Retirement plan

GROVE BANK & TRUST 401(K) PROFIT SHARING PLAN

Name: GROVE BANK & TRUST - GROVE BANK & TRUST 401(K) PROFIT SHARING PLAN (2021) Form 5500
Creator: GROVE BANK & TRUST
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, GROVE BANK & TRUST 401(K) PROFIT SHARING PLAN, GROVE BANK & TRUST

GROVE BANK & TRUSTEIN 59-0199400Plan #003PY 2021

2701 SOUTH BAYSHORE DRIVE - MIAMI, FL 33133305-860-2741grovebankandtrust.comLinkedIn51-200 employeesfinancial services

Prospect flagsHigh fees

Top hat statement on fileNQDC

Filed February 23, 1999

This is a legacy paper filing. Plan administrator and contact details are recorded in the original filing, which has not been digitised into structured fields.

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How to read this page

Total assets (EOY)

$9.8M

+21.8% from 2020

Total participants

132

+4.8% from 2020

Average account balance

$75,295

+11.5% from 2020

Annual return

13.74%

+1.13 pp from 2020

Benchmarks

See 7,182 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants25-99

Cohort7,182 peers

Snapshot2021

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Analytics

Total assets (EOY)

Plan-year ending balance

$9.60M

Not enough data

1 years with asset history on file

Average account balance

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

$65K

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.

148

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.

97.2%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.34M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$12K

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

+13.06%

Not enough data

1 years with return on file

Admin fee / account holder

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

$419

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 6 by compensation

Provider	Service type	Compensation
GREAT-WEST LIFE & ANNUITY INSURANCE7+ years Service code 64 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$30,826
RESOURCES INVESTMENT ADVISORS LLC2 years Service code 27 4860 COLLEGE BLVD · LEAWOOD, KS 66211	Advisory (Plan)	$21,370
DEFINITI LLC2 years Service code 13 2201 TIMBERLOCH PL STE 150 · THE WOODLANDS, TX 77380	Contract Administrator	$14,308
BDO USA, LLP1 year Service code 10 PO BOX 642743 · PITTSBURGH, PA 152642743	Accounting	$5,500
GREAT-WEST LIFE & ANNUITY INSURANCE3 years Filed as: ADVISED ASSETS GROUP Service code 28 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Investment Management	$872
PENSION ASSURANCE LLP2 years Filed as: THE PENSION STUDIO Service code 13 1226 OMAR RD · WEST PALM BEACH, FL 33405	Contract Administrator	$105

Plan features & details

Pension benefit codes2E2F2G2J2K2T3D

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.
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

1 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)

Expense breakdown

Schedule H Part II

Admin total

$66K

$673 / participant

Investment mgmt$52K78.7%
Contract admin$7K10.7%
Other / not subdivided$7K10.6%

% of EOY assets

0.674%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

The auditor signed off without reservation. This is the cleanest opinion.

Auditor firm: BDO USA LLP
Auditor EIN: 135381590
Audit fees: (not subdivided)
Opinion code: Unqualified

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$75,295

$137,414-45.2%

$189,513-60.3%

$85,850-12.3%

Participation rate

98.0%

84.6%+13.3pp

87.8%+10.2pp

69.3%+28.6pp

Annual return

13.74%

38.14%-24.4pp

555.15%-541.4pp

318.53%-304.8pp

Employer contribution / active EE

$3,841

$4,344-11.6%

$6,162-37.7%

$2,565+49.7%

Participant deferral / active EE

$7,649

$6,260+22.2%

$8,221-7.0%

$3,952+93.6%

Admin fee / account holder

$508

$8,630-94.1%

$12,045-95.8%

$6,260-91.9%

Provider

Service type

Compensation

GREAT-WEST LIFE & ANNUITY INSURANCE7+ years

Service code 64

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$30,826

RESOURCES INVESTMENT ADVISORS LLC2 years

Service code 27

4860 COLLEGE BLVD · LEAWOOD, KS 66211

Advisory (Plan)

$21,370

DEFINITI LLC2 years

Service code 13

2201 TIMBERLOCH PL STE 150 · THE WOODLANDS, TX 77380

Contract Administrator

$14,308

BDO USA, LLP1 year

Service code 10

PO BOX 642743 · PITTSBURGH, PA 152642743

Accounting

$5,500

GREAT-WEST LIFE & ANNUITY INSURANCE3 years

Filed as: ADVISED ASSETS GROUP

Service code 28

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Investment Management

$872

PENSION ASSURANCE LLP2 years

Filed as: THE PENSION STUDIO

Service code 13

1226 OMAR RD · WEST PALM BEACH, FL 33405

Contract Administrator

$105

GROVE BANK & TRUST 401(K) PROFIT SHARING PLAN

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

GROVE BANK & TRUST 401(K) PROFIT SHARING PLAN

Top hat statement on fileNQDC

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