Retirement plan

GARFIELD FARM MUTUAL INSURANCE ASSOCIATION PROFIT SHARING PLAN

Name: GARFIELD FARM MUTUAL INSURANCE ASSOCIATION - GARFIELD FARM MUTUAL INSURANCE ASSOCIATION PROFIT SHARING PLAN (2021) Form 5500
Creator: GARFIELD FARM MUTUAL INSURANCE ASSOCIATION
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, GARFIELD FARM MUTUAL INSURANCE ASSOCIATION PROFIT SHARING PLAN, GARFIELD FARM MUTUAL INSURANCE ASSOCIATION

GARFIELD FARM MUTUAL INSURANCE ASSOCIATIONEIN 74-0639397Plan #001PY 2021

919 S. PANNA MARIA - KARNES CITY, TX 78118830-780-2444garfieldins.comLinkedIn1-10 employees

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$416K

+23.6% from 2020

Total participants

+16.7% from 2020

Average account balance

$59,358

+5.9% from 2020

Annual return

15.81%

-0.03 pp from 2020

Benchmarks

See 33,473 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants<25

Cohort33,473 peers

Snapshot2021

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

Analytics

Total assets (EOY)

Plan-year ending balance

$269K

Not enough data

1 years with asset history on file

Average account balance

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

$34K

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.

114.3%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$44K

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

+18.95%

Not enough data

1 years with return on file

Admin fee / account holder

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

$18

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 codes2E2F2G3D

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.
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

$7K

$1665 / participant

Other / not subdivided$7K100.0%

% of EOY assets

1.603%

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

$59,358

$209,847-71.7%

$189,520-68.7%

$167,518-64.6%

Participation rate

100.0%

88.7%+11.3pp

87.8%+12.2pp

82.1%+17.9pp

Annual return

15.81%

748.45%-732.6pp

555.25%-539.4pp

478.71%-462.9pp

Employer contribution / active EE

$8,149

$6,913+17.9%

$6,161+32.3%

$4,838+68.4%

Participant deferral / active EE

$8,934-100.0%

$8,220-100.0%

$6,342-100.0%

Admin fee / account holder

$951

$14,295-93.3%

$12,046-92.1%

$12,312-92.3%

GARFIELD FARM MUTUAL INSURANCE ASSOCIATION PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

GARFIELD FARM MUTUAL INSURANCE ASSOCIATION 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