Retirement plan

SAVINGS PLAN FOR EMPLOYEES OF SOUTH BANKING COMPANY

Name: SOUTH BANKING COMPANY - SAVINGS PLAN FOR EMPLOYEES OF SOUTH BANKING COMPANY (2020) 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 2020

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

Prospect flagsLow returnsLow employer contributionFailed to transmit contributions

How to read this page

Total assets (EOY)

$12.8M

+8.8% from 2019

Total participants

172

-8.5% from 2019

Average account balance

$86,191

+16.8% from 2019

Annual return

11.97%

-3.57 pp from 2019

Benchmarks

See 2,211 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants100-249

Cohort2,211 peers

Snapshot2020

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

Analytics

Total assets (EOY)

Plan-year ending balance

$18.23M

Not enough data

1 years with asset history on file

Average account balance

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

$115K

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.

159

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.

80.4%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$770K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$6K

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

+13.28%

Not enough data

1 years with return on file

Admin fee / account holder

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

$132

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 2 by compensation

Provider	Service type	Compensation
MORNINGSTAR4 years Filed as: MORNINGSTAR INVESTMENT MGMT LLC Service code 26 · EIN 36-4317381	Advisory (Participants)	$403
VOYA RETIREMENT INSURANCE & ANNUITY6+ years Filed as: VOYA INSURANCE & ANNUITY CO. Service code 26 · EIN 71-0294708	Advisory (Participants)	$403

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.
OpportunityLow returns
Annual investment return 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).

Expense breakdown

Schedule H Part II

Admin total

$3K

$19 / participant

Investment mgmt$3K100.0%

% of EOY assets

0.020%

all-in expense ratio

Categories reported

1 / 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: WARREN AVERETT LLC
Auditor EIN: 454084437
Audit fees: (not subdivided)
Opinion code: Disclaimer

Metric

This plan

Peer set

Industry

Size

Avg account balance

$86,191

$136,307-36.8%

$177,848-51.5%

$73,497+17.3%

Participation rate

82.6%

86.1%-3.5pp

87.7%-5.1pp

70.7%+11.9pp

Annual return

11.97%

18.68%-6.7pp

48.33%-36.4pp

28.51%-16.5pp

Employer contribution / active EE

$681

$3,712-81.6%

$5,919-88.5%

$2,270-70.0%

Participant deferral / active EE

$3,384

$5,829-41.9%

$7,714-56.1%

$3,740-9.5%

Admin fee / account holder

$17

$596-97.1%

$12,431-99.9%

$513-96.7%

Provider

Service type

Compensation

MORNINGSTAR4 years

Filed as: MORNINGSTAR INVESTMENT MGMT LLC

Service code 26 · EIN 36-4317381

Advisory (Participants)

$403

VOYA RETIREMENT INSURANCE & ANNUITY6+ years

Filed as: VOYA INSURANCE & ANNUITY CO.

Service code 26 · EIN 71-0294708

Advisory (Participants)

$403

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