Plan Snapshot
- Plan Sponsor: Paragon Bank
- Sponsor EIN: 201022853
- Sponsor Address: 5400 POPLAR AVE., SUITE 350, MEMPHIS, TN, 38119
- Plan Type: 401(k)
- Total Participants: 122
- Total Assets: $17.4M
Key Plan Design Features
- Auto-Enrollment: Yes
- Auto-Escalation: No
- Allows Roth Contributions: No
- 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 | 122 | $17.4M | $624,415 | $860,214 |
| 2023 | 109 | $14.1M | $548,670 | $724,955 |
| 2022 | 102 | $12.0M | $584,308 | $648,706 |
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 |
|---|---|---|---|---|
| INDEPENDENT FINANCIAL PARTNERS | Other Service Provider | $33,856 | — | $33,856 |
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $33,856
- Estimated Expense Ratio: 0.194% 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 | $34,536 | $33,856 | $680 | — | — |
| 2023 | $27,894 | $26,883 | — | — | — |
| 2022 | $23,793 | $23,793 | — | — | — |