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 (2023) 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 2023

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

Other plans on this EIN

1 filing

#001Retirement-$210.9M assets

Prospect flagsLow participationLow participant contribution

How to read this page

Total assets (EOY)

$46.5M

+16.4% from 2022

Total participants

1,460

+8.3% from 2022

Average account balance

$54,637

+8.6% from 2022

Annual return

17.76%

+32.44 pp from 2022

Benchmarks

See 577 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants1,000-4,999

Cohort577 peers

Snapshot2023

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 COMPANY3 years Service code 13 · EIN 42-0127290	Contract Administrator	$66,106
WILSHIRE ASSOCIATES INCORPORATED1 year Filed as: WILSHIRE ADVISORS LLC Service code 27 · EIN 95-2755361	Advisory (Plan)	$0

Plan features & details

Pension benefit codes2E2F2G2J2T3D3H

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.
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

$66K

$48 / participant

Contract admin$66K100.0%

% of EOY assets

0.142%

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

$54,637

$112,686-51.5%

$170,043-67.9%

$80,157-31.8%

Participation rate

55.6%

87.4%-31.7pp

87.0%-31.4pp

72.9%-17.3pp

Annual return

17.76%

67.04%-49.3pp

53.40%-35.6pp

40.39%-22.6pp

Employer contribution / active EE

$4,481-100.0%

$6,790-100.0%

$2,977-100.0%

Participant deferral / active EE

$2,256

$7,876-71.4%

$10,410-78.3%

$5,015-55.0%

Admin fee / account holder

$78

$99-21.6%

$12,824-99.4%

$145-46.4%

Provider

Service type

Compensation

PRINCIPAL LIFE INSURANCE COMPANY3 years

Service code 13 · EIN 42-0127290

Contract Administrator

$66,106

WILSHIRE ASSOCIATES INCORPORATED1 year

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