# First American Bank Health & Welfare Plan
Source: https://planprovider.pro/companies/first-american-bank-850020635-501

> First American Bank's Health & Welfare plan: 200 participants, plan year 2024 financials, providers, and benchmarks from Form 5500.

Form 5500 filing data for plan year 2024.

## Plan Snapshot

- **Plan Sponsor:** First American Bank

- **Sponsor EIN:** 850020635

- **Sponsor Address:** 303 W. MAIN STREET, ARTESIA, NM, 882103719

- **Plan Type:** Health & Welfare

- **Plan Number:** 501

- **Total Participants:** 200

- **Total Assets:** $179,138

## Key Plan Design Features

- **Auto-Enrollment:** No

- **Auto-Escalation:** No

- **Allows Roth Contributions:** No

- **Participant Loans:** No

- **Participant-Directed Investments:** No

- **ERISA Section 404(c) Fiduciary Safe Harbor:** No

## Plan Financials by Year

| Year|Participants|Total Assets|Employer Contrib.|Employee Contrib.|

| 2024|200|$179,138|$1.5M|$721,554|

| 2023|224|$201,727|$1.7M|$638,798|

| 2022|186|$252,282|$1.7M|$562,347|

## Service Providers (Schedule C)

Vendors paid $5,000 or more for services to the plan, ranked by total compensation (direct + indirect fees).

| Provider Name|
Role|
Direct Compensation|
Indirect Compensation|
Total Fees|

| BLUECROSS BLUESHIELD OF NEW MEXICO|Other Service Provider|$125,569|—|$125,569|

| AON CORPORATION|Recordkeeper|$17,257|—|$17,257|

### Verified Provider Profiles

Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:

- [AON CORPORATION](https://planprovider.pro/provider/alight-solutions) — Recordkeeper

## Plan Fees & Expenses

Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.

- **Total Service Provider Fees:** $142,826

- **Estimated Expense Ratio:** 79.730% of plan assets

### Historical Administrative Expenses

Breakdown of administrative expense categories reported on Form 5500 filings.

| Year|
Total Admin Expenses|
Investment Mgmt Fees|
Contract Admin Fees|
IQPA Audit Fees|
Professional Fees|

| 2024|$748,445|—|$748,445|—|—|

| 2023|$611,118|—|$611,118|—|—|

| 2022|$550,343|—|—|—|$550,343|

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