Recordkeeping fees per participant
not reported
Not reported on this filing.
Employers › Summit Financial Group
Summit Financial Group 401(k)
- Management of companies and enterprises
- Moorefield, WV
- EIN 55-0672148
- 1 plan with Schedule H financials
- Plan year 2023
- Summit Financial Group, Inc.
Administrative expenses excluding investment management, per participant · Summit Financial Group, Inc. Defined Contribution Plan · plan year 2023
$136.09
Higher than 62% of the 23,494 plans $10 to 50M that report it.
Source
= $79,479 / 584
derived, admin_expenses (2i(12)) minus invst_mgmt_fees (2i(5)), floored at 0; filing 20241015091120NAL0016036723001, received 2024-10-15
participants_with_balance: Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20241015091120NAL0016036723001, received 2024-10-15
Percentiles compare this plan with the Schedule H plans $10 to 50M in assets of the same plan year, excluding final filings; shown only where at least 50 comparable plans report the figure. Plan year 2023-01-01 to 2023-12-31, filing received 2024-10-15.
Cost and contributions
Administrative expenses per participant
$136.09
Higher than 40% of the 24,286 plans $10 to 50M that report it.
Source
= $79,479 / 584
Schedule H, line 2i(12) total administrative expenses; TOT_ADMIN_EXPENSES_AMT pos 109; filing 20241015091120NAL0016036723001, received 2024-10-15
participants_with_balance: Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20241015091120NAL0016036723001, received 2024-10-15
Administrative expenses as a share of assets
0.185%
Higher than 35% of the 24,321 plans $10 to 50M that report it.
Source
= $79,479 / $42,967,066
Schedule H, line 2i(12) total administrative expenses; TOT_ADMIN_EXPENSES_AMT pos 109; filing 20241015091120NAL0016036723001, received 2024-10-15
assets_eoy: Schedule H, Part I line 1f col (b); TOT_ASSETS_EOY_AMT pos 61; filing 20241015091120NAL0016036723001, received 2024-10-15
Employer contributions per participant
$1,667
Higher than 39% of the 23,376 plans $10 to 50M that report it.
Source
= $973,459 / 584
Schedule H, Part II line 2a(1)(A); EMPLR_CONTRIB_INCOME_AMT pos 68; filing 20241015091120NAL0016036723001, received 2024-10-15
participants_with_balance: Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20241015091120NAL0016036723001, received 2024-10-15
Employer share of total contributions
23.8%
Higher than 35% of the 23,409 plans $10 to 50M that report it.
Source
= $973,459 / $4,085,129
Schedule H, Part II line 2a(1)(A); EMPLR_CONTRIB_INCOME_AMT pos 68; filing 20241015091120NAL0016036723001, received 2024-10-15
total_contrib: Schedule H, line 2a(3); TOT_CONTRIB_AMT pos 72; filing 20241015091120NAL0016036723001, received 2024-10-15
Plan terms, as stated in Summit Financial Group, Inc.'s SEC filings
Plan terms are described in Summit Financial Group, Inc.'s SEC filings: Form 10-K filed 2024-03-12. No term could be quoted from them with the required precision.
