Plan Snapshot
- Plan Sponsor: Verabank, INC.
- Sponsor EIN: 752371232
- Sponsor Address: 201 WEST MAIN STREET, HENDERSON, TX, 756523106
- Plan Type: 401(k)
- Total Participants: 524
- Total Assets: $88.7M
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: No
Plan Financials by Year
| Year | Participants | Total Assets | Employer Contrib. | Employee Contrib. |
|---|---|---|---|---|
| 2024 | 524 | $88.7M | $3.4M | $3.5M |
| 2023 | 519 | $75.9M | $2.6M | $3.1M |
| 2022 | 498 | $65.5M | $2.2M | $2.6M |
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 |
|---|---|---|---|---|
| PRINCIPAL LIFE INSURANCE COMPANY | CONTRACT ADMINISTRATOR | $125,705 | — | $125,705 |
| PROTHRO WILHELMI | Auditor | — | — | $0 |
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $125,705
- Estimated Expense Ratio: 0.142% 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 | $125,705 | — | $125,705 | — | — |
| 2023 | $103,266 | — | $103,266 | — | — |
| 2022 | $111,368 | — | $111,368 | — | — |