Retirement plan

SAVINGS PLAN FOR EMPLOYEES OF SOUTH BANKING COMPANY

Name: SOUTH BANKING COMPANY - SAVINGS PLAN FOR EMPLOYEES OF SOUTH BANKING COMPANY (2024) Form 5500
Creator: SOUTH BANKING COMPANY
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SAVINGS PLAN FOR EMPLOYEES OF SOUTH BANKING COMPANY, SOUTH BANKING COMPANY

SOUTH BANKING COMPANYEIN 58-1418696Plan #002PY 2024

501 WEST 12TH STREET - ALMA, GA 31510912-632-8631LinkedIn51-200 employeesbanking

Prospect flagsLow employer contributionFailed to transmit contributionsCorrective distributions

How to read this page

Total assets (EOY)

$15.8M

+15.9% from 2023

Total participants

191

0.0% from 2023

Average account balance

$97,634

+15.9% from 2023

Annual return

16.92%

+4.11 pp from 2023

Benchmarks

See 2,173 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants100-249

Cohort2,173 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$15.82M

Not enough data

1 years with asset history on file

Average account balance

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

$98K

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.

162

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.

79.3%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$716K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$5K

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

+16.92%

Not enough data

1 years with return on file

Admin fee / account holder

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

$116

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
WARREN AVERETT, LLC3 years Filed as: WARREN AVERETT LLC Service code 99 · EIN 45-4084437	Other Fees	$13,300
VOYA RETIREMENT INSURANCE & ANNUITY1 year Filed as: VOYA RETIREMENT ADVISORS, LLC Service code 26 · EIN 02-0488491	Advisory (Participants)	$1,906
MORNINGSTAR4 years Filed as: MORNINGSTAR INVESTMENT MANAGEMENT Service code 27 · EIN 71-0294708	Advisory (Plan)	$0
PRECISION PLAN ADMINISTRATION4 years Filed as: PRECISION PLAN ADMINISTRATION LLC Service code 49 PO BOX 9575 · WARNER ROBINS, GA 31095	Other Services	$0

Plan features & details

Pension benefit codes2E2F2G2J2K3D3H

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.
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

3 tripped

OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$19K

$135 / participant

Investment mgmt$19K100.0%

% of EOY assets

0.119%

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: WARREN AVERETT LLC
Auditor EIN: 454084437
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$97,634

$122,063-20.0%

$184,256-47.0%

$74,478+31.1%

Participation rate

79.3%

85.5%-6.2pp

86.8%-7.5pp

67.2%+12.1pp

Annual return

16.92%

19.92%-3.0pp

28.85%-11.9pp

1370.56%-1353.6pp

Employer contribution / active EE

$801

$4,539-82.3%

$6,427-87.5%

$2,626-69.5%

Participant deferral / active EE

$4,314

$7,144-39.6%

$9,133-52.8%

$4,350-0.8%

Admin fee / account holder

$116

$1,253-90.7%

$13,899-99.2%

$1,946-94.0%

Provider

Service type

Compensation

WARREN AVERETT, LLC3 years

Filed as: WARREN AVERETT LLC

Service code 99 · EIN 45-4084437

Other Fees

$13,300

VOYA RETIREMENT INSURANCE & ANNUITY1 year

Filed as: VOYA RETIREMENT ADVISORS, LLC

Service code 26 · EIN 02-0488491

Advisory (Participants)

$1,906

MORNINGSTAR4 years

Filed as: MORNINGSTAR INVESTMENT MANAGEMENT

Service code 27 · EIN 71-0294708

Advisory (Plan)

PRECISION PLAN ADMINISTRATION4 years

Filed as: PRECISION PLAN ADMINISTRATION LLC

Service code 49

PO BOX 9575 · WARNER ROBINS, GA 31095

Other Services

SAVINGS PLAN FOR EMPLOYEES OF SOUTH BANKING COMPANY

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SAVINGS PLAN FOR EMPLOYEES OF SOUTH BANKING COMPANY

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