Retirement plan

PROSPERITY BANCSHARES, INC. 401(K) PROFIT SHARING PLAN

Name: PROSPERITY BANCSHARES, INC. - PROSPERITY BANCSHARES, INC. 401(K) PROFIT SHARING PLAN (2019) Form 5500
Creator: PROSPERITY BANCSHARES, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, PROSPERITY BANCSHARES, INC. 401(K) PROFIT SHARING PLAN, PROSPERITY BANCSHARES, INC.

PROSPERITY BANCSHARES, INC.EIN 74-2331986Plan #001PY 2019

POST OFFICE DRAWER G - EL CAMPO, TX 77437979-543-1238LinkedIn1001-5000 employeesbanking

Prospect flagsLow participant contributionCorrective distributions

How to read this page

Total assets (EOY)

$248M

-14.8% from 2016

Total participants

4,284

+19.7% from 2016

Average account balance

$70,370

-30.5% from 2016

Annual return

20.52%

-21.20 pp from 2016

Benchmarks

See 551 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants1,000-4,999

Cohort551 peers

Snapshot2019

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

Analytics

Total assets (EOY)

Plan-year ending balance

$357.83M

Not enough data

1 years with asset history on file

Average account balance

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

$111K

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.

3,238

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.

65.1%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$24.05M

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

+16.20%

Not enough data

1 years with return on file

Admin fee / account holder

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

$90

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

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

Service providers

Top 4 by compensation

Provider	Service type	Compensation
ALLIANCE BENEFIT GROUP5+ years Filed as: ALLIANCE BENEFIT GROUP OF HOUSTON Service code 64 · EIN 74-0500416	Recordkeeping Fees	$216,194
PROSPERITY BANK4 years Filed as: PROSPERITY BANK TRUST DEPARTMENT Service code 21 · EIN 74-2139516 1401 AVENUE Q · LUBBOCK, TX 79401	Bank Trustee	$120,000
FIDELITY INVESTMENTS INSTITUTIONAL4 years Filed as: FIDELITY INVESTMENTS Service code 25 · EIN 58-1428634	Directed Trustee	$37,192
MELTON & MELTON LLP5+ years Filed as: MELTON & MELTON Service code 10 · EIN 74-1550819 6002 ROGERDALE, SUITE 200 · HOUSTON, TX 77072	Accounting	$19,182

Plan features & details

Pension benefit codes2E2F2G2J2K2R2T3D

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.
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.
2R
Participant-directed brokerage accounts
Participant-directed brokerage accounts provided as an investment option under the plan.
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

2 tripped

OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$484K

$135 / participant

Other / not subdivided$484K100.0%

% of EOY assets

0.195%

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: MELTON & MELTON
Auditor EIN: 741550819
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$70,370

$95,776-26.5%

$162,185-56.6%

$77,775-9.5%

Participation rate

78.9%

88.6%-9.8pp

87.6%-8.7pp

73.2%+5.7pp

Annual return

20.52%

37.03%-16.5pp

115.61%-95.1pp

32.58%-12.1pp

Employer contribution / active EE

$1,529

$3,874-60.5%

$5,613-72.8%

$2,504-38.9%

Participant deferral / active EE

$3,341

$6,125-45.5%

$7,297-54.2%

$3,966-15.8%

Admin fee / account holder

$137

$88+56.8%

$10,844-98.7%

$100+37.3%

Provider

Service type

Compensation

ALLIANCE BENEFIT GROUP5+ years

Filed as: ALLIANCE BENEFIT GROUP OF HOUSTON

Service code 64 · EIN 74-0500416

Recordkeeping Fees

$216,194

PROSPERITY BANK4 years

Filed as: PROSPERITY BANK TRUST DEPARTMENT

Service code 21 · EIN 74-2139516

1401 AVENUE Q · LUBBOCK, TX 79401

Bank Trustee

$120,000

FIDELITY INVESTMENTS INSTITUTIONAL4 years

Filed as: FIDELITY INVESTMENTS

Service code 25 · EIN 58-1428634

Directed Trustee

$37,192

MELTON & MELTON LLP5+ years

Filed as: MELTON & MELTON

Service code 10 · EIN 74-1550819

6002 ROGERDALE, SUITE 200 · HOUSTON, TX 77072

Accounting

$19,182

PROSPERITY BANCSHARES, INC. 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

PROSPERITY BANCSHARES, INC. 401(K) 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