Retirement plan

FIRST NATIONAL BANK, CORTEZ 401(K) PROFIT SHARING PLAN & TRUST

Name: FIRST NATIONAL BANK, CORTEZ - FIRST NATIONAL BANK, CORTEZ 401(K) PROFIT SHARING PLAN & TRUST (2023) Form 5500
Creator: FIRST NATIONAL BANK, CORTEZ
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, FIRST NATIONAL BANK, CORTEZ 401(K) PROFIT SHARING PLAN & TRUST, FIRST NATIONAL BANK, CORTEZ

FIRST NATIONAL BANK, CORTEZEIN 84-0475761Plan #001PY 2023

2258 E. MAIN STREET - CORTEZ, CO 81321970-565-3781

Prospect flagsHigh feesLow participant contribution

How to read this page

Total assets (EOY)

$1.1M

+23.4% from 2022

Total participants

+19.0% from 2022

Average account balance

$43,760

+7.9% from 2022

Annual return

16.61%

+32.02 pp from 2022

Benchmarks

See 36,180 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants<25

Cohort36,180 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$1.05M

Not enough data

1 years with asset history on file

Average account balance

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

$52K

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.

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.

105.3%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$94K

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

+17.28%

Not enough data

1 years with return on file

Admin fee / account holder

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

$3197

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

0 years with F_SCH_H allocation on file

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

Service providers

Providers data not reported

Schedule C was not filed on this plan's most recent Form 5500, so no compensated service providers are available to display.

Plan features & details

Pension benefit codes2E2J2G2T3D

Plan features

2E
Profit-sharing
Profit-sharing plan.
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.
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

2 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.)

Expense breakdown

Schedule H Part II

Admin total

$33K

$1942 / participant

Other / not subdivided$33K100.0%

% of EOY assets

3.143%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

No opinion code on file for this filing.

Auditor firm: (not reported)
Auditor EIN: -
Audit fees: (not subdivided)
Opinion code: -

Metric

This plan

Peer set

Industry

Size

Avg account balance

$43,760

$185,856-76.5%

$170,028-74.3%

$139,456-68.6%

Participation rate

94.1%

87.8%+6.4pp

87.0%+7.1pp

80.3%+13.8pp

Annual return

16.61%

60.52%-43.9pp

53.39%-36.8pp

373.45%-356.8pp

Employer contribution / active EE

$2,211

$7,593-70.9%

$6,788-67.4%

$4,753-53.5%

Participant deferral / active EE

$2,954

$11,623-74.6%

$10,409-71.6%

$6,711-56.0%

Admin fee / account holder

$1,375

$15,387-91.1%

$12,820-89.3%

$11,407-87.9%

FIRST NATIONAL BANK, CORTEZ 401(K) PROFIT SHARING PLAN & TRUST

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

FIRST NATIONAL BANK, CORTEZ 401(K) PROFIT SHARING PLAN & 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