS MUTUAL LIFE INSURANCE Service code 49 · EIN 04-1590850	Other Services	$18,893
VBA BENEFITS CORPORATION1 year Filed as: VBA BENEFITS CORP Service code 14 · EIN 54-1741662	Plan Administrator	$14,743
MORGAN STANLEY SMITH BARNEY1 year Filed as: MORGAN STANLEY SMITH BARNEY LLC Service code 27 · EIN 20-8764829	Advisory (Plan)	$10,369
RELIANCE TRUST COMPANY4+ years Service code 18 · EIN 58-1428634	Direct payment from the plan; Custodi...	$8,411
METRO BENEFITS, INC.1 year Service code 13 · EIN 25-1541083 8150 PERRY HIGHWAY · PITTSBURGH, PA 15237	Contract Administrator	$6,830
ARNETT CARBIS TOOTHMAN LLP1 year Service code 10 · EIN 55-0486667	Accounting	$3,500
MORGAN STANLEY SMITH BARNEY1 year Service code 49 · EIN 26-4310632	Other Services	$69

Plan features & details

Pension benefit codes2E2F2G2J2K2T3D3H

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.
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

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)

Expense breakdown

Schedule H Part II

Admin total

$127K

$491 / participant

Other / not subdivided$127K100.0%

% of EOY assets

0.500%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Disclaimer opinion

Auditor declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.

Auditor firm: ARNETT CARBIS TOOTHMAN LLP
Auditor EIN: 550486667
Audit fees: (not subdivided)
Opinion code: Disclaimer

Metric

This plan

Peer set

Industry

Size

Avg account balance

$88,082

$64,286+37.0%

$106,387-17.2%

$55,725+58.1%

Participation rate

94.2%

75.2%+19.0pp

77.5%+16.8pp

70.9%+23.4pp

Annual return

39.90%

0.84%+39.1pp

0.25%+39.6pp

244.93%-205.0pp

Employer contribution / active EE

$1,795

$2,367-24.2%

$3,520-49.0%

$2,078-13.6%

Participant deferral / active EE

$3,333

$4,158-19.8%

$5,421-38.5%

$3,356-0.7%

Admin fee / account holder

$440

$102+330.6%

$7,510-94.1%

$115+282.4%

Provider

Service type

Compensation

MASSACHUSETTS MUTUAL LIFE INS. CO.1 year

Filed as: MASSACHUSETTS MUTUAL LIFE INSURANCE

Service code 49 · EIN 04-1590850

Other Services

$18,893

VBA BENEFITS CORPORATION1 year

Filed as: VBA BENEFITS CORP

Service code 14 · EIN 54-1741662

Plan Administrator

$14,743

MORGAN STANLEY SMITH BARNEY1 year

Filed as: MORGAN STANLEY SMITH BARNEY LLC

Service code 27 · EIN 20-8764829

Advisory (Plan)

$10,369

RELIANCE TRUST COMPANY4+ years

Service code 18 · EIN 58-1428634

Direct payment from the plan; Custodi...

$8,411

METRO BENEFITS, INC.1 year

Service code 13 · EIN 25-1541083

8150 PERRY HIGHWAY · PITTSBURGH, PA 15237

Contract Administrator

$6,830

ARNETT CARBIS TOOTHMAN LLP1 year

Service code 10 · EIN 55-0486667

Accounting

$3,500

MORGAN STANLEY SMITH BARNEY1 year

Service code 49 · EIN 26-4310632

Other Services

$69

VBA DEFINED CONTRIBUTION PLAN FOR SUMMIT FINANCIAL GROUP, INC.

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

VBA DEFINED CONTRIBUTION PLAN FOR SUMMIT FINANCIAL GROUP, INC.

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