Retirement plan

FIRST GILMER BANKSHARES EMPLOYEE SAVINGS PLAN

Name: FIRST NATIONAL BANK OF GILMER - FIRST GILMER BANKSHARES EMPLOYEE SAVINGS PLAN (2024) Form 5500
Creator: FIRST NATIONAL BANK OF GILMER
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, FIRST GILMER BANKSHARES EMPLOYEE SAVINGS PLAN, FIRST NATIONAL BANK OF GILMER

FIRST NATIONAL BANK OF GILMEREIN 75-0291493Plan #001PY 2024

206 US HWY 271 NORTH - GILMER, TX 75644903-843-4102fnbballinger.comLinkedIn51-200 employeesinformation technology and services

Prospect flagsLow returnsHigh feesLow participant contributionCorrective distributions

Top hat statement on fileNQDC

Filed December 29, 2006

This is a legacy paper filing. Plan administrator and contact details are recorded in the original filing, which has not been digitised into structured fields.

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How to read this page

Total assets (EOY)

$12.3M

+11.9% from 2023

Total participants

216

+3.8% from 2023

Average account balance

$61,696

+5.2% from 2023

Annual return

9.58%

-2.83 pp from 2023

Benchmarks

See 2,180 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants100-249

Cohort2,180 peers

Snapshot2024

See peer percentile detail. $4.99 for your first month.

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Analytics

Total assets (EOY)

Plan-year ending balance

$12.34M

Not enough data

1 years with asset history on file

Average account balance

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

$62K

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.

200

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.

88.2%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.12M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$8K

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

+9.58%

Not enough data

1 years with return on file

Admin fee / account holder

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

$319

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 5 by compensation

Provider	Service type	Compensation
MERRILL LYNCH PIERCE FENNER & SMITH2 years Service code 27 · EIN 13-5674085 1400 AMERICAN BLVD BLDG #4 · PENNINTON, NJ 08534	Advisory (Plan)	$29,244
ALLIANCE BENEFIT GROUP1 year Filed as: ALLIANCE BENEFIT GROUP OF HOUSTON I Service code 13	Contract Administrator	$5,619
ALLIANCE BENEFIT GROUP3 years Filed as: ALLIANCE BENEFIT GROUP OF HOUSTON Service code 13 7908 N SAM HOUSTON PKWY W · HOUSTON, TX 77064	Contract Administrator	$3,610
GREAT-WEST LIFE & ANNUITY INSURANCE2 years Filed as: EMPOWER ANNUITY INSURANCE COMPANY Service code 64 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$1,556
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: EMPOWER ANDVISORY GROUP, LLC Service code 28 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Investment Management	$1,466

Plan features & details

Pension benefit codes2E2F2G2J2K2R2T3D3H

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.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

Opportunity flags

4 tripped

OpportunityLow participant contribution
Participant 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.)
OpportunityLow returns
Annual investment return 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

$64K

$470 / participant

Recordkeeping$4K5.7%
Trustee / custodial$2K2.4%
Investment mgmt$31K48.1%
Contract admin$28K43.8%

% of EOY assets

0.518%

all-in expense ratio

Categories reported

4 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

The auditor signed off without reservation. This is the cleanest opinion.

Auditor firm: HENRY & PETERS, P.C.
Auditor EIN: 751503978
Audit fees: $0
Opinion code: Unqualified

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$61,696

$122,239-49.5%

$184,200-66.5%

$74,546-17.2%

Participation rate

88.2%

85.5%+2.8pp

86.8%+1.4pp

67.2%+21.0pp

Annual return

9.58%

19.95%-10.4pp

28.80%-19.2pp

1366.03%-1356.5pp

Employer contribution / active EE

$4,776

$4,537+5.3%

$6,424-25.7%

$2,624+82.0%

Participant deferral / active EE

$3,485

$7,139-51.2%

$9,132-61.8%

$4,347-19.8%

Admin fee / account holder

$319

$1,260-74.6%

$13,907-97.7%

$1,944-83.6%

Provider

Service type

Compensation

MERRILL LYNCH PIERCE FENNER & SMITH2 years

Service code 27 · EIN 13-5674085

1400 AMERICAN BLVD BLDG #4 · PENNINTON, NJ 08534

Advisory (Plan)

$29,244

ALLIANCE BENEFIT GROUP1 year

Filed as: ALLIANCE BENEFIT GROUP OF HOUSTON I

Service code 13

Contract Administrator

$5,619

ALLIANCE BENEFIT GROUP3 years

Filed as: ALLIANCE BENEFIT GROUP OF HOUSTON

Service code 13

7908 N SAM HOUSTON PKWY W · HOUSTON, TX 77064

Contract Administrator

$3,610

GREAT-WEST LIFE & ANNUITY INSURANCE2 years

Filed as: EMPOWER ANNUITY INSURANCE COMPANY

Service code 64

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$1,556

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: EMPOWER ANDVISORY GROUP, LLC

Service code 28

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Investment Management

$1,466

FIRST GILMER BANKSHARES EMPLOYEE SAVINGS PLAN

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

FIRST GILMER BANKSHARES EMPLOYEE SAVINGS PLAN

Top hat statement on fileNQDC

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