Plan Snapshot
- Plan Sponsor: First Bancorp
- Sponsor EIN: 561421916
- Sponsor Address: 300 SW BROAD STREET, SOUTHERN PINES, NC, 28387
- Plan Type: 401(k)
- Total Participants: 1,396
- Total Assets: $164.2M
Key Plan Design Features
- Auto-Enrollment: Yes
- Auto-Escalation: No
- Allows Roth Contributions: Yes
- Participant Loans: No
- Participant-Directed Investments: Yes
- ERISA Section 404(c) Fiduciary Safe Harbor: Yes
Plan Financials by Year
| Year | Participants | Total Assets | Employer Contrib. | Employee Contrib. |
|---|---|---|---|---|
| 2024 | 1,396 | $164.2M | $7.1M | $8.0M |
| 2023 | 1,378 | $138.4M | $6.3M | $8.3M |
| 2022 | 1,169 | $107.9M | $5.1M | $6.8M |
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 |
|---|---|---|---|---|
| FIDELITY INVESTMENTS INSTITUTIONAL | RECORDKEEPER | $98,835 | — | $98,835 |
| STRATEGIC ADVISORS, INC. | ADVISOR | $27,002 | — | $27,002 |
| CROWE LLP | Auditor | — | — | $0 |
Verified Provider Profiles
Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:
- FIDELITY INVESTMENTS INSTITUTIONAL — RECORDKEEPER
- STRATEGIC ADVISORS, INC. — ADVISOR
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $125,837
- Estimated Expense Ratio: 0.077% 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 | $125,906 | $27,002 | — | — | — |
| 2023 | $106,052 | $21,881 | — | — | — |
| 2022 | $113,000 | $16,661 | — | — | — |