Retirement plan

GUARANTY BANCSHARES, INC. ESOP W/401(K) PROVISIONS

Name: GUARANTY BANCSHARES, INC. - GUARANTY BANCSHARES, INC. ESOP W/401(K) PROVISIONS (2017) Form 5500
Creator: GUARANTY BANCSHARES, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, GUARANTY BANCSHARES, INC. ESOP W/401(K) PROVISIONS, GUARANTY BANCSHARES, INC.

GUARANTY BANCSHARES, INC.EIN 75-1656431Plan #001PY 2017

100 WEST ARKANSAS STREET - MT. PLEASANT, TX 75455903-434-4353

Prospect flagsHigh feesHigh cashFailed to transmit contributions

Top hat statement on fileNQDC

Filed April 7, 2022

Plan administrator

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16475 Dallas Parkway, Suite 100

Addison, TX 75001

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Plans declared (1)

Plan name not on file4 emp

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Total assets (EOY)

$50.1M

+20.0% from 2016

Total participants

476

-17.1% from 2016

Average account balance

$105,182

+30.1% from 2016

Annual return

17.76%

+5.52 pp from 2016

Benchmarks

See 1,453 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants250-999

Cohort1,453 peers

Snapshot2017

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

Analytics

Total assets (EOY)

Plan-year ending balance

$60.94M

Not enough data

1 years with asset history on file

Average account balance

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

$91K

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.

668

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.

93.7%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$4.14M

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

+9.26%

Not enough data

1 years with return on file

Admin fee / account holder

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

$273

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 6 by compensation

Provider	Service type	Compensation
PRINCIPAL LIFE INSURANCE COMPANY3+ years Service code 13 · EIN 42-0127290	Contract Administrator	$93,037
GUARANTY BANCSHARES1 year Service code 19 · EIN 75-1656431	Securities Custodian	$38,534
TEXAS INDEPENDENT BANK1 year Service code 49 · EIN 75-1774772	Other Services	$36,819
MID ATLANTIC CAPITAL CORPORATION3+ years Filed as: MID ATLANTIC FINANCIAL MANAGEMENT Service code 27 · EIN 25-1443041	Advisory (Plan)	$20,530
WHITLEY PENN LLP1 year Filed as: WHITLEY PENN Service code 10 · EIN 75-2393478	Accounting	$18,505
FINANCIAL CONSULTING GROUP3+ years Service code 50 · EIN 62-1657685	Direct Payment	$16,254

Plan features & details

Pension benefit codes2E2F2H2I2J2K2P2Q2S2T3H3I

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).
2H
Partial participant-directed account plan
Participants have the opportunity to direct the investment of a portion of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
2I
Stock bonus
Stock bonus plan.
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.
2P
Leveraged ESOP
Employee stock ownership plan that acquires employer securities with borrowed money or other debt-financing techniques.
2Q
ESOP maintained by an S corporation
The employer maintaining this ESOP is an S corporation.
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.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).
3I
Employer securities investment required
Plan requiring that all or part of employer contributions be invested and held at least for a limited period in employer securities.

Opportunity flags

3 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
OpportunityHigh cash
More than 10% of assets are held in cash - possible menu-design or default-fund problem.
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).

Expense breakdown

Schedule H Part II

Admin total

$176K

$432 / participant

Investment mgmt$59K33.6%
Contract admin$49K27.7%
Other / not subdivided$68K38.7%

% of EOY assets

0.351%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: ANTON COLLINS MITCHELL LLP
Auditor EIN: 010724563
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$105,182

$81,537+29.0%

$149,721-29.7%

$69,631+51.1%

Participation rate

100.0%

86.1%+13.9pp

87.1%+12.9pp

70.7%+29.3pp

Annual return

17.76%

22.79%-5.0pp

1501.67%-1483.9pp

27571.02%-27553.3pp

Employer contribution / active EE

$2,373

$3,239-26.7%

$5,444-56.4%

$2,032+16.8%

Participant deferral / active EE

$3,878

$4,994-22.4%

$6,568-41.0%

$3,224+20.3%

Admin fee / account holder

$369

$107+245.4%

$11,282-96.7%

$110+234.3%

Provider

Service type

Compensation

PRINCIPAL LIFE INSURANCE COMPANY3+ years

Service code 13 · EIN 42-0127290

Contract Administrator

$93,037

GUARANTY BANCSHARES1 year

Service code 19 · EIN 75-1656431

Securities Custodian

$38,534

TEXAS INDEPENDENT BANK1 year

Service code 49 · EIN 75-1774772

Other Services

$36,819

MID ATLANTIC CAPITAL CORPORATION3+ years

Filed as: MID ATLANTIC FINANCIAL MANAGEMENT

Service code 27 · EIN 25-1443041

Advisory (Plan)

$20,530

WHITLEY PENN LLP1 year

Filed as: WHITLEY PENN

Service code 10 · EIN 75-2393478

Accounting

$18,505

FINANCIAL CONSULTING GROUP3+ years

Service code 50 · EIN 62-1657685

Direct Payment

$16,254

GUARANTY BANCSHARES, INC. ESOP W/401(K) PROVISIONS

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

GUARANTY BANCSHARES, INC. ESOP W/401(K) PROVISIONS

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

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