Retirement plan

SOUTH CENTRAL BANK 401(K) PLAN

Name: SOUTH CENTRAL BANK, INC. - SOUTH CENTRAL BANK 401(K) PLAN (2024) Form 5500
Creator: SOUTH CENTRAL BANK, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SOUTH CENTRAL BANK 401(K) PLAN, SOUTH CENTRAL BANK, INC.

SOUTH CENTRAL BANK, INC.EIN 61-0126170Plan #001PY 2024

P.O. BOX 2367, 501 SOUTH L. ROGERS WELLS BLVD. - GLASGOW, KY 42141270-651-7466southcentralbank.comLinkedIn201-500 employeesbanking

Prospect flagsLow employer contributionLow participant contributionFailed to transmit contributions

How to read this page

Total assets (EOY)

$18.6M

+13.5% from 2023

Total participants

312

+2.6% from 2023

Average account balance

$67,569

+11.0% from 2023

Annual return

14.05%

-2.68 pp from 2023

Benchmarks

See 1,547 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants250-999

Cohort1,547 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$18.65M

Not enough data

1 years with asset history on file

Average account balance

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

$68K

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.

276

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.

86.8%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.55M

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

+14.05%

Not enough data

1 years with return on file

Admin fee / account holder

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

$62

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 3 by compensation

Provider	Service type	Compensation
PENSION CORPORATION OF AMERICA10+ years Service code 13 · EIN 31-1360674	Contract Administrator	$57,645
PCA INVESTMENT ADVISORY SERVICES10+ years Service code 27 · EIN 59-3766965	Advisory (Plan)	$10,608
CHARLES SCHWAB & CO., INC.5 years Filed as: CHARLES SCHWAB TRUST BANK Service code 19 · EIN 82-3967259	Securities Custodian	$0

Plan features & details

Pension benefit codes2E2F2G2J2K2S2T3D3H

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.
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.
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 participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.
OpportunityLow employer contribution
Employer contribution per participant 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

$17K

$63 / participant

Investment mgmt$11K61.6%
Other / not subdivided$7K38.4%

% of EOY assets

0.092%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: ELLIOTT DAVIS
Auditor EIN: 570381582
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$67,569

$129,227-47.7%

$184,256-63.3%

$77,762-13.1%

Participation rate

86.8%

87.4%-0.5pp

86.8%0pp

70.6%+16.2pp

Annual return

14.05%

33.24%-19.2pp

28.85%-14.8pp

31.27%-17.2pp

Employer contribution / active EE

$1,664

$4,412-62.3%

$6,427-74.1%

$2,728-39.0%

Participant deferral / active EE

$4,026

$7,307-44.9%

$9,133-55.9%

$4,651-13.4%

Admin fee / account holder

$62

$256-75.6%

$13,899-99.6%

$433-85.6%

Provider

Service type

Compensation

PENSION CORPORATION OF AMERICA10+ years

Service code 13 · EIN 31-1360674

Contract Administrator

$57,645

PCA INVESTMENT ADVISORY SERVICES10+ years

Service code 27 · EIN 59-3766965

Advisory (Plan)

$10,608

CHARLES SCHWAB & CO., INC.5 years

Filed as: CHARLES SCHWAB TRUST BANK

Service code 19 · EIN 82-3967259

Securities Custodian

SOUTH CENTRAL BANK 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SOUTH CENTRAL BANK 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