# Verabank, INC. 401(k) Plan
Source: https://planprovider.pro/companies/verabank-inc-401k-plan

> Verabank, INC.'s 401(k) plan: 524 participants, plan year 2024 financials, providers, and benchmarks from Form 5500.

Form 5500 filing data for plan year 2024.

## 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|—|—|

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