Retirement plan

FIRST NEW MEXICO FINANCIAL CORPORATION 401(K) PLAN

Name: FIRST NEW MEXICO FINANCIAL CORPORATION - FIRST NEW MEXICO FINANCIAL CORPORATION 401(K) PLAN (2016) Form 5500
Creator: FIRST NEW MEXICO FINANCIAL CORPORATION
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, FIRST NEW MEXICO FINANCIAL CORPORATION 401(K) PLAN, FIRST NEW MEXICO FINANCIAL CORPORATION

FIRST NEW MEXICO FINANCIAL CORPORATIONEIN 85-0302192Plan #001PY 2016

300 S GOLD AVE - DEMING, NM 880303731575-544-6004LinkedIn51-200 employeesbanking

Prospect flagsLow returnsHigh feesLow participant contribution

How to read this page

Total assets (EOY)

$3.5M

+16.1% from 2015

Total participants

+6.5% from 2015

Average account balance

$37,695

+12.3% from 2015

Annual return

5.42%

+3.93 pp from 2015

Benchmarks

See 7,671 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants25-99

Cohort7,671 peers

Snapshot2016

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

Analytics

Total assets (EOY)

Plan-year ending balance

$7.92M

Not enough data

1 years with asset history on file

Average account balance

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

$83K

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.

117.1%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$501K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$6K

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

+10.18%

Not enough data

1 years with return on file

Admin fee / account holder

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

$2992

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 codes2E2F2G2J2T3D3H

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.
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.)
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II

Admin total

$100K

$1135 / participant

Other / not subdivided$100K100.0%

% of EOY assets

2.880%

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

$37,695

$87,834-57.1%

$133,975-71.9%

$62,881-40.1%

Participation rate

92.0%

83.4%+8.7pp

87.1%+5.0pp

69.3%+22.7pp

Annual return

5.42%

12.05%-6.6pp

29.29%-23.9pp

20.14%-14.7pp

Employer contribution / active EE

$2,958

$3,482-15.1%

$5,211-43.2%

$2,281+29.7%

Participant deferral / active EE

$1,780

$4,812-63.0%

$6,282-71.7%

$3,203-44.4%

Admin fee / account holder

$1,086

$5,372-79.8%

$9,324-88.4%

$4,296-74.7%

FIRST NEW MEXICO FINANCIAL CORPORATION 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

FIRST NEW MEXICO FINANCIAL CORPORATION 401(K) 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