2019 Best in Class 401(k) Plans | Winner
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 |
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