Plan features
2E profit-sharing · 2F ERISA 404(c) plan · 2G fully participant-directed · 2J 401(k) feature · 2K 401(m) arrangement · 2S pre-approved plan document · 2T default investment (QDIA) · 3D IRS pre-approved plan · 3H controlled-group sponsor · Form 5500, line 8a; TYPE_PENSION_BNFT_CODE pos 81; filing 20241015091120NAL0016036723001, received 2024-10-15
Full record, Summit Financial Group, Inc. Defined Contribution Plan
| Field | Value | Source |
|---|---|---|
| Plan sponsor | SUMMIT FINANCIAL GROUP, INC. | Form 5500, Part II line 2a; SPONSOR_DFE_NAME pos 19; filing 20241015091120NAL0016036723001, received 2024-10-15 |
| Plan name | SUMMIT FINANCIAL GROUP, INC. DEFINED CONTRIBUTION PLAN | Form 5500, line 1a; PLAN_NAME pos 16; filing 20241015091120NAL0016036723001, received 2024-10-15 |
| Sponsor EIN / plan number | 55-0672148 / 001 | Form 5500, line 2b; SPONS_DFE_EIN pos 44; filing 20241015091120NAL0016036723001, received 2024-10-15 |
| Plan type | single-employer | Form 5500, Part I line A; TYPE_PLAN_ENTITY_CD pos 4; filing 20241015091120NAL0016036723001, received 2024-10-15 |
| Sponsor location | MOOREFIELD, WV | Form 5500, line 2a; SPONS_DFE_MAIL_US_STATE pos 25; filing 20241015091120NAL0016036723001, received 2024-10-15 |
| Industry (business code) | 551111, Management of companies and enterprises | Form 5500, line 2d; BUSINESS_CODE pos 46; filing 20241015091120NAL0016036723001, received 2024-10-15 |
| Plan year | 2023-01-01 to 2023-12-31 | Form 5500, Part I plan year; FORM_PLAN_YEAR_BEGIN_DATE pos 2; filing 20241015091120NAL0016036723001, received 2024-10-15 |
| Filing received | 2024-10-15 | Form 5500, EFAST2 receipt date; DATE_RECEIVED pos 102; filing 20241015091120NAL0016036723001, received 2024-10-15 |
| Final filing | no | Form 5500, Part I line B; FINAL_FILING_IND pos 8; filing 20241015091120NAL0016036723001, received 2024-10-15 |
| Amended filing | no | Form 5500, Part I line B; AMENDED_IND pos 7; filing 20241015091120NAL0016036723001, received 2024-10-15 |
| Participants, beginning of year | 533 | Form 5500, line 5; TOT_PARTCP_BOY_CNT pos 71; filing 20241015091120NAL0016036723001, received 2024-10-15 |
| Active participants | 487 | Form 5500, line 6a(2); TOT_ACTIVE_PARTCP_CNT pos 72; filing 20241015091120NAL0016036723001, received 2024-10-15 |
| Participants, end of year | 613 | Form 5500, line 6f; TOT_ACT_RTD_SEP_BENEF_CNT pos 77; filing 20241015091120NAL0016036723001, received 2024-10-15 |
| Participants with an account balance | 584 | Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20241015091120NAL0016036723001, received 2024-10-15 |
| Total assets, beginning of year | $36,506,591 | Schedule H, Part I line 1f col (a); TOT_ASSETS_BOY_AMT pos 30; filing 20241015091120NAL0016036723001, received 2024-10-15 |
| Total assets, end of year | $42,967,066 | Schedule H, Part I line 1f col (b); TOT_ASSETS_EOY_AMT pos 61; filing 20241015091120NAL0016036723001, received 2024-10-15 |
| Net assets, end of year | $42,967,066 | Schedule H, line 1l col (b); NET_ASSETS_EOY_AMT pos 67; filing 20241015091120NAL0016036723001, received 2024-10-15 |
| Total income | $10,074,226 | Schedule H, Part II line 2d; TOT_INCOME_AMT pos 97; filing 20241015091120NAL0016036723001, received 2024-10-15 |
| Net income | $6,460,475 | Schedule H, line 2k; NET_INCOME_AMT pos 111; filing 20241015091120NAL0016036723001, received 2024-10-15 |
