Retirement plan

INDEPENDENCE BANK 401K PROFIT SHARING PLAN AND TRUST

Name: INDEPENDENCE BANK - INDEPENDENCE BANK 401K PROFIT SHARING PLAN AND TRUST (2018) Form 5500
Creator: INDEPENDENCE BANK
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, INDEPENDENCE BANK 401K PROFIT SHARING PLAN AND TRUST, INDEPENDENCE BANK

INDEPENDENCE BANKEIN 81-0331859Plan #001PY 2018

PO BOX 2090 - HAVRE, MT 59501406-265-1241ibyourbank.comLinkedIn51-200 employeesbanking

Prospect flagsHigh feesHigh cashLow participant contribution

How to read this page

Total assets (EOY)

$24.1M

+10.8% from 2017

Total participants

135

+3.1% from 2017

Average account balance

$197,530

+7.2% from 2017

Annual return

6.75%

-4.87 pp from 2017

Benchmarks

See 2,193 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants100-249

Cohort2,193 peers

Snapshot2018

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

Analytics

Total assets (EOY)

Plan-year ending balance

$34.48M

Not enough data

1 years with asset history on file

Average account balance

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

$180K

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.

192

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.

88.4%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$2.07M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$14K

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

+11.71%

Not enough data

1 years with return on file

Admin fee / account holder

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

$630

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 3 by compensation

Provider	Service type	Compensation
GREAT-WEST LIFE & ANNUITY INSURANCE2 years Filed as: GREAT WEST LIFE & ANNUITY INS. Service code 64 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$6,888
EMPLOYEE BENEFIT RESOURCES, INC.2 years Service code 14 · EIN 45-3983343 P.O. BOX 1193 · HELENA, MT 596241193	Plan Administrator	$1,700
DA DAVIDSON & CO2 years Filed as: DA DAVIDSON Service code 55 8 THIRD ST. NORTH · GREAT FALLS, MT 59401	Other Commissions	$0

Plan features & details

Pension benefit codes3D3H2E2F2H2J2K2T

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.
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.
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

3 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.)
OpportunityHigh cash
More than 10% of assets are held in cash - possible menu-design or default-fund problem.

Expense breakdown

Schedule H Part II

Admin total

$52K

$487 / participant

Investment mgmt$49K94.8%
Other / not subdivided$3K5.2%

% of EOY assets

0.216%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: DOUGLAS WILSON & CO.
Auditor EIN: 810446334
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$197,530

$79,523+148.4%

$140,019+41.1%

$56,289+250.9%

Participation rate

87.9%

85.7%+2.1pp

87.5%+0.4pp

69.9%+18.0pp

Annual return

6.75%

2.39%+4.4pp

651.17%-644.4pp

-9.96%+16.7pp

Employer contribution / active EE

$10,717

$3,350+219.9%

$5,605+91.2%

$2,111+407.6%

Participant deferral / active EE

$1,340

$5,129-73.9%

$6,927-80.7%

$3,350-60.0%

Admin fee / account holder

$427

$614-30.4%

$10,705-96.0%

$521-18.0%

Provider

Service type

Compensation

GREAT-WEST LIFE & ANNUITY INSURANCE2 years

Filed as: GREAT WEST LIFE & ANNUITY INS.

Service code 64

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$6,888

EMPLOYEE BENEFIT RESOURCES, INC.2 years

Service code 14 · EIN 45-3983343

P.O. BOX 1193 · HELENA, MT 596241193

Plan Administrator

$1,700

DA DAVIDSON & CO2 years

Filed as: DA DAVIDSON

Service code 55

8 THIRD ST. NORTH · GREAT FALLS, MT 59401

Other Commissions

INDEPENDENCE BANK 401K PROFIT SHARING PLAN AND TRUST

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

INDEPENDENCE BANK 401K PROFIT SHARING PLAN AND TRUST

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