Retirement plan

SECURITY STATE BANCSHARES, INC. 401(K) PLAN

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

SECURITY STATE BANCSHARES, INC.EIN 62-1421082Plan #002PY 2024

PO BOX 99 - CHARLESTON, MO 63834573-683-3712

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$17M

+12.1% from 2023

Total participants

206

-5.9% from 2023

Average account balance

$98,763

+17.4% from 2023

Annual return

11.51%

-2.29 pp from 2023

Benchmarks

See 277 peers

Peer group

Industry55 - Management of Companies and Enterprises

Plan typeDefined contribution

Participants100-249

Cohort277 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$16.99M

Not enough data

1 years with asset history on file

Average account balance

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

$99K

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.

172

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.

80.1%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.15M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$7K

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

+11.51%

Not enough data

1 years with return on file

Admin fee / account holder

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

$803

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
PRINCIPAL LIFE INSURANCE COMPANY10+ years Service code 13 · EIN 42-0127290	Contract Administrator	$134,439
CETERA ADVISOR NETWORKS LLC6 years Filed as: CETERA INVESTMENT ADVISERS LLC Service code 27 · EIN 36-3258176	Advisory (Plan)	$58,864
BENEFIT PLANS ADMIN SERVICES, INC.2 years Filed as: BENEFIT PLANS PLUS LLC Service code 13 · EIN 43-1829594	Contract Administrator	$10,032

Plan features & details

Pension benefit codes2E2J2K2F2G3D3H

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.
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

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

$138K

$808 / participant

Contract admin$138K100.0%

% of EOY assets

0.813%

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: FORVIS MAZARS LLP
Auditor EIN: 440160260
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$98,763

$89,225+10.7%

$133,698-26.1%

$74,478+32.6%

Participation rate

80.1%

69.4%+10.7pp

76.4%+3.7pp

67.2%+12.9pp

Annual return

11.51%

22.76%-11.2pp

580.90%-569.4pp

1370.56%-1359.1pp

Employer contribution / active EE

$3,064

$2,816+8.8%

$4,218-27.4%

$2,626+16.7%

Participant deferral / active EE

$3,666

$4,597-20.3%

$7,016-47.7%

$4,350-15.7%

Admin fee / account holder

$803

$1,545-48.0%

$6,703-88.0%

$1,946-58.7%

Provider

Service type

Compensation

PRINCIPAL LIFE INSURANCE COMPANY10+ years

Service code 13 · EIN 42-0127290

Contract Administrator

$134,439

CETERA ADVISOR NETWORKS LLC6 years

Filed as: CETERA INVESTMENT ADVISERS LLC

Service code 27 · EIN 36-3258176

Advisory (Plan)

$58,864

BENEFIT PLANS ADMIN SERVICES, INC.2 years

Filed as: BENEFIT PLANS PLUS LLC

Service code 13 · EIN 43-1829594

Contract Administrator

$10,032

SECURITY STATE BANCSHARES, INC. 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SECURITY STATE BANCSHARES, 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