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Plan name
|
Farmers State Bank Employees’ 401(k) Profit Sharing Plan & Trust
|
|
Location
|
Marion, Iowa
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|
Asset size
|
$24.1MM
|
| Participants
|
185
|
|
Industry
|
Commerical Banking
|
|
Participation rate
|
93%
|
|
Average deferral rate
|
7.5%
|
|
# of funds offered
|
28
|
|
Investment review
|
Quarterly
|
|
True-up match
|
No
|
|
Match vesting period
|
Immediately once qualified (after 1 year of employment)
|
|
Eligibility
|
First of the month following employment
|
|
Default deferral rate
|
3%
|
|
Default investment
|
Retail Target-date Fund (Active Management)
|
|
Automatic escalation
|
Opt-out
|
|
Systematic withdrawals
|
No
|
|
Fee equalization
|
Not applicable
|
|
|
|
|
Match rate
|
100% on the first 3% of salary deferral, then 50% of next 2%
|
|
% receiving full match
|
>75%
|
|
Maximum employer contribution
|
10% – 12%
|
|
|
|
|
Financial education:
|
|
|
Saving/Budgeting
|
Yes
|
|
Investing strategies
|
Yes
|
|
College saving
|
|
|
Credit/Debt management
|
|
|
Tax/Estate planning
|
|
|
Retiree health costs/savings options
|
Yes
|
|
|
|
|
Recordkeeper
|
Ascensus
|
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