Retirement plan

FIRST BANK OF CLEWISTON ESOP &401(K) PROFIT SHARING PLAN

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

FIRST BANK OF CLEWISTONEIN 59-0242465Plan #002PY 2021

300 E SUGARLAND HWY - CLEWISTON, FL 334403124863-983-8191

Prospect flagsLow returnsHigh feesLow participant contributionFailed to transmit contributions

How to read this page

Total assets (EOY)

$10.1M

+11.7% from 2020

Total participants

129

-3.0% from 2020

Average account balance

$87,454

+16.6% from 2020

Annual return

10.65%

+3.91 pp from 2020

Benchmarks

See 2,179 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants100-249

Cohort2,179 peers

Snapshot2021

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

Analytics

Total assets (EOY)

Plan-year ending balance

$11.34M

Not enough data

1 years with asset history on file

Average account balance

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

$100K

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.

113

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.

96.1%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$807K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$8K

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

+9.86%

Not enough data

1 years with return on file

Admin fee / account holder

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

$265

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	$23,657
MMA SECURITIES LLC2 years Service code 27 · EIN 22-3570392	Advisory (Plan)	$17,050

Plan features & details

Pension benefit codes2E2F2G2I2J2K2O2S2T3I

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.
2I
Stock bonus
Stock bonus plan.
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.
2O
ESOP other than a leveraged ESOP
Employee stock ownership plan that is not leveraged.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
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.
3I
Employer securities investment required
Plan requiring that all or part of employer contributions be invested and held at least for a limited period in employer securities.

Opportunity flags

4 tripped

OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.
OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
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

$41K

$407 / participant

Investment mgmt$17K41.5%
Contract admin$24K58.5%

% of EOY assets

0.405%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: MAULDIN & JENKINS
Auditor EIN: 580692043
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$87,454

$121,341-27.9%

$189,520-53.9%

$79,393+10.2%

Participation rate

87.1%

86.1%+1.0pp

87.8%-0.7pp

70.7%+16.4pp

Annual return

10.65%

21.08%-10.4pp

555.25%-544.6pp

116.87%-106.2pp

Employer contribution / active EE

$3,901

$3,915-0.4%

$6,161-36.7%

$2,428+60.7%

Participant deferral / active EE

$2,198

$6,395-65.6%

$8,220-73.3%

$4,046-45.7%

Admin fee / account holder

$354

$651-45.7%

$12,046-97.1%

$627-43.5%

Provider

Service type

Compensation

PRINCIPAL LIFE INSURANCE COMPANY3 years

Service code 13 · EIN 42-0127290

Contract Administrator

$23,657

MMA SECURITIES LLC2 years

Service code 27 · EIN 22-3570392

Advisory (Plan)

$17,050

FIRST BANK OF CLEWISTON ESOP &401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

FIRST BANK OF CLEWISTON ESOP &401(K) PROFIT SHARING PLAN

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