Retirement plan

THE BANK & TRUST 401K AND PROFIT SHARING PLAN

Name: WESTEX BANCORP, INC. - THE BANK & TRUST 401K AND PROFIT SHARING PLAN (2024) Form 5500
Creator: WESTEX BANCORP, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, THE BANK & TRUST 401K AND PROFIT SHARING PLAN, WESTEX BANCORP, INC.

WESTEX BANCORP, INC.EIN 74-2102966Plan #002PY 2024

PO BOX 4010 - DEL RIO, TX 78841830-774-2555

Prospect flagsLow employer contribution

How to read this page

Total assets (EOY)

$31M

+18.8% from 2023

Total participants

192

+14.3% from 2023

Average account balance

$180,159

+9.1% from 2023

Annual return

17.80%

-4.76 pp from 2023

Benchmarks

See 277 peers

Peer group

Industry55 - Management of Companies and Enterprises

Plan typeDefined contribution

Participants100-249

Cohort277 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$30.99M

Not enough data

1 years with asset history on file

Average account balance

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

$180K

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.

172

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.

86.9%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$820K

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

+17.80%

Not enough data

1 years with return on file

Admin fee / account holder

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

$63

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 2 by compensation

Provider	Service type	Compensation
WHITLEY PENN LLP1 year Service code 10 · EIN 75-2393478	Accounting	$13,390
FIDELITY INVESTMENTS INSTITUTIONAL10+ years Service code 37 · EIN 04-2647786	Loan Processing	-$2,577

Plan features & details

Pension benefit codes2F2G2J2T2E3D

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.
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.

Opportunity flags

1 tripped

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

Expense breakdown

Schedule H Part II

Admin total

$11K

$71 / participant

Other / not subdivided$11K100.0%

% of EOY assets

0.035%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: WHITLEY PENN LLP
Auditor EIN: 752393478
Audit fees: $13,390
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$180,159

$89,225+101.9%

$135,987+32.5%

$74,429+142.1%

Participation rate

86.9%

69.4%+17.5pp

76.4%+10.5pp

67.2%+19.7pp

Annual return

17.80%

22.76%-5.0pp

580.01%-562.2pp

1368.38%-1350.6pp

Employer contribution / active EE

$2,816-100.0%

$4,214-100.0%

$2,625-100.0%

Participant deferral / active EE

$5,361

$4,597+16.6%

$7,027-23.7%

$4,348+23.3%

Admin fee / account holder

$63

$1,545-95.9%

$6,716-99.1%

$1,944-96.8%

Provider

Service type

Compensation

WHITLEY PENN LLP1 year

Service code 10 · EIN 75-2393478

Accounting

$13,390

FIDELITY INVESTMENTS INSTITUTIONAL10+ years

Service code 37 · EIN 04-2647786

Loan Processing

-$2,577

THE BANK & TRUST 401K AND PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

THE BANK & TRUST 401K AND 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