401k Plan data: THE STATE BANK OF FARIBAULT 401K PROFIT SHARING PL plan

THE STATE BANK OF FARIBAULT 401K PROFIT SHARING PL 401k Plan overview

Plan Name	THE STATE BANK OF FARIBAULT 401K PROFIT SHARING PL
Plan identification number	001

THE STATE BANK OF FARIBAULT 401K PROFIT SHARING PL Benefits

401k Plan Type

Defined Contribution Pension

Plan Features/Benefits

Age/Service Weighted or new comparability or similar plan - Age/Service Weighted Plan: Allocations are based on age, service, or age and service. New comparability or similar plan: Allocations are based on participant classifications and a classification(s) consists entirely or predominantly of highly compensated employees; or the plan provides an additional allocation rate on compensation above a specified threshold, and the theshold or additional rate exceeds the maximum threshold or rate allowed under the permitted disparity rules of section 401(l).
Profit-sharing
ERISA section 404(c) Plan - This plan, or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1.
Total participant-directed account plan - Participants have the opportunity to direct the investment of all the assets allocated to their individual accounts, regardless of whether 29 CFR 2550.404c-1 is intended to be met.
Code section 401(k) feature - A cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan that provides for an election by employees to defer part of their compensation or receive these amounts in cash.
Code section 401(m) arrangement - Employee contributions are allocated to separate accounts under the plan or employer contributions are based, in whole or in part, on employee deferrals or contribtions to the plan. Not applicable if plan is 401(k) plan with only QNECs and/or QMACs. Also not applicable if Code section 403(b)(1), 403(b)(7) or 408 arrangements/accounts/annuities.
Participant-directed brokerage accounts provided as an investment option under the plan.
Total or partial participant-directed account plan - plan uses default investment account for participants who fail to direct assets in their account.
Master plan - A pension plan that is made available by a sponsor for adoption by employers; that is the subject of a favorable opinion letter; and for which a single funding medium (for example, a trust or custodial account) is established for the joint use of all adopting employers.

401k Sponsoring company profile

THE STATE BANK OF FARIBAULT has sponsored the creation of one or more 401k plans.

Company Name: THE STATE BANK OF FARIBAULT

Employer identification number (EIN): 410246420

NAIC Classification: 522110
NAIC Description: Commercial Banking

Form 5500 Filing Information

Submission information for form 5500 for 401k plan THE STATE BANK OF FARIBAULT 401K PROFIT SHARING PL

Plan id# Filing Submission Date Name of Administrator Date Administrator Signed Name of Company Sponsor Date Sponsor Signed
001 2022-01-01 HENRY SCHUTZ 2023-10-04
001 2021-01-01 HENRY SCHUTZ 2022-07-07
001 2020-01-01 HENRY SCHUTZ 2021-07-07
001 2018-01-01 HENRY SCHUTZ 2019-07-03 HENRY SCHUTZ 2019-07-03
001 2017-01-01 HENRY SCHUTZ
001 2016-01-01 HENRY SCHUTZ
001 2015-01-01
001 2014-01-01 HENRY D. SCHUTZ 2015-07-09
001 2013-01-01 LISA EVERT 2014-07-01
001 2012-01-01 LISA EVERT 2014-06-04
001 2011-01-01 LISA EVERT 2012-05-10
001 2010-01-01 LISA EVERT 2011-05-17

Plan id#	Filing Submission Date	Name of Administrator	Date Administrator Signed	Name of Company Sponsor	Date Sponsor Signed
001	2022-01-01	HENRY SCHUTZ	2023-10-04
001	2021-01-01	HENRY SCHUTZ	2022-07-07
001	2020-01-01	HENRY SCHUTZ	2021-07-07
001	2018-01-01	HENRY SCHUTZ	2019-07-03	HENRY SCHUTZ	2019-07-03
001	2017-01-01	HENRY SCHUTZ
001	2016-01-01	HENRY SCHUTZ
001	2015-01-01
001	2014-01-01	HENRY D. SCHUTZ	2015-07-09
001	2013-01-01	LISA EVERT	2014-07-01
001	2012-01-01	LISA EVERT	2014-06-04
001	2011-01-01	LISA EVERT	2012-05-10
001	2010-01-01	LISA EVERT	2011-05-17

Plan Statistics for THE STATE BANK OF FARIBAULT 401K PROFIT SHARING PL

401k plan membership statisitcs for THE STATE BANK OF FARIBAULT 401K PROFIT SHARING PL

Measure Date Value
2017: THE STATE BANK OF FARIBAULT 401K PROFIT SHARING PL 2017 401k membership
Total participants, beginning-of-year 2017-01-01 55
Total number of active participants reported on line 7a of the Form 5500 2017-01-01 45
Number of retired or separated participants receiving benefits 2017-01-01 0
Number of other retired or separated participants entitled to future benefits 2017-01-01 14
Total of all active and inactive participants 2017-01-01 59
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits 2017-01-01 0
Total participants 2017-01-01 59
Number of participants with account balances 2017-01-01 59
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested 2017-01-01 0
2016: THE STATE BANK OF FARIBAULT 401K PROFIT SHARING PL 2016 401k membership
Total participants, beginning-of-year 2016-01-01 60
Total number of active participants reported on line 7a of the Form 5500 2016-01-01 42
Number of retired or separated participants receiving benefits 2016-01-01 0
Number of other retired or separated participants entitled to future benefits 2016-01-01 13
Total of all active and inactive participants 2016-01-01 55
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits 2016-01-01 0
Total participants 2016-01-01 55
Number of participants with account balances 2016-01-01 55
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested 2016-01-01 0

Measure	Date	Value
2017: THE STATE BANK OF FARIBAULT 401K PROFIT SHARING PL 2017 401k membership
Total participants, beginning-of-year	2017-01-01	55
Total number of active participants reported on line 7a of the Form 5500	2017-01-01	45
Number of retired or separated participants receiving benefits	2017-01-01	0
Number of other retired or separated participants entitled to future benefits	2017-01-01	14
Total of all active and inactive participants	2017-01-01	59
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits	2017-01-01	0
Total participants	2017-01-01	59
Number of participants with account balances	2017-01-01	59
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested	2017-01-01	0
2016: THE STATE BANK OF FARIBAULT 401K PROFIT SHARING PL 2016 401k membership
Total participants, beginning-of-year	2016-01-01	60
Total number of active participants reported on line 7a of the Form 5500	2016-01-01	42
Number of retired or separated participants receiving benefits	2016-01-01	0
Number of other retired or separated participants entitled to future benefits	2016-01-01	13
Total of all active and inactive participants	2016-01-01	55
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits	2016-01-01	0
Total participants	2016-01-01	55
Number of participants with account balances	2016-01-01	55
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested	2016-01-01	0

Financial Data on THE STATE BANK OF FARIBAULT 401K PROFIT SHARING PL

Measure	Date	Value
2017 : THE STATE BANK OF FARIBAULT 401K PROFIT SHARING PL 2017 401k financial data
Total income from all sources	2017-12-31	$1,210,070
Expenses. Total of all expenses incurred	2017-12-31	$116,382
Benefits paid (including direct rollovers)	2017-12-31	$89,775
Total plan assets at end of year	2017-12-31	$7,148,285
Total plan assets at beginning of year	2017-12-31	$6,054,597
Value of fidelity bond covering the plan	2017-12-31	$3,000,000
Total contributions received or receivable from participants	2017-12-31	$214,863
Other income received	2017-12-31	$778,609
Net income (gross income less expenses)	2017-12-31	$1,093,688
Net plan assets at end of year (total assets less liabilities)	2017-12-31	$7,148,285
Net plan assets at beginning of year (total assets less liabilities)	2017-12-31	$6,054,597
Assets. Value of participant loans	2017-12-31	$23,546
Total contributions received or receivable from employer(s)	2017-12-31	$216,598
Expenses. Administrative service providers (salaries,fees and commissions)	2017-12-31	$26,607
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities	2017-12-31	$0
2016 : THE STATE BANK OF FARIBAULT 401K PROFIT SHARING PL 2016 401k financial data
Total income from all sources	2016-12-31	$487,790
Expenses. Total of all expenses incurred	2016-12-31	$654,785
Benefits paid (including direct rollovers)	2016-12-31	$652,834
Total plan assets at end of year	2016-12-31	$6,054,597
Total plan assets at beginning of year	2016-12-31	$6,221,592
Value of fidelity bond covering the plan	2016-12-31	$500,000
Total contributions received or receivable from participants	2016-12-31	$186,154
Other income received	2016-12-31	$301,636
Net income (gross income less expenses)	2016-12-31	$-166,995
Net plan assets at end of year (total assets less liabilities)	2016-12-31	$6,054,597
Net plan assets at beginning of year (total assets less liabilities)	2016-12-31	$6,221,592
Assets. Value of participant loans	2016-12-31	$29,738
Expenses. Administrative service providers (salaries,fees and commissions)	2016-12-31	$1,951
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities	2016-12-31	$0

Form 5500 Responses for THE STATE BANK OF FARIBAULT 401K PROFIT SHARING PL

2017: THE STATE BANK OF FARIBAULT 401K PROFIT SHARING PL 2017 form 5500 responses
2017-01-01	Type of plan entity	Single employer plan
2017-01-01	Submission has been amended	No
2017-01-01	This submission is the final filing	No
2017-01-01	This return/report is a short plan year return/report (less than 12 months)	No
2017-01-01	Plan is a collectively bargained plan	No
2017-01-01	Plan funding arrangement – Trust	Yes
2017-01-01	Plan benefit arrangement - Trust	Yes
2016: THE STATE BANK OF FARIBAULT 401K PROFIT SHARING PL 2016 form 5500 responses
2016-01-01	Type of plan entity	Single employer plan
2016-01-01	Submission has been amended	No
2016-01-01	This submission is the final filing	No
2016-01-01	This return/report is a short plan year return/report (less than 12 months)	No
2016-01-01	Plan is a collectively bargained plan	No
2016-01-01	Plan funding arrangement – Insurance	Yes
2016-01-01	Plan funding arrangement – Trust	Yes
2016-01-01	Plan benefit arrangement – Insurance	Yes
2016-01-01	Plan benefit arrangement - Trust	Yes

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Company Name:	THE STATE BANK OF FARIBAULT
Employer identification number (EIN):	410246420
NAIC Classification:	522110
NAIC Description:	Commercial Banking