Retirement plan

SOUTHERN BANK OF TENNESSEE 401(K) PLAN

Name: SOUTHERN BANK OF TENNESSEE - SOUTHERN BANK OF TENNESSEE 401(K) PLAN (2023) Form 5500
Creator: SOUTHERN BANK OF TENNESSEE
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SOUTHERN BANK OF TENNESSEE 401(K) PLAN, SOUTHERN BANK OF TENNESSEE

SOUTHERN BANK OF TENNESSEEEIN 62-1743353Plan #001PY 2023

675 N MOUNT JULIET RD - MOUNT JULIET, TN 37122615-758-6600southernbankoftn.comLinkedIn51-200 employeesbanking

Prospect flagsHigh feesLow assets / participant

How to read this page

Total assets (EOY)

$2.9M

-1.5% from 2022

Total participants

-10.2% from 2022

Average account balance

$37,039

+21.5% from 2022

Annual return

14.22%

+30.91 pp from 2022

Benchmarks

See 7,176 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants25-99

Cohort7,176 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$3.57M

Not enough data

1 years with asset history on file

Average account balance

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

$38K

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.

124.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$385K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$5K

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

+16.05%

Not enough data

1 years with return on file

Admin fee / account holder

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

$1438

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

2 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
OpportunityLow assets / participant
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.

Expense breakdown

Schedule H Part II

Admin total

$846K

$11593 / participant

Other / not subdivided$846K100.0%

% of EOY assets

29.674%

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

$37,039

$125,797-70.6%

$170,028-78.2%

$75,181-50.7%

Participation rate

84.9%

83.6%+1.3pp

87.0%-2.1pp

67.2%+17.7pp

Annual return

14.22%

27.20%-13.0pp

53.39%-39.2pp

160.69%-146.5pp

Employer contribution / active EE

$1,539

$4,616-66.7%

$6,788-77.3%

$2,671-42.4%

Participant deferral / active EE

$3,426

$6,838-49.9%

$10,409-67.1%

$4,126-17.0%

Admin fee / account holder

$10,991

$8,177+34.4%

$12,820-14.3%

$5,650+94.5%

SOUTHERN BANK OF TENNESSEE 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SOUTHERN BANK OF TENNESSEE 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