Retirement plan

FIRST UTAH BANCORPORATION 401(K) RETIREMENT SAVINGS PLAN

Name: FIRST UTAH BANK INC - FIRST UTAH BANCORPORATION 401(K) RETIREMENT SAVINGS PLAN (2024) Form 5500
Creator: FIRST UTAH BANK INC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, FIRST UTAH BANCORPORATION 401(K) RETIREMENT SAVINGS PLAN, FIRST UTAH BANK INC

FIRST UTAH BANK INCEIN 87-0344903Plan #001PY 2024

3826 S 2300 E - SALT LAKE CITY, UT 84109801-308-2216firstutahbank.comLinkedIn51-200 employeesbanking

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$11.2M

+20.0% from 2023

Total participants

161

-3.6% from 2023

Average account balance

$86,362

+38.5% from 2023

Annual return

15.77%

-0.27 pp from 2023

Benchmarks

See 2,180 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants100-249

Cohort2,180 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$11.23M

Not enough data

1 years with asset history on file

Average account balance

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

$86K

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.

130

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.

72.3%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.05M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$9K

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

+15.77%

Not enough data

1 years with return on file

Admin fee / account holder

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

$333

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: EMPOWER ANNUITY INSURANCE COMPANY Service code 64 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$41,036
MORGAN STANLEY SMITH BARNEY7 years Filed as: MORGAN STANLEY SMITH BARNEY LLC Service code 55 1 NEW YORK PLZ · NEW YORK, NY 10004	Other Commissions	$15,288
FIDELITY INVESTMENTS INSTITUTIONAL1 year Service code 64 · EIN 04-2647786	Recordkeeping Fees	$100

Plan features & details

Pension benefit codes2G2J2K2T3B3D2F

Plan features

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.
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.
3B
Plan covering self-employed individuals
Plan covering self-employed individuals.
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

1 tripped

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

$43K

$386 / participant

Recordkeeping$40K91.9%
Investment mgmt$3K8.1%

% of EOY assets

0.385%

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: TANNER LLC
Auditor EIN: 202253063
Audit fees: $0
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$86,362

$122,239-29.3%

$184,200-53.1%

$74,546+15.9%

Participation rate

72.3%

85.5%-13.2pp

86.8%-14.5pp

67.2%+5.1pp

Annual return

15.77%

19.95%-4.2pp

28.80%-13.0pp

1366.03%-1350.3pp

Employer contribution / active EE

$3,615

$4,537-20.3%

$6,424-43.7%

$2,624+37.7%

Participant deferral / active EE

$5,773

$7,139-19.1%

$9,132-36.8%

$4,347+32.8%

Admin fee / account holder

$333

$1,260-73.6%

$13,907-97.6%

$1,944-82.9%

Provider

Service type

Compensation

GREAT-WEST LIFE & ANNUITY INSURANCE2 years

Filed as: EMPOWER ANNUITY INSURANCE COMPANY

Service code 64

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$41,036

MORGAN STANLEY SMITH BARNEY7 years

Filed as: MORGAN STANLEY SMITH BARNEY LLC

Service code 55

1 NEW YORK PLZ · NEW YORK, NY 10004

Other Commissions

$15,288

FIDELITY INVESTMENTS INSTITUTIONAL1 year

Service code 64 · EIN 04-2647786

Recordkeeping Fees

$100

FIRST UTAH BANCORPORATION 401(K) RETIREMENT SAVINGS PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

FIRST UTAH BANCORPORATION 401(K) RETIREMENT SAVINGS 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