Plan Snapshot
- Plan Sponsor: First National Bank
- Sponsor EIN: 540211100
- Sponsor Address: 622 BROAD STREET, ALTAVISTA, VA, 24517
- Plan Type: 401(k)
- Total Participants: 180
- Total Assets: $12.5M
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 | 180 | $12.5M | $317,998 | $752,316 |
| 2023 | 176 | $9.5M | $326,786 | $685,339 |
| 2022 | 179 | $8.1M | $290,545 | $658,445 |
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 |
|---|---|---|---|---|
| CHERRY BEKAERT LLP | Auditor | — | — | $0 |
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $0
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 | $86,935 | $28,013 | $58,522 | — | — |
| 2023 | $67,738 | $20,854 | $46,734 | — | — |
| 2022 | $66,308 | — | — | — | — |