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 (2023) 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 2023

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

Prospect flagsHigh feesHigh assets / participant

How to read this page

Total assets (EOY)

$3.9M

+15.7% from 2022

Total participants

+7.1% from 2022

Average account balance

$260,115

+8.0% from 2022

Annual return

16.31%

+32.68 pp from 2022

Benchmarks

See 36,180 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants<25

Cohort36,180 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$5.06M

Not enough data

1 years with asset history on file

Average account balance

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

$266K

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.

111.8%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$78K

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

+12.53%

Not enough data

1 years with return on file

Admin fee / account holder

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

$6516

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

2 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
InformationalHigh assets / participant
Assets per participant exceed $250,000 - top-decile high-value plan.

Expense breakdown

Schedule H Part II

Admin total

$93K

$7764 / participant

Other / not subdivided$93K100.0%

% of EOY assets

2.388%

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

$260,115

$185,856+40.0%

$170,028+53.0%

$139,456+86.5%

Participation rate

100.0%

87.8%+12.2pp

87.0%+13.0pp

80.3%+19.7pp

Annual return

16.31%

60.52%-44.2pp

53.39%-37.1pp

373.45%-357.1pp

Employer contribution / active EE

$1,757

$7,593-76.9%

$6,788-74.1%

$4,753-63.0%

Participant deferral / active EE

$4,205

$11,623-63.8%

$10,409-59.6%

$6,711-37.3%

Admin fee / account holder

$6,211

$15,387-59.6%

$12,820-51.6%

$11,407-45.5%

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