Plan Snapshot
- Plan Sponsor: Herring Bank
- Sponsor EIN: 750330569
- Sponsor Address: PO BOX 50488, AMARILLO, TX, 79159
- Plan Type: 401(k)
- Plan Number: 002
- Total Participants: 192
- Total Assets: $8.3M
Key Plan Design Features
- Auto-Enrollment: Yes
- Auto-Escalation: No
- Allows Roth Contributions: Yes
- Participant Loans: Yes
- Participant-Directed Investments: Yes
- ERISA Section 404(c) Fiduciary Safe Harbor: Yes
Plan Financials by Year
| Year | Participants | Total Assets | Employer Contrib. | Employee Contrib. |
|---|---|---|---|---|
| 2025 | 192 | $8.3M | $0 | $0 |
| 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 INSURANCE AGENCY, LLC | Other Service Provider | — | $37,281 | $37,281 |
| NATIONWIDE | Recordkeeper | $24,954 | $7,044 | $31,998 |
| MEEDER INVESTMENT MANAGEMENT | Other Service Provider | $14,969 | — | $14,969 |
| INWEST RETIREMENT SOLUTIONS | Recordkeeper | $4,048 | $2,642 | $6,690 |
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $90,938
- Estimated Expense Ratio: 1.098% 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 |
|---|---|---|---|---|---|
| 2025 | $463,748 | $52,250 | $6,689 | — | — |
| 2024 | $86,739 | $44,570 | $12,129 | — | — |
| 2023 | $74,398 | $70,554 | $3,844 | — | — |
| 2022 | $77,397 | $72,731 | $4,666 | — | — |