Retirement plan

FIRSTBANK 401(K) PLAN

Name: FIRSTBANK - FIRSTBANK 401(K) PLAN (2023) Form 5500
Creator: FIRSTBANK
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, FIRSTBANK 401(K) PLAN, FIRSTBANK

FIRSTBANKEIN 73-0241528Plan #001PY 2023

PO BOX 458 - ANTLERS, OK 745230458405-298-3367firstbank-ok.comLinkedIn51-200 employeesbanking

Prospect flagsHigh feesLow employer contributionLow participant contribution

Top hat statement on fileNQDC

Filed August 1, 2023

Plan administrator

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100 N High St

Antlers, OK 74523

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Plans declared (1)

Plan name not on file10 emp

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Total assets (EOY)

$8.2M

+19.9% from 2022

Total participants

202

+5.2% from 2022

Average account balance

$53,322

+19.9% from 2022

Annual return

15.57%

+31.32 pp from 2022

Benchmarks

See 2,152 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants100-249

Cohort2,152 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$8.59M

Not enough data

1 years with asset history on file

Average account balance

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

$57K

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.

150

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.

77.2%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$721K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$4K

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

+10.72%

Not enough data

1 years with return on file

Admin fee / account holder

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

$387

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 6 by compensation

Provider	Service type	Compensation
CETERA ADVISOR NETWORKS LLC7 years Filed as: CETERA ADVISOR NETWORKS, LLC Service code 27 2301 ROSECRANS AVE, #5100 · EL SEGUNDO, CA 90245	Advisory (Plan)	$14,166
GREAT-WEST LIFE & ANNUITY INSURANCE2 years Filed as: EMPOWER ADVISORY GROUP, LLC Service code 28 · EIN 84-0467907 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Investment Management	$13,139
GREAT-WEST LIFE & ANNUITY INSURANCE2 years Filed as: EMPOWER ANNUITY INS CO OF AMERICA Service code 64 · EIN 84-0467907 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$12,417
CETERA ADVISOR NETWORKS LLC1 year Filed as: CETERA INVESTMENT ADVISERS Service code 27 200 N PACIFIC COAST HWY STE 1200 · EL SEGUNDO, CA 90245	Advisory (Plan)	$10,711
PASI, LLC2 years Service code 13	Contract Administrator	$3,554
PASI, LLC3 years Filed as: PASI Service code 13 · EIN 26-1407927 10 TALCOTT NOTCH RD · FARMINGTON, CT 06032	Contract Administrator	$1,733

Plan features & details

Pension benefit codes2E2F2G2J2K2T3D2A

Plan features

2A
Age/service weighted or new comparability plan
Age/service weighted plan where allocations are based on age service or age and service; or new comparability or similar plan where allocations are based on participant classifications consisting entirely or predominantly of highly compensated employees or the plan provides an additional allocation rate on compensation above a specified threshold that exceeds the permitted disparity limits of Code section 401(l).
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.
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

3 tripped

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

$53K

$294 / participant

Recordkeeping$53K100.0%

% of EOY assets

0.645%

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: BONADIO & CO LLP
Auditor EIN: 161131146
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$53,322

$130,294-59.1%

$170,043-68.6%

$71,511-25.4%

Participation rate

73.3%

86.2%-12.8pp

87.0%-13.7pp

67.9%+5.4pp

Annual return

15.57%

20.36%-4.8pp

53.40%-37.8pp

28.86%-13.3pp

Employer contribution / active EE

$1,529

$4,385-65.1%

$6,790-77.5%

$2,589-41.0%

Participant deferral / active EE

$2,559

$6,928-63.1%

$10,410-75.4%

$4,291-40.4%

Admin fee / account holder

$344

$966-64.4%

$12,824-97.3%

$1,588-78.3%

Provider

Service type

Compensation

CETERA ADVISOR NETWORKS LLC7 years

Filed as: CETERA ADVISOR NETWORKS, LLC

Service code 27

2301 ROSECRANS AVE, #5100 · EL SEGUNDO, CA 90245

Advisory (Plan)

$14,166

GREAT-WEST LIFE & ANNUITY INSURANCE2 years

Filed as: EMPOWER ADVISORY GROUP, LLC

Service code 28 · EIN 84-0467907

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Investment Management

$13,139

GREAT-WEST LIFE & ANNUITY INSURANCE2 years

Filed as: EMPOWER ANNUITY INS CO OF AMERICA

Service code 64 · EIN 84-0467907

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$12,417

CETERA ADVISOR NETWORKS LLC1 year

Filed as: CETERA INVESTMENT ADVISERS

Service code 27

200 N PACIFIC COAST HWY STE 1200 · EL SEGUNDO, CA 90245

Advisory (Plan)

$10,711

PASI, LLC2 years

Service code 13

Contract Administrator

$3,554

PASI, LLC3 years

Filed as: PASI

Service code 13 · EIN 26-1407927

10 TALCOTT NOTCH RD · FARMINGTON, CT 06032

Contract Administrator

$1,733

FIRSTBANK 401(K) 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

FIRSTBANK 401(K) 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