Retirement plan

THE CAPITAL ACCUMULATION PLAN FOR THE EMPLOYEES OF SOUTHERN BANK AND TRUST COMPANY

Name: SOUTHERN BANK AND TRUST COMPANY - THE CAPITAL ACCUMULATION PLAN FOR THE EMPLOYEES OF SOUTHERN BANK AND TRUST COMPANY (2016) Form 5500
Creator: SOUTHERN BANK AND TRUST COMPANY
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, THE CAPITAL ACCUMULATION PLAN FOR THE EMPLOYEES OF SOUTHERN BANK AND TRUST COMPANY, SOUTHERN BANK AND TRUST COMPANY

SOUTHERN BANK AND TRUST COMPANYEIN 56-0132260Plan #002PY 2016

116 EAST MAIN ST. - MT. OLIVE, NC 28365919-658-7026southernbank.comLinkedIn501-1000 employeesbanking

Other plans on this EIN

2 filings

#001Retirement-$77.8M assets #003Retirement-$4.8M assets

Prospect flagsLow returnsHigh cash

Top hat statement on fileNQDC

Filed June 21, 2024 (most recent of 2 filings on file)

Plan administrator

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116 East Main Street

Mount Olive, NC 28365

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Plans declared (7)

Director Deferred Fee Program10 emp
Southern Bank Post-Retirement Agreement13 emp
C. Quattlebaum Retention and Deferred Compensation Agreement #11 emp
C. Quattlebaum Retention and Deferred Compensation Agreement #21 emp
B. Bunting Retention and Deferred Compensation Agreement1 emp
+2 more

Total covered: 41 employees

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Total assets (EOY)

$31.1M

+2.5% from 2015

Total participants

357

-11.0% from 2015

Average account balance

$94,602

+14.6% from 2015

Annual return

6.33%

+6.06 pp from 2015

Benchmarks

See 1,433 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants250-999

Cohort1,433 peers

Snapshot2016

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

Analytics

Total assets (EOY)

Plan-year ending balance

$40.79M

Not enough data

1 years with asset history on file

Average account balance

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

$205K

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.

199

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.

97.7%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.31M

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

+13.99%

Not enough data

1 years with return on file

Admin fee / account holder

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

$173

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 4 by compensation

Provider	Service type	Compensation
FIRST CITIZENS BANK & TRUST COMPANY2+ years Filed as: FIRST-CITIZENS BANK & TRUST COMPANY Service code 21 · EIN 56-0223230	Bank Trustee	$23,026
CHARLES SCHWAB & CO., INC.2+ years Filed as: CHARLES SCHWAB TRUST COMPANY Service code 19 · EIN 42-1558009	Securities Custodian	$11,037
CHARLES SCHWAB & CO., INC.2+ years Service code 59 · EIN 94-1737782	Shareholder Servicing	$0
EPIC RETIREMENT PLAN SERVICES2+ years Filed as: EPIC ADVISORS, INC. Service code 15 · EIN 16-1450952	Recordkeeping	$0

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

2 tripped

OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
OpportunityHigh cash
More than 10% of assets are held in cash - possible menu-design or default-fund problem.

Expense breakdown

Schedule H Part II

Admin total

$24K

$87 / participant

Other / not subdivided$24K100.0%

% of EOY assets

0.076%

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: DIXON HUGHES GOODMAN, LLP
Auditor EIN: 560747981
Audit fees: (not subdivided)
Opinion code: Disclaimer

Metric

This plan

Peer set

Industry

Size

Avg account balance

$94,602

$71,802+31.8%

$133,975-29.4%

$57,658+64.1%

Participation rate

89.7%

85.5%+4.2pp

87.1%+2.6pp

70.2%+19.4pp

Annual return

6.33%

13.51%-7.2pp

29.29%-23.0pp

5.13%+1.2pp

Employer contribution / active EE

$2,017

$3,161-36.2%

$5,211-61.3%

$1,974+2.2%

Participant deferral / active EE

$3,344

$4,606-27.4%

$6,282-46.8%

$3,061+9.3%

Admin fee / account holder

$72

$88-18.0%

$9,324-99.2%

$95-24.0%

Provider

Service type

Compensation

FIRST CITIZENS BANK & TRUST COMPANY2+ years

Filed as: FIRST-CITIZENS BANK & TRUST COMPANY

Service code 21 · EIN 56-0223230

Bank Trustee

$23,026

CHARLES SCHWAB & CO., INC.2+ years

Filed as: CHARLES SCHWAB TRUST COMPANY

Service code 19 · EIN 42-1558009

Securities Custodian

$11,037

CHARLES SCHWAB & CO., INC.2+ years

Service code 59 · EIN 94-1737782

Shareholder Servicing

EPIC RETIREMENT PLAN SERVICES2+ years

Filed as: EPIC ADVISORS, INC.

Service code 15 · EIN 16-1450952

Recordkeeping

THE CAPITAL ACCUMULATION PLAN FOR THE EMPLOYEES OF SOUTHERN BANK AND TRUST COMPANY

Top hat statement on fileNQDC

Plan administrator

Plans declared (7)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

THE CAPITAL ACCUMULATION PLAN FOR THE EMPLOYEES OF SOUTHERN BANK AND TRUST COMPANY

Top hat statement on fileNQDC

Plan administrator

Plans declared (7)

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