FIRST BANK UPPER MICHIGAN DEF COMP P/S

Plan Contact

  • Address: 1400 DELTA AVENUE,GLADSTONE,MI
  • Contact person: RICHARD ENGLUND
  • Phone: (906) 428-3535

Plan General Information

FIRST BANK UPPER MICHIGAN DEF COMP P/S Total Retirement Plan Assets

At the end of 2023, the total retirement plan assets of FIRST BANK UPPER MICHIGAN DEF COMP P/S is $25,888,435.00.This plan was established in 1988.

FIRST BANK UPPER MICHIGAN DEF COMP P/S Total Number of Retirement Plan Participants

At the end of 2023, the total number of retirement plan participants in FIRST BANK UