Plan Snapshot
- Plan Sponsor: Summit Financial Group, INC.
- Sponsor EIN: 550672148
- Sponsor Address: 300 NORTH MAIN STREET, MOOREFIELD, WV, 26836
- Plan Type: 401(k)
- Plan Number: 001
- Total Participants: 487
- Total Assets: $43.0M
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. |
|---|---|---|---|---|
| 2023 | 487 | $43.0M | $973,459 | $2.0M |
| 2022 | 421 | $36.5M | $828,210 | $1.6M |
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 |
|---|---|---|---|---|
| EMPOWER ANNUITY INSURANCE COMPANY O | Recordkeeper | $67,011 | — | $67,011 |
| MORGAN STANLEY | Investment Advisor | $42,831 | — | $42,831 |
| METRO BENEFITS, INC. | Other Service Provider | $8,134 | $5,846 | $13,980 |
| BAKER TILLY VIRCHOW KRAUSE, LLP | Auditor | $13,005 | — | $13,005 |
Verified Provider Profiles
Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:
- MORGAN STANLEY — Investment Advisor
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $136,827
- Estimated Expense Ratio: 0.318% 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 |
|---|---|---|---|---|---|
| 2023 | $79,479 | — | $79,479 | — | — |
| 2022 | $133,394 | — | — | — | — |