Plan Snapshot
- Plan Sponsor: Herring Bank
- Sponsor EIN: 750330569
- Sponsor Address: PO BOX 50488, AMARILLO, TX, 79159
- Plan Type: 401(k)
- Total Participants: 154
- Total Assets: $6.8M
Key Plan Design Features
- Auto-Enrollment: Yes
- Auto-Escalation: No
- Allows Roth Contributions: Yes
- Participant Loans: Yes
- Participant-Directed Investments: No
- ERISA Section 404(c) Fiduciary Safe Harbor: Yes
Plan Financials by Year
| Year | Participants | Total Assets | Employer Contrib. | Employee Contrib. |
|---|---|---|---|---|
| 2024 | 154 | $6.8M | $225,025 | $531,919 |
| 2023 | 142 | $6.5M | $184,447 | $435,421 |
| 2022 | 129 | $6.4M | $221,005 | $558,822 |
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 |
|---|---|---|---|---|
| MML INVESTORS SERVICES, LLC | FINANCIAL ADVSR | — | $30,883 | $30,883 |
| NATIONWIDE | INVESTMENT ADVISORY | $23,600 | $6,441 | $30,041 |
| MEEDER | INV MANAGER | $13,687 | — | $13,687 |
| INWEST RETIREMENT SOLUTIONS | TPA | $3,844 | $8,286 | $12,130 |
| JOHNSON & SHELDON PLC | Auditor | — | — | $0 |
Verified Provider Profiles
Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:
- MML INVESTORS SERVICES, LLC — FINANCIAL ADVSR
- NATIONWIDE — INVESTMENT ADVISORY
- JOHNSON & SHELDON PLC — Auditor
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $86,741
- Estimated Expense Ratio: 1.272% 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 | $86,739 | $44,570 | $12,129 | — | — |
| 2023 | $74,398 | $70,554 | $3,844 | — | — |
| 2022 | $77,397 | $72,731 | $4,666 | — | — |