# First Bancorp 401(k) Plan
Source: https://planprovider.pro/companies/first-bancorp-401k-plan

> First Bancorp's 401(k) plan: 1,396 participants, plan year 2024 financials, providers, and benchmarks from Form 5500.

Form 5500 filing data for plan year 2024.

## 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](https://planprovider.pro/provider/fidelity-investments) — RECORDKEEPER

- [STRATEGIC ADVISORS, INC.](https://planprovider.pro/provider/creative-planning) — 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|—|—|—|

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