Retirement plan

THE SPRINGFIELD STATE BANK 401(K) RETIREMENT SAVINGS PLAN

Name: SPRINGFIELD STATE BANK - THE SPRINGFIELD STATE BANK 401(K) RETIREMENT SAVINGS PLAN (2022) Form 5500
Creator: SPRINGFIELD STATE BANK
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, THE SPRINGFIELD STATE BANK 401(K) RETIREMENT SAVINGS PLAN, SPRINGFIELD STATE BANK

SPRINGFIELD STATE BANKEIN 61-0348180Plan #002PY 2022

125 E MAIN ST - SPRINGFIELD, KY 400691224859-336-3939springfieldstate.comLinkedIn11-50 employeesbanking

Other plans on this EIN

1 filing

#001Retirement--

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$3.1M

+0.1% from 2021

Total participants

0.0% from 2021

Average account balance

$78,249

+0.1% from 2021

Annual return

-4.41%

-36.75 pp from 2021

Benchmarks

See 7,130 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants25-99

Cohort7,130 peers

Snapshot2022

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

Analytics

Total assets (EOY)

Plan-year ending balance

$4.56M

Not enough data

1 years with asset history on file

Average account balance

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

$106K

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.

104.9%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$375K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$9K

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

+9.17%

Not enough data

1 years with return on file

Admin fee / account holder

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

$10428

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

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

Service providers

Providers data not reported

Schedule C was not filed on this plan's most recent Form 5500, so no compensated service providers are available to display.

Plan features & details

Pension benefit codes2E2F2G2J2T3D

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.
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

$200K

$5115 / participant

Other / not subdivided$200K100.0%

% of EOY assets

6.374%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

No opinion code on file for this filing.

Auditor firm: (not reported)
Auditor EIN: -
Audit fees: (not subdivided)
Opinion code: -

Metric

This plan

Peer set

Industry

Size

Avg account balance

$78,249

$110,083-28.9%

$151,645-48.4%

$68,490+14.2%

Participation rate

100.0%

84.0%+16.0pp

87.5%+12.5pp

67.9%+32.1pp

Annual return

-4.41%

-10.12%+5.7pp

3.34%-7.8pp

-7.85%+3.4pp

Employer contribution / active EE

$3,261

$4,470-27.1%

$6,165-47.1%

$2,597+25.6%

Participant deferral / active EE

$5,492

$6,526-15.9%

$8,363-34.3%

$4,028+36.4%

Admin fee / account holder

$4,988

$7,718-35.4%

$11,614-57.1%

$5,403-7.7%

THE SPRINGFIELD STATE BANK 401(K) RETIREMENT SAVINGS PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

THE SPRINGFIELD STATE BANK 401(K) RETIREMENT SAVINGS 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