Retirement plan

FIRST BANK CORP EMPLOYEES PROFIT SHARING PLAN

Name: FIRST BANK CORP - FIRST BANK CORP EMPLOYEES PROFIT SHARING PLAN (2022) Form 5500
Creator: FIRST BANK CORP
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, FIRST BANK CORP EMPLOYEES PROFIT SHARING PLAN, FIRST BANK CORP

FIRST BANK CORPEIN 71-0682703Plan #001PY 2022

602 GARRISON AVENUE - FORT SMITH, AR 729012542479-782-2041

Other plans on this EIN

1 filing

#003Retirement-$29.1M assets

Prospect flagsLow participant contributionFailed to transmit contributions

How to read this page

Total assets (EOY)

$64.6M

-12.2% from 2021

Total participants

595

+7.8% from 2021

Average account balance

$108,519

-18.5% from 2021

Annual return

-11.86%

-25.68 pp from 2021

Benchmarks

See 1,529 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants250-999

Cohort1,529 peers

Snapshot2022

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

Analytics

Total assets (EOY)

Plan-year ending balance

$74.76M

Not enough data

1 years with asset history on file

Average account balance

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

$126K

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.

591

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.

100.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$3.24M

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

+11.62%

Not enough data

1 years with return on file

Admin fee / account holder

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

$273

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
PRONVEST7 years Filed as: PRONVEST, INC. Service code 26 · EIN 62-1823351	Advisory (Participants)	$35,389
HOGANTAYLOR LLP6 years Service code 10 · EIN 73-1413977	Accounting	$17,525
FRIDAY ELDREDGE & CLARK8+ years Service code 29 · EIN 71-0253637	Legal	$16,770

Plan features & details

Pension benefit codes2E2H2J3H2T3D

Plan features

2E
Profit-sharing
Profit-sharing plan.
2H
Partial participant-directed account plan
Participants have the opportunity to direct the investment of a portion 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.
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

2 tripped

OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.
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

$70K

$159 / participant

Investment mgmt$35K50.8%
Other / not subdivided$34K49.2%

% of EOY assets

0.108%

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: HOGANTAYLOR LLP
Auditor EIN: 731413977
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$108,519

$86,897+24.9%

$151,639-28.4%

$64,819+67.4%

Participation rate

100.0%

87.3%+12.7pp

87.5%+12.5pp

71.5%+28.5pp

Annual return

-11.86%

-3.57%-8.3pp

3.34%-15.2pp

32.84%-44.7pp

Employer contribution / active EE

$5,631

$4,010+40.4%

$6,165-8.7%

$2,507+124.6%

Participant deferral / active EE

$2,443

$6,690-63.5%

$8,363-70.8%

$4,311-43.3%

Admin fee / account holder

$117

$153-23.4%

$11,613-99.0%

$188-37.6%

Provider

Service type

Compensation

PRONVEST7 years

Filed as: PRONVEST, INC.

Service code 26 · EIN 62-1823351

Advisory (Participants)

$35,389

HOGANTAYLOR LLP6 years

Service code 10 · EIN 73-1413977

Accounting

$17,525

FRIDAY ELDREDGE & CLARK8+ years

Service code 29 · EIN 71-0253637

Legal

$16,770

FIRST BANK CORP EMPLOYEES PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

FIRST BANK CORP EMPLOYEES PROFIT SHARING 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