Plan Ledger DOL Form 5500 · updated monthly

First State Bank401(k)

FIRST STATE BANK PROFIT SHARING 401(K) PLAN · WAYNESBORO, MS · plan year 2024

Employer contribution per participant · 2024
$1,692

First State Bank's 2024 Form 5500 did not separately report plan administrative expenses, which is common where recordkeeping is paid through investment revenue-sharing or a master trust. The plan held $9,895,022 across 153 participant accounts, with employer contributions averaging $1,692 per active participant. See methodology for what Form 5500 does and doesn't capture.

The plan sits in the $1M–$10M size bracket, benchmarked here against 18,840 comparable plans and shown alongside other finance & insurance employers. By assets it is the 175th-largest of 367 plans among Mississippi employers on file, and 3,997th of 4,798 in finance & insurance. In 2024, employees put in $1.88 for every $1.00 the employer contributed.

Plan summary
Net assets, end of year$9,895,022
Participants with balances153
Active participants141
Employer contributions$238,565
Employee contributions$448,012
Employer contribution per active participant$1,692
Average account balance$64,673
Benefits paid to participants$404,482
Plan auditUnmodified (clean) audit opinion
AuditorWATKINS, WARD AND STAFFORD, PLLC
Plan history3
Yearassets · accounts · employer contribution
2024$9.9M · 153 accts · $239K emplr
2023$8.5M · 145 accts · $238K emplr
2022$7.6M · 146 accts · $226K emplr
The First State Bank 401(k) match · 2024
Employer contribution per active participant$1,692
Median for plans this size$1,313
2024$1,692 per active participant
2023$1,738 per active participant
2022$1,671 per active participant

First State Bank's 2024 employer contribution ran above the $1,313 median for plans its size. Filings report dollars actually contributed, not the match formula; the formula itself (for example, 50% of the first 6% of pay) lives in the plan's summary plan description from HR.

Administrative cost history3
2024Not separately reported
2023Not separately reported
2022$536 · 0.01%
Same employer
Similar plansFinance & Insurance · Mississippi
Merchants & Marine Bank MS$11.0M · 0.23%
Southwest Security, Inc. MS$10.0M · 0.96%

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Source: U.S. Department of Labor, Form 5500 series, EIN 640659655 · Verify on EFAST2 · Amounts are as reported by the plan sponsor for the plan year shown.