SBA DEFINED CONTRIBUTION PLAN FOR FIRST NATIONAL BANK
Plan Contact
- Address: 622 BROAD STREET,ALTAVISTA,VA
- Contact person: CINDY BEAZLEY
- Phone: (434) 369-3000
Plan General Information
SBA DEFINED CONTRIBUTION PLAN FOR FIRST NATIONAL BANK Total Retirement Plan Assets
At the end of 2023, the total retirement plan assets of SBA DEFINED CONTRIBUTION PLAN FOR FIRST NATIONAL BANK is $9,500,966.00.This plan was established in 1997.
SBA DEFINED CONTRIBUTION PLAN FOR FIRST NATIONAL BANK Total Number of Retirement Plan Participants
At the end of 2023, the total number of retirement plan participants in SBA DEFINED CONTRIBUTION PLAN FOR FIRST NATIONAL BANK is 204
SBA DEFINED CONTRIBUTION PLAN FOR FIRST NATIONAL BANK Average Participant Retirement Account Value
In 2023, the average participant retirement account value for SBA DEFINED CONTRIBUTION PLAN FOR FIRST NATIONAL BANK is $46,573.00
SBA DEFINED CONTRIBUTION PLAN FOR FIRST NATIONAL BANK Estimated Average Employee Contribution Amount
In 2023, the estimated average employee contribution amount per participant for SBA DEFINED CONTRIBUTION PLAN FOR FIRST NATIONAL BANK is $6,719.00.
SBA DEFINED CONTRIBUTION PLAN FOR FIRST NATIONAL BANK Estimated Average Employer Match
In 2023, the estimated average employer match for an employee in SBA DEFINED CONTRIBUTION PLAN FOR FIRST NATIONAL BANK is approximately $1,601.00
Investing in this additonal $1,601.00 for 20 years would give you extra $102,521.00, assuming a 10% annual return.
Investing in this additonal $1,601.00 for 20 years would give you extra $102,521.00, assuming a 10% annual return.
SBA DEFINED CONTRIBUTION PLAN FOR FIRST NATIONAL BANK Total Employer Contribution and Match Rate
In 2023, SBA DEFINED CONTRIBUTION PLAN FOR FIRST NATIONAL BANK allocates $326,786.00 to match its employees' contributions, providing an employer match rate of 47.68% of their contributions
SBA DEFINED CONTRIBUTION PLAN FOR FIRST NATIONAL BANK Total Retirement Plan Asset Growth Rate
In 2023, the total retirement plan asset growth rate of SBA DEFINED CONTRIBUTION PLAN FOR FIRST NATIONAL BANK is 17.87%.
SBA DEFINED CONTRIBUTION PLAN FOR FIRST NATIONAL BANK Estimated Aggregate Retirement Account Investment Gain/Loss
In 2023, the estimated aggregate retirement account investment gain/loss for SBA DEFINED CONTRIBUTION PLAN FOR FIRST NATIONAL BANK is 16.70%. This measures the effectiveness of the plan participants' investments in the year.
SBA DEFINED CONTRIBUTION PLAN FOR FIRST NATIONAL BANK Expense Ratio
In 2023, the investment and administrative expense ratio of SBA DEFINED CONTRIBUTION PLAN FOR FIRST NATIONAL BANK is 0.71%.
Enrollment Features
SBA DEFINED CONTRIBUTION PLAN FOR FIRST NATIONAL BANK has the following features:Automatic Enrollment: It provides automatic enrollment with elective contributions deducted from payroll.
Default Investments: It uses a default investment account for participants or employees who fail to direct assets in their account.
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