Farmers State Bank

Plan name Farmers State Bank Employees’ 401(k) Profit Sharing Plan & Trust
Location Marion, Iowa
Asset size $24.1MM
Participants 185
Industry Commerical Banking
Participation rate 93%
Average deferral rate 7.5%
# of funds offered 28
Investment review Quarterly
True-up match No
Match vesting period Immediately once qualified (after 1 year of employment)
Eligibility First of the month following employment
Default deferral rate 3%
Default investment Retail Target-date Fund (Active Management)
Automatic escalation Opt-out
Systematic withdrawals No
Fee equalization Not applicable
Match rate 100% on the first 3% of salary deferral, then 50% of next 2%
% receiving full match >75%
Maximum employer contribution 10% – 12%
Financial education:
Saving/Budgeting Yes
Investing strategies Yes
College saving
Credit/Debt management
Tax/Estate planning
Retiree health costs/savings options Yes
Recordkeeper Ascensus
Note: Match rates and employer contributions are simplified for reporting purposes and may have other attributes (e.g., caps/limits, tiers, etc.) not listed here.
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