| Employer contributions | $973,459 | Schedule H, Part II line 2a(1)(A); EMPLR_CONTRIB_INCOME_AMT pos 68; filing 20241015091120NAL0016036723001, received 2024-10-15 |
| Participant contributions | $1,954,217 | Schedule H, line 2a(1)(B); PARTICIPANT_CONTRIB_AMT pos 69; filing 20241015091120NAL0016036723001, received 2024-10-15 |
| Other contributions (incl. rollovers) | $1,157,453 | Schedule H, line 2a(1)(C); OTH_CONTRIB_RCVD_AMT pos 70; filing 20241015091120NAL0016036723001, received 2024-10-15 |
| Total contributions | $4,085,129 | Schedule H, line 2a(3); TOT_CONTRIB_AMT pos 72; filing 20241015091120NAL0016036723001, received 2024-10-15 |
| Benefit payments | $3,528,674 | Schedule H, line 2e(4); TOT_DISTRIB_BNFT_AMT pos 101; filing 20241015091120NAL0016036723001, received 2024-10-15 |
| Total expenses (incl. benefit payments) | $3,613,751 | Schedule H, line 2j; TOT_EXPENSES_AMT pos 110; filing 20241015091120NAL0016036723001, received 2024-10-15 |
| Total administrative expenses | $79,479 | Schedule H, line 2i(12) total administrative expenses; TOT_ADMIN_EXPENSES_AMT pos 109; filing 20241015091120NAL0016036723001, received 2024-10-15 |
| Contract administrator fees | $79,479 | Schedule H, line 2i(2); CONTRACT_ADMIN_FEES_AMT pos 106; filing 20241015091120NAL0016036723001, received 2024-10-15 |
| IQPA audit fees | $0 | Schedule H, line 2i(4); IQPA_AUDIT_FEES_AMT pos 161; filing 20241015091120NAL0016036723001, received 2024-10-15 |
| Administrative expenses excluding investment management | $79,479 | derived, admin_expenses (2i(12)) minus invst_mgmt_fees (2i(5)), floored at 0; filing 20241015091120NAL0016036723001, received 2024-10-15 |
| Held in common/collective trusts | $0 | Schedule H, line 1c(9) col (b); INT_COMMON_TR_EOY_AMT pos 51; filing 20241015091120NAL0016036723001, received 2024-10-15 |
| Held in mutual funds | $35,493,139 | Schedule H, line 1c(13) col (b); INT_REG_INVST_CO_EOY_AMT pos 55; filing 20241015091120NAL0016036723001, received 2024-10-15 |
| Independent auditor | BAKER TILLY US LLP | Schedule H, Part III line 3a; ACCOUNTANT_FIRM_NAME pos 116; filing 20241015091120NAL0016036723001, received 2024-10-15 |
Position = column in the DOL layout for form year 2023. Filing 20241015091120NAL0016036723001, received 2024-10-15.
Service providers paid directly by the plan
| Provider | Relationship | Service codes | Direct compensation | Indirect |
|---|---|---|---|---|
| EMPOWER ANNUITY INSURANCE COMPANY Orecordkeeper | RECORDKEEPER | 64 Recordkeeping fees | $67,011 | yes |
| MORGAN STANLEY | INVESTMENT ADVISOR | 27 Investment advisory (plan) | $42,783 | no |
| BAKER TILLY VIRCHOW KRAUSE, LLPrecordkeeper | AUDITOR DER | 10 Accounting (including auditing); 62 Float revenue; 64 Recordkeeping fees | $13,005 | no |
| METRO BENEFITS, INC. | CONTRACT ADMIN | 13 Contract administrator | $8,134 | yes |
| EMPOWER ADVISORY GROUP, LLC | INVESTMENT MANAGEMENT | 28 Investment management | $2,994 | no |
| MORGAN STANLEY | OTHER | 99 Other fees | $48 | no |
Schedule C Part I line 2: name (a), service codes (b), relationship (c), direct compensation paid by the plan (d), indirect compensation received (e). Filing 20241015091120NAL0016036723001, received 2024-10-15.
No filing for the previous plan year is in the data, so there is no year-over-year comparison.
Alerts, claims and corrections
Sponsor name as filed: SUMMIT FINANCIAL GROUP, INC.; SEC registrant: SUMMIT FINANCIAL GROUP, INC. (CIK 811808, matched by EIN; display name from the Form 10-K cover).