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 (2022) 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 2022

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

Other plans on this EIN

1 filing

#001Retirement-$194.0M assets

Prospect flagsLow participationLow participant contribution

How to read this page

Total assets (EOY)

$39.9M

-5.9% from 2016

Total participants

1,348

-3.3% from 2016

Average account balance

$50,295

-8.5% from 2016

Annual return

-14.68%

-7.23 pp from 2016

Benchmarks

See 565 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants1,000-4,999

Cohort565 peers

Snapshot2022

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 1 by compensation

Provider	Service type	Compensation
PRINCIPAL LIFE INSURANCE COMPANY2 years Service code 13 · EIN 42-0127290	Contract Administrator	$55,362

Plan features & details

Pension benefit codes2E2F2G2J2T3D

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.

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

$55K

$44 / participant

Contract admin$55K100.0%

% of EOY assets

0.139%

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: A. T. ALLEN & COMPANY LLP
Auditor EIN: 560119050
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$50,295

$95,918-47.6%

$151,634-66.8%

$77,906-35.4%

Participation rate

56.0%

88.7%-32.7pp

87.5%-31.5pp

73.7%-17.7pp

Annual return

-14.68%

-5.50%-9.2pp

3.32%-18.0pp

12.16%-26.8pp

Employer contribution / active EE

$4,330-100.0%

$6,165-100.0%

$2,846-100.0%

Participant deferral / active EE

$2,314

$7,508-69.2%

$8,363-72.3%

$4,805-51.9%

Admin fee / account holder

$70

$93-25.2%

$11,614-99.4%

$133-47.4%

Provider

Service type

Compensation

PRINCIPAL LIFE INSURANCE COMPANY2 years

Service code 13 · EIN 42-0127290

Contract Administrator

$55,362

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