Retirement plan

FIRST FEDERAL BANK 401(K) EMPLOYEE STOCK OWNERSHIP PLAN

Name: FIRST FEDERAL BANK - FIRST FEDERAL BANK 401(K) EMPLOYEE STOCK OWNERSHIP PLAN (2020) Form 5500
Creator: FIRST FEDERAL BANK
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, FIRST FEDERAL BANK 401(K) EMPLOYEE STOCK OWNERSHIP PLAN, FIRST FEDERAL BANK

FIRST FEDERAL BANKEIN 62-0181465Plan #001PY 2020

611 EAST COLLEGE STREET - DICKSON, TN 37055615-446-2822ffbtn.comLinkedIn51-200 employeesbanking

Prospect flagsLow returnsHigh cashLow participant contribution

How to read this page

Total assets (EOY)

$9.5M

+5.0% from 2019

Total participants

172

+4.2% from 2019

Average account balance

$56,162

-16.0% from 2019

Annual return

8.18%

-0.43 pp from 2019

Benchmarks

See 2,211 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants100-249

Cohort2,211 peers

Snapshot2020

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Analytics

Total assets (EOY)

Plan-year ending balance

$11.01M

Not enough data

1 years with asset history on file

Average account balance

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

$83K

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.

132

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.

75.2%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$377K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$3K

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

+14.57%

Not enough data

1 years with return on file

Admin fee / account holder

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

$48

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 2 by compensation

Provider	Service type	Compensation
RAYMOND JAMES FINANCIAL SERVICES2 years Filed as: RAYMOND JAMES AND ASSOCIATES Service code 22 · EIN 59-1237041	Insurance Broker	$6,689
VOYA RETIREMENT INSURANCE & ANNUITY3 years Service code 15 · EIN 71-0294708	Recordkeeping	$564

Reportable transactions (Schedule G)

1 row

Counterparties on defaulted loans (Part 1), defaulted leases (Part 2), and non-exempt prohibited transactions (Part 3). Presence of any row warrants fiduciary review.

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Plan features & details

Pension benefit codes2E2F2H2J2K2O2Q2T3H3I

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).
2H
Partial participant-directed account plan
Participants have the opportunity to direct the investment of a portion 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.
2O
ESOP other than a leveraged ESOP
Employee stock ownership plan that is not leveraged.
2Q
ESOP maintained by an S corporation
The employer maintaining this ESOP is an S corporation.
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.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).
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

3 tripped

OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
OpportunityHigh cash
More than 10% of assets are held in cash - possible menu-design or default-fund problem.

Expense breakdown

Schedule H Part II

Admin total

$1K

$10 / participant

Investment mgmt$282.3%
Contract admin$55044.4%
Other / not subdivided$66053.3%

% of EOY assets

0.013%

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: BLANKENSHIP CPA GROUP, PLLC
Auditor EIN: 450491842
Audit fees: (not subdivided)
Opinion code: Disclaimer

Metric

This plan

Peer set

Industry

Size

Avg account balance

$56,162

$136,307-58.8%

$177,840-68.4%

$73,493-23.6%

Participation rate

98.5%

86.1%+12.4pp

87.7%+10.7pp

70.7%+27.8pp

Annual return

8.18%

18.68%-10.5pp

48.32%-40.1pp

28.51%-20.3pp

Employer contribution / active EE

$1,661

$3,712-55.3%

$5,919-71.9%

$2,270-26.8%

Participant deferral / active EE

$2,209

$5,829-62.1%

$7,714-71.4%

$3,740-40.9%

Admin fee / account holder

$596-98.8%

$12,431-99.9%

$513-98.6%

Provider

Service type

Compensation

RAYMOND JAMES FINANCIAL SERVICES2 years

Filed as: RAYMOND JAMES AND ASSOCIATES

Service code 22 · EIN 59-1237041

Insurance Broker

$6,689

VOYA RETIREMENT INSURANCE & ANNUITY3 years

Service code 15 · EIN 71-0294708

Recordkeeping

$564

FIRST FEDERAL BANK 401(K) EMPLOYEE STOCK OWNERSHIP PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Reportable transactions (Schedule G)

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

FIRST FEDERAL BANK 401(K) EMPLOYEE STOCK OWNERSHIP PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Reportable transactions (Schedule G)

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