Retirement plan

HERRING BANK 401(K) PROFIT SHARING PLAN

Name: HERRING BANK - HERRING BANK 401(K) PROFIT SHARING PLAN (2020) Form 5500
Creator: HERRING BANK
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, HERRING BANK 401(K) PROFIT SHARING PLAN, HERRING BANK

HERRING BANKEIN 75-0330569Plan #002PY 2020

PO BOX 50488 - AMARILLO, TX 79159806-337-1300LinkedIn51-200 employeesbanking

Other plans on this EIN

1 filing

#001Retirement-$13.7M assets

Prospect flagsLow returnsHigh feesLow assets / participantLow employer contribution

How to read this page

Total assets (EOY)

$7M

+7.0% from 2019

Total participants

191

+4.9% from 2019

Average account balance

$39,789

-0.4% from 2019

Annual return

9.28%

-4.97 pp from 2019

Benchmarks

See 2,211 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants100-249

Cohort2,211 peers

Snapshot2020

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

Analytics

Total assets (EOY)

Plan-year ending balance

$6.82M

Not enough data

1 years with asset history on file

Average account balance

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

$36K

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.

187

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.

92.2%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$757K

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

+10.89%

Not enough data

1 years with return on file

Admin fee / account holder

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

$464

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 8 by compensation

Provider	Service type	Compensation
NATIONWIDE6+ years Service code 49 · EIN 31-4156830	Other Services	$48,178
MASSACHUSETTS MUTUAL LIFE INS. CO.4 years Filed as: MML INVESTORS SERVICES, LLC Service code 27 1295 STATE STREET · SPRINGFIELD, MA 01111	Advisory (Plan)	$25,367
JP MORGAN INVESTMENT MANAGEMENT INC1 year Filed as: MEEDER INVESTMENT MANAGEMENT Service code 49 6125 MEMORIAL DRIVE · DUBLIN, OH 43017	Other Services	$14,718
AMERICA'S 401K, INC.1 year Filed as: AMERICA'S 401K, LLC Service code 14 8131 LBJ FREEWAY · DALLAS, TX 75251	Plan Administrator	$8,455
NATIONWIDE1 year Filed as: NATIONWIDE FINANCIAL Service code 49	Other Services	$7,747
INWEST RETIREMENT SOLUTIONS1 year Service code 14 4305 N GARFIELD · MIDLAND, TX 79705	Plan Administrator	$6,319
MASSACHUSETTS MUTUAL LIFE INS. CO.4 years Filed as: MML INSURANCE AGENCY, LLC Service code 27	Advisory (Plan)	$5,373
MASSACHUSETTS MUTUAL LIFE INS. CO.3 years Filed as: MML INSURANCE AGENCY LLC Service code 27 1295 STATE STREET · SPRINGFIELD, MA 01111	Advisory (Plan)	$0

Plan features & details

Pension benefit codes2E2F2G2J2K2S2T3D

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.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
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

4 tripped

OpportunityLow employer contribution
Employer 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.
OpportunityLow assets / participant
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.

Expense breakdown

Schedule H Part II

Admin total

$75K

$512 / participant

Investment mgmt$72K95.9%
Contract admin$3K4.1%

% of EOY assets

1.074%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Disclaimer opinion

Auditor declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.

Auditor firm: JOHNSON & SHELDON PLC
Auditor EIN: 463602660
Audit fees: (not subdivided)
Opinion code: Disclaimer

Metric

This plan

Peer set

Industry

Size

Avg account balance

$39,789

$136,307-70.8%

$177,840-77.6%

$73,493-45.9%

Participation rate

89.0%

86.1%+2.9pp

87.7%+1.3pp

70.7%+18.4pp

Annual return

9.28%

18.68%-9.4pp

48.32%-39.0pp

28.51%-19.2pp

Employer contribution / active EE

$1,103

$3,712-70.3%

$5,919-81.4%

$2,270-51.4%

Participant deferral / active EE

$3,580

$5,829-38.6%

$7,714-53.6%

$3,740-4.3%

Admin fee / account holder

$427

$596-28.3%

$12,431-96.6%

$513-16.7%

Provider

Service type

Compensation

NATIONWIDE6+ years

Service code 49 · EIN 31-4156830

Other Services

$48,178

MASSACHUSETTS MUTUAL LIFE INS. CO.4 years

Filed as: MML INVESTORS SERVICES, LLC

Service code 27

1295 STATE STREET · SPRINGFIELD, MA 01111

Advisory (Plan)

$25,367

JP MORGAN INVESTMENT MANAGEMENT INC1 year

Filed as: MEEDER INVESTMENT MANAGEMENT

Service code 49

6125 MEMORIAL DRIVE · DUBLIN, OH 43017

Other Services

$14,718

AMERICA'S 401K, INC.1 year

Filed as: AMERICA'S 401K, LLC

Service code 14

8131 LBJ FREEWAY · DALLAS, TX 75251

Plan Administrator

$8,455

NATIONWIDE1 year

Filed as: NATIONWIDE FINANCIAL

Service code 49

Other Services

$7,747

INWEST RETIREMENT SOLUTIONS1 year

Service code 14

4305 N GARFIELD · MIDLAND, TX 79705

Plan Administrator

$6,319

MASSACHUSETTS MUTUAL LIFE INS. CO.4 years

Filed as: MML INSURANCE AGENCY, LLC

Service code 27

Advisory (Plan)

$5,373

MASSACHUSETTS MUTUAL LIFE INS. CO.3 years

Filed as: MML INSURANCE AGENCY LLC

Service code 27

1295 STATE STREET · SPRINGFIELD, MA 01111

Advisory (Plan)

HERRING BANK 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

HERRING BANK 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