Retirement plan

EMPLOYEES' 401(K) PLAN OF NORTH CAROLINA FARM BUREAU MUTUAL INSURANCE

Name: NORTH CAROLINA FARM BUREAU MUTUAL INSURANCE COMPANY - EMPLOYEES' 401(K) PLAN OF NORTH CAROLINA FARM BUREAU MUTUAL INSURANCE (2024) Form 5500
Creator: NORTH CAROLINA FARM BUREAU MUTUAL INSURANCE COMPANY
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, EMPLOYEES' 401(K) PLAN OF NORTH CAROLINA FARM BUREAU MUTUAL INSURANCE, NORTH CAROLINA FARM BUREAU MUTUAL INSURANCE COMPANY

NORTH CAROLINA FARM BUREAU MUTUAL INSURANCE COMPANYEIN 56-0586973Plan #002PY 2024

PO BOX 27766 - RALEIGH, NC 27611919-782-1705ncfbins.comLinkedIn1001-5000 employeesinsurance

Other plans on this EIN

1 filing

#001Retirement-$224.2M assets

Prospect flagsLow participationLow participant contribution

How to read this page

Total assets (EOY)

$53.5M

+15.1% from 2023

Total participants

1,523

+4.3% from 2023

Average account balance

$59,682

+9.2% from 2023

Annual return

14.78%

-2.98 pp from 2023

Benchmarks

See 609 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants1,000-4,999

Cohort609 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$53.53M

Not enough data

1 years with asset history on file

Average account balance

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

$60K

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.

897

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.

56.5%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$3.71M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$3K

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

+14.78%

Not enough data

1 years with return on file

Admin fee / account holder

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

$81

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

Top 2 by compensation

Provider	Service type	Compensation
PRINCIPAL LIFE INSURANCE COMPANY4 years Service code 13 · EIN 42-0127290	Contract Administrator	$72,684
WILSHIRE ASSOCIATES INCORPORATED2 years Filed as: WILSHIRE ADVISORS LLC Service code 27 · EIN 95-2755361	Advisory (Plan)	$0

Plan features & details

Pension benefit codes2E2F2G2J2T3D3F3H

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.
3F
Leased employees
Plan sponsor(s) received services of leased employees as defined in Code section 414(n) during the plan year.
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 participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II

Admin total

$73K

$51 / participant

Contract admin$73K100.0%

% of EOY assets

0.136%

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: AT ALLEN & COMPANY, LLP
Auditor EIN: 560119050
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$59,682

$122,596-51.3%

$184,243-67.6%

$199,921-70.1%

Participation rate

56.5%

86.9%-30.4pp

86.8%-30.3pp

72.0%-15.5pp

Annual return

14.78%

144.14%-129.4pp

28.82%-14.0pp

34.28%-19.5pp

Employer contribution / active EE

$4,570-100.0%

$6,427-100.0%

$3,035-100.0%

Participant deferral / active EE

$2,580

$7,972-67.6%

$9,132-71.8%

$5,089-49.3%

Admin fee / account holder

$81

$120-32.7%

$13,914-99.4%

$269-69.9%

Provider

Service type

Compensation

PRINCIPAL LIFE INSURANCE COMPANY4 years

Service code 13 · EIN 42-0127290

Contract Administrator

$72,684

WILSHIRE ASSOCIATES INCORPORATED2 years

Filed as: WILSHIRE ADVISORS LLC

Service code 27 · EIN 95-2755361

Advisory (Plan)

EMPLOYEES' 401(K) PLAN OF NORTH CAROLINA FARM BUREAU MUTUAL INSURANCE

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

EMPLOYEES' 401(K) PLAN OF NORTH CAROLINA FARM BUREAU MUTUAL INSURANCE

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