Retirement plan

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

Name: PROSPERITY BANCSHARES, INC. - PROSPERITY BANCSHARES, INC. 401(K) PROFIT SHARING PLAN (2022) 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 2022

4295 SAN FELIPE ST. - HOUSTON, TX 77027979-543-1238LinkedIn1001-5000 employeesbanking

Prospect flagsLow participationLow participant contributionCorrective distributions

How to read this page

Total assets (EOY)

$276.5M

-14.8% from 2016

Total participants

4,319

+19.7% from 2016

Average account balance

$92,453

-30.5% from 2016

Annual return

-13.53%

-21.20 pp from 2016

Benchmarks

See 565 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants1,000-4,999

Cohort565 peers

Snapshot2022

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 6 by compensation

Provider	Service type	Compensation
ALLIANCE BENEFIT GROUP8+ years Filed as: ALLIANCE BENEFIT GROUP OF HOUSTON Service code 64 · EIN 74-0500416	Recordkeeping Fees	$122,973
KESTRA INVESTMENT SERVICES LLC2 years Filed as: KESTRA ADVISORY SERVICES Service code 27 · EIN 35-2552359	Advisory (Plan)	$52,500
FIDELITY INVESTMENTS INSTITUTIONAL1 year Service code 37 · EIN 04-2647786	Loan Processing	$46,221
MELTON & MELTON LLP1 year Filed as: MELTON AND MELTON L.L.P Service code 16 · EIN 74-1550819	Consulting	$20,360
NFP RETIREMENT INC1 year Filed as: NFP RETIREMENT INC. Service code 27 · EIN 33-0905143	Advisory (Plan)	$11,550
LPL FINANCIAL1 year Filed as: LPL, LLC Service code 27 · EIN 04-3046611	Advisory (Plan)	$8,034

Plan features & details

Pension benefit codes2E2F2G2J2K2T3D

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.
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 participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
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

$306K

$84 / participant

Other / not subdivided$306K100.0%

% of EOY assets

0.111%

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

$92,453

$95,918-3.6%

$151,634-39.0%

$77,906+18.7%

Participation rate

63.7%

88.7%-25.1pp

87.5%-23.8pp

73.7%-10.0pp

Annual return

-13.53%

-5.50%-8.0pp

3.32%-16.8pp

12.16%-25.7pp

Employer contribution / active EE

$1,751

$4,330-59.6%

$6,165-71.6%

$2,846-38.5%

Participant deferral / active EE

$4,272

$7,508-43.1%

$8,363-48.9%

$4,805-11.1%

Admin fee / account holder

$102

$93+9.6%

$11,614-99.1%

$133-22.9%

Provider

Service type

Compensation

ALLIANCE BENEFIT GROUP8+ years

Filed as: ALLIANCE BENEFIT GROUP OF HOUSTON

Service code 64 · EIN 74-0500416

Recordkeeping Fees

$122,973

KESTRA INVESTMENT SERVICES LLC2 years

Filed as: KESTRA ADVISORY SERVICES

Service code 27 · EIN 35-2552359

Advisory (Plan)

$52,500

FIDELITY INVESTMENTS INSTITUTIONAL1 year

Service code 37 · EIN 04-2647786

Loan Processing

$46,221

MELTON & MELTON LLP1 year

Filed as: MELTON AND MELTON L.L.P

Service code 16 · EIN 74-1550819

Consulting

$20,360

NFP RETIREMENT INC1 year

Filed as: NFP RETIREMENT INC.

Service code 27 · EIN 33-0905143

Advisory (Plan)

$11,550

LPL FINANCIAL1 year

Filed as: LPL, LLC

Service code 27 · EIN 04-3046611

Advisory (Plan)

$8,034

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