Retirement plan

SOUTHERN NATIONAL BANKS, INC. 401(K) PLAN

Name: SOUTHERN NATIONAL BANKS, INC. - SOUTHERN NATIONAL BANKS, INC. 401(K) PLAN (2017) Form 5500
Creator: SOUTHERN NATIONAL BANKS, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SOUTHERN NATIONAL BANKS, INC. 401(K) PLAN, SOUTHERN NATIONAL BANKS, INC.

SOUTHERN NATIONAL BANKS, INC.EIN 59-2278039Plan #002PY 2017

PO BOX 1327 - FT. WALTON BEACH, FL 32549850-796-2000

Prospect flagsLow returnsLow participationCorrective distributions

How to read this page

Total assets (EOY)

$13.7M

+11.1% from 2016

Total participants

130

-1.5% from 2016

Average account balance

$144,660

+13.5% from 2016

Annual return

9.83%

+4.68 pp from 2016

Benchmarks

See 246 peers

Peer group

Industry55 - Management of Companies and Enterprises

Plan typeDefined contribution

Participants100-249

Cohort246 peers

Snapshot2017

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

Analytics

Total assets (EOY)

Plan-year ending balance

$10.83M

Not enough data

1 years with asset history on file

Average account balance

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

$135K

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.

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.

108.1%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$741K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$10K

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

+11.21%

Not enough data

1 years with return on file

Admin fee / account holder

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

$16303

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

0 years with F_SCH_H allocation on file

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Service providers

Top 4 by compensation

Provider	Service type	Compensation
RAYMOND JAMES FINANCIAL SERVICES3+ years Service code 55 880 CARILON PARKWAY · SAINT PETERSBURG, FL 33716	Other Commissions	$17,734
GREAT-WEST LIFE & ANNUITY INSURANCE2+ years Filed as: EMPOWER RETIREMENT ADVISORY SERVICE Service code 28 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Investment Management	$9,931
WARREN AVERETT, LLC3+ years Service code 10 2500 ACTON RD · BIRMINGHAM, AL 35243	Accounting	$7,800
GREAT-WEST LIFE & ANNUITY INSURANCE3+ years Service code 64 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$644

Plan features & details

Pension benefit codes2E2F2G2J2K2T3B3H3D

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.
3B
Plan covering self-employed individuals
Plan covering self-employed individuals.
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 participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$19K

$178 / participant

Investment mgmt$6443.4%
Contract admin$18K93.9%
Other / not subdivided$4992.6%

% of EOY assets

0.137%

all-in expense ratio

Categories reported

2 / 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
Auditor EIN: 454084437
Audit fees: (not subdivided)
Opinion code: Disclaimer

Metric

This plan

Peer set

Industry

Size

Avg account balance

$144,660

$64,954+122.7%

$115,752+25.0%

$62,293+132.2%

Participation rate

67.0%

73.0%-6.0pp

77.8%-10.8pp

69.5%-2.5pp

Annual return

9.83%

24.87%-15.0pp

19.41%-9.6pp

28.90%-19.1pp

Employer contribution / active EE

$1,678

$2,344-28.4%

$3,492-52.0%

$2,042-17.9%

Participant deferral / active EE

$4,001

$3,665+9.2%

$5,204-23.1%

$3,169+26.3%

Admin fee / account holder

$199

$414-52.0%

$6,278-96.8%

$479-58.6%

Provider

Service type

Compensation

RAYMOND JAMES FINANCIAL SERVICES3+ years

Service code 55

880 CARILON PARKWAY · SAINT PETERSBURG, FL 33716

Other Commissions

$17,734

GREAT-WEST LIFE & ANNUITY INSURANCE2+ years

Filed as: EMPOWER RETIREMENT ADVISORY SERVICE

Service code 28

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Investment Management

$9,931

WARREN AVERETT, LLC3+ years

Service code 10

2500 ACTON RD · BIRMINGHAM, AL 35243

Accounting

$7,800

GREAT-WEST LIFE & ANNUITY INSURANCE3+ years

Service code 64

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$644

SOUTHERN NATIONAL BANKS, INC. 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SOUTHERN NATIONAL BANKS, INC. 401(K) 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