Retirement plan

MARION BANK AND TRUST COMPANY 401(K) PROFIT SHARING RETIREMENT PLAN

Name: MARION BANK AND TRUST COMPANY - MARION BANK AND TRUST COMPANY 401(K) PROFIT SHARING RETIREMENT PLAN (2024) Form 5500
Creator: MARION BANK AND TRUST COMPANY
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, MARION BANK AND TRUST COMPANY 401(K) PROFIT SHARING RETIREMENT PLAN, MARION BANK AND TRUST COMPANY

MARION BANK AND TRUST COMPANYEIN 63-0132130Plan #002PY 2024

P.O. BOX 510 - MARION, AL 36756334-683-6131LinkedIn11-50 employeesbanking

Prospect flagsHigh feesLow assets / participant

How to read this page

Total assets (EOY)

$1.9M

+23.9% from 2023

Total participants

-9.4% from 2023

Average account balance

$40,401

+34.2% from 2023

Annual return

20.00%

+2.18 pp from 2023

Benchmarks

See 7,155 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants25-99

Cohort7,155 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$2.61M

Not enough data

1 years with asset history on file

Average account balance

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

$54K

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.

92.3%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$362K

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

+19.81%

Not enough data

1 years with return on file

Admin fee / account holder

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

$1952

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

$241K

$5020 / participant

Other / not subdivided$241K100.0%

% of EOY assets

12.426%

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

$40,401

$138,385-70.8%

$184,243-78.1%

$80,925-50.1%

Participation rate

79.2%

83.9%-4.7pp

86.8%-7.7pp

67.7%+11.5pp

Annual return

20.00%

20.02%0pp

28.82%-8.8pp

35.65%-15.6pp

Employer contribution / active EE

$2,096

$4,851-56.8%

$6,427-67.4%

$2,756-24.0%

Participant deferral / active EE

$3,923

$7,075-44.6%

$9,132-57.0%

$4,299-8.7%

Admin fee / account holder

$5,020

$10,489-52.1%

$13,914-63.9%

$6,940-27.7%

MARION BANK AND TRUST COMPANY 401(K) PROFIT SHARING RETIREMENT PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

MARION BANK AND TRUST COMPANY 401(K) PROFIT SHARING RETIREMENT 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