Retirement plan

FIRST STATE BANK OF THE FLORIDA KEYS PROFIT SHARING RETIREMENT PLAN

Name: FIRST STATE BANK OF THE FLORIDA KEYS - FIRST STATE BANK OF THE FLORIDA KEYS PROFIT SHARING RETIREMENT PLAN (2023) Form 5500
Creator: FIRST STATE BANK OF THE FLORIDA KEYS
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, FIRST STATE BANK OF THE FLORIDA KEYS PROFIT SHARING RETIREMENT PLAN, FIRST STATE BANK OF THE FLORIDA KEYS

FIRST STATE BANK OF THE FLORIDA KEYSEIN 65-0790413Plan #003PY 2023

1201 SIMONTON ST - KEY WEST, FL 330403111305-296-8535LinkedIn1-10 employeesbanking

Prospect flagsHigh feesFailed to transmit contributions

Top hat statement on fileNQDC

Filed October 18, 2023 (most recent of 2 filings on file)

Plan administrator

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1201 Simonton St.

Key West, FL 33040

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Plans declared (1)

Executive Deferred Compensation Program27 emp

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Total assets (EOY)

$20.4M

+14.6% from 2022

Total participants

192

+9.7% from 2022

Average account balance

$108,339

+5.4% from 2022

Annual return

15.10%

+28.98 pp from 2022

Benchmarks

See 2,154 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants100-249

Cohort2,154 peers

Snapshot2023

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Analytics

Total assets (EOY)

Plan-year ending balance

$21.55M

Not enough data

1 years with asset history on file

Average account balance

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

$109K

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.

198

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.

98.7%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.45M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$9K

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

+11.81%

Not enough data

1 years with return on file

Admin fee / account holder

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

$393

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 4 by compensation

Provider	Service type	Compensation
PRINCIPAL LIFE INSURANCE COMPANY9+ years Service code 13 · EIN 42-0127290	Contract Administrator	$69,981
EDBROOKE STELCNER & ASSOCIATES3 years Service code 49 · EIN 65-0600166	Other Services	$15,989
BDO USA, LLP1 year Filed as: BDO USA LLP Service code 10 · EIN 13-5381590	Accounting	$7,615
WILSHIRE ASSOCIATES INCORPORATED2 years Filed as: WILSHIRE ADVISORS LLC Service code 27 · EIN 95-2755361	Advisory (Plan)	$0

Plan features & details

Pension benefit codes2E2F2G2J2K2S2T3D

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.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
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.)
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).

Expense breakdown

Schedule H Part II

Admin total

$78K

$520 / participant

Contract admin$78K100.0%

% of EOY assets

0.381%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

The auditor signed off without reservation. This is the cleanest opinion.

Auditor firm: BDO USA LLP
Auditor EIN: 135381590
Audit fees: (not subdivided)
Opinion code: Unqualified

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$108,339

$130,194-16.8%

$169,993-36.3%

$71,457+51.6%

Participation rate

97.3%

86.1%+11.2pp

87.0%+10.3pp

67.9%+29.4pp

Annual return

15.10%

20.37%-5.3pp

53.37%-38.3pp

28.85%-13.7pp

Employer contribution / active EE

$3,203

$4,381-26.9%

$6,785-52.8%

$2,588+23.8%

Participant deferral / active EE

$5,590

$6,923-19.3%

$10,408-46.3%

$4,289+30.3%

Admin fee / account holder

$412

$966-57.3%

$12,815-96.8%

$1,587-74.0%

Provider

Service type

Compensation

PRINCIPAL LIFE INSURANCE COMPANY9+ years

Service code 13 · EIN 42-0127290

Contract Administrator

$69,981

EDBROOKE STELCNER & ASSOCIATES3 years

Service code 49 · EIN 65-0600166

Other Services

$15,989

BDO USA, LLP1 year

Filed as: BDO USA LLP

Service code 10 · EIN 13-5381590

Accounting

$7,615

WILSHIRE ASSOCIATES INCORPORATED2 years

Filed as: WILSHIRE ADVISORS LLC

Service code 27 · EIN 95-2755361

Advisory (Plan)

FIRST STATE BANK OF THE FLORIDA KEYS PROFIT SHARING RETIREMENT PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

FIRST STATE BANK OF THE FLORIDA KEYS PROFIT SHARING RETIREMENT PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

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