Retirement plan

FIRST BANK 401K SAVINGS PLAN & TRUST

Name: FIRST SOUTH BANCORP, INC. - FIRST BANK 401K SAVINGS PLAN & TRUST (2016) Form 5500
Creator: FIRST SOUTH BANCORP, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, FIRST BANK 401K SAVINGS PLAN & TRUST, FIRST SOUTH BANCORP, INC.

FIRST SOUTH BANCORP, INC.EIN 62-1216058Plan #001PY 2016

200 NORTH MAIN STREET - LEXINGTON, TN 383512026731-968-4211LinkedIn1001-5000 employeesbanking

Prospect flagsCorrective distributions

How to read this page

Total assets (EOY)

$35.1M

+27.1% from 2015

Total participants

1,225

+10.7% from 2015

Average account balance

$31,035

+10.2% from 2015

Annual return

10.62%

+10.35 pp from 2015

Benchmarks

See 529 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants1,000-4,999

Cohort529 peers

Snapshot2016

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

Analytics

Total assets (EOY)

Plan-year ending balance

$111.28M

Not enough data

1 years with asset history on file

Average account balance

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

$61K

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.

1,833

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.

97.1%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$12.13M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$8K

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

+16.72%

Not enough data

1 years with return on file

Admin fee / account holder

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

$135

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
PIERCE, FENNER AND SMITH2+ years Filed as: PIERCE FINANCIAL Service code 26 6465 N. QUAIL HOLLOW · MEMPHIS, TN 38120	Advisory (Participants)	$22,792
ASCENSUS LLC2+ years Filed as: ACCESS RETIREMENT SERVICES, LLC Service code 15 · EIN 62-1700633 213 WEST MAPLEWOOD LANE, SUITE 500 · NASHVILLE, TN 37207	Recordkeeping	$21,690
WILMINGTON TRUST2+ years Filed as: WILMINGTON TRUST COMPANY Service code 21 411 W. LAFAYETTE · DETROIT, MI 48226	Bank Trustee	$1,500

Plan features & details

Pension benefit codes2E2G2J2K3D2F3H2T

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.
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

1 tripped

ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$123K

$118 / participant

Investment mgmt$23K18.6%
Contract admin$98K80.2%
Other / not subdivided$2K1.2%

% of EOY assets

0.349%

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: ELLIOTT DAVIS DECOSIMO, LLC
Auditor EIN: 570381582
Audit fees: (not subdivided)
Opinion code: Disclaimer

Metric

This plan

Peer set

Industry

Size

Avg account balance

$31,035

$80,354-61.4%

$133,975-76.8%

$63,975-51.5%

Participation rate

91.1%

87.5%+3.5pp

87.1%+4.0pp

71.1%+19.9pp

Annual return

10.62%

13.11%-2.5pp

29.29%-18.7pp

48.65%-38.0pp

Employer contribution / active EE

$1,641

$3,503-53.2%

$5,211-68.5%

$2,182-24.8%

Participant deferral / active EE

$4,390

$5,239-16.2%

$6,282-30.1%

$3,356+30.8%

Admin fee / account holder

$108

$69+56.5%

$9,324-98.8%

$70+54.0%

Provider

Service type

Compensation

PIERCE, FENNER AND SMITH2+ years

Filed as: PIERCE FINANCIAL

Service code 26

6465 N. QUAIL HOLLOW · MEMPHIS, TN 38120

Advisory (Participants)

$22,792

ASCENSUS LLC2+ years

Filed as: ACCESS RETIREMENT SERVICES, LLC

Service code 15 · EIN 62-1700633

213 WEST MAPLEWOOD LANE, SUITE 500 · NASHVILLE, TN 37207

Recordkeeping

$21,690

WILMINGTON TRUST2+ years

Filed as: WILMINGTON TRUST COMPANY

Service code 21

411 W. LAFAYETTE · DETROIT, MI 48226

Bank Trustee

$1,500

FIRST BANK 401K SAVINGS PLAN & TRUST

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

FIRST BANK 401K SAVINGS PLAN & TRUST

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