Retirement plan

FIRST FEDERAL BANK 401(K) PROFIT SHARING PLAN

Name: FIRST FEDERAL BANK - FIRST FEDERAL BANK 401(K) PROFIT SHARING PLAN (2024) Form 5500
Creator: FIRST FEDERAL BANK
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, FIRST FEDERAL BANK 401(K) PROFIT SHARING PLAN, FIRST FEDERAL BANK

FIRST FEDERAL BANKEIN 59-0969721Plan #001PY 2024

PO BOX 2029 - LAKE CITY, FL 32056386-362-3433ffbf.comLinkedIn501-1000 employeesbanking

Prospect flagsHigh feesCorrective distributions

Top hat statement on fileNQDC

Filed June 16, 2025 (most recent of 4 filings on file)

Plan administrator

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4705 US Highway 90 W

Lake City, FL 32055

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Plans declared (1)

Nonqualified Deferred Compensation Plan11 emp

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Total assets (EOY)

$92.9M

+9.5% from 2023

Total participants

695

-6.6% from 2023

Average account balance

$161,206

+11.0% from 2023

Annual return

13.32%

-6.44 pp from 2023

Benchmarks

See 1,548 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants250-999

Cohort1,548 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$92.85M

Not enough data

1 years with asset history on file

Average account balance

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

$161K

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.

576

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.

78.8%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$7.51M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$13K

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

+13.32%

Not enough data

1 years with return on file

Admin fee / account holder

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

$720

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 3 by compensation

Provider	Service type	Compensation
RAYMOND JAMES FINANCIAL SERVICES1 year Filed as: RAYMOND JAMES & ASSOCIATES INC Service code 27 880 CARILLON PKWY · ST PETERSBURG, FL 33716	Advisory (Plan)	$323,003
AMERICAN FUNDS6 years Filed as: CAPITAL GROUP RETIREMENT PLAN SERVI Service code 64 6455 IRVINE CENTER DRIVE · IRVINE, CA 92618	Recordkeeping Fees	$46,045
PASI, LLC10+ years Service code 13 10 TALCOTT NOTCH RD STE 200 · FARMINGTON, CT 06032	Contract Administrator	$45,407

Plan features & details

Pension benefit codes2E2F2G2J2K2R2T3D

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.
2R
Participant-directed brokerage accounts
Participant-directed brokerage accounts provided as an investment option under the plan.
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

2 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$414K

$740 / participant

Recordkeeping$46K11.1%
Investment mgmt$323K77.9%
Contract admin$45K11.0%

% of EOY assets

0.446%

all-in expense ratio

Categories reported

3 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: HACKER, JOHNSON & SMITH, PA
Auditor EIN: 592153385
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$161,206

$129,159+24.8%

$184,243-12.5%

$77,714+107.4%

Participation rate

78.8%

87.4%-8.6pp

86.8%-8.1pp

70.6%+8.2pp

Annual return

13.32%

33.22%-19.9pp

28.82%-15.5pp

31.26%-17.9pp

Employer contribution / active EE

$6,135

$4,410+39.1%

$6,427-4.5%

$2,727+125.0%

Participant deferral / active EE

$7,273

$7,305-0.4%

$9,132-20.4%

$4,649+56.4%

Admin fee / account holder

$720

$256+181.4%

$13,914-94.8%

$433+66.1%

Provider

Service type

Compensation

RAYMOND JAMES FINANCIAL SERVICES1 year

Filed as: RAYMOND JAMES & ASSOCIATES INC

Service code 27

880 CARILLON PKWY · ST PETERSBURG, FL 33716

Advisory (Plan)

$323,003

AMERICAN FUNDS6 years

Filed as: CAPITAL GROUP RETIREMENT PLAN SERVI

Service code 64

6455 IRVINE CENTER DRIVE · IRVINE, CA 92618

Recordkeeping Fees

$46,045

PASI, LLC10+ years

Service code 13

10 TALCOTT NOTCH RD STE 200 · FARMINGTON, CT 06032

Contract Administrator

$45,407

FIRST FEDERAL BANK 401(K) PROFIT SHARING PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

FIRST FEDERAL BANK 401(K) PROFIT SHARING PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

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