Retirement plan

SAFE-HARBOR 401(K) PROFIT SHARING PLAN FOR EMPLOYEES OF THE FIRST FARMERS NATIONAL BANK OF WAURIKA

Name: THE FIRST FARMERS NATIONAL BAN - SAFE-HARBOR 401(K) PROFIT SHARING PLAN FOR EMPLOYEES OF THE FIRST FARMERS NATIONAL BANK OF WAURIKA (2022) Form 5500
Creator: THE FIRST FARMERS NATIONAL BAN
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SAFE-HARBOR 401(K) PROFIT SHARING PLAN FOR EMPLOYEES OF THE FIRST FARMERS NATIONAL BANK OF WAURIKA, THE FIRST FARMERS NATIONAL BAN

THE FIRST FARMERS NATIONAL BANEIN 73-0236665Plan #001PY 2022

PO BOX 329 - WAURIKA, OK 735730329580-228-2326ffnbank.comLinkedIn11-50 employeesbanking

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$3.4M

-20.7% from 2021

Total participants

-12.5% from 2021

Average account balance

$240,941

-9.4% from 2021

Annual return

-16.37%

-30.75 pp from 2021

Benchmarks

See 35,209 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants<25

Cohort35,209 peers

Snapshot2022

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

Analytics

Total assets (EOY)

Plan-year ending balance

$4.53M

Not enough data

1 years with asset history on file

Average account balance

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

$302K

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.

125.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$69K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$6K

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

+16.15%

Not enough data

1 years with return on file

Admin fee / account holder

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

$4550

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 codes2G3D2J

Plan features

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.
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

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

$256K

$19673 / participant

Other / not subdivided$256K100.0%

% of EOY assets

7.582%

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

$240,941

$167,522+43.8%

$151,639+58.9%

$134,532+79.1%

Participation rate

100.0%

88.4%+11.6pp

87.5%+12.5pp

81.2%+18.8pp

Annual return

-16.37%

7.81%-24.2pp

3.34%-19.7pp

418.27%-434.6pp

Employer contribution / active EE

$1,555

$6,828-77.2%

$6,165-74.8%

$4,741-67.2%

Participant deferral / active EE

$3,821

$8,986-57.5%

$8,363-54.3%

$6,401-40.3%

Admin fee / account holder

$18,268

$13,780+32.6%

$11,613+57.3%

$11,429+59.8%

SAFE-HARBOR 401(K) PROFIT SHARING PLAN FOR EMPLOYEES OF THE FIRST FARMERS NATIONAL BANK OF WAURIKA

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SAFE-HARBOR 401(K) PROFIT SHARING PLAN FOR EMPLOYEES OF THE FIRST FARMERS NATIONAL BANK OF WAURIKA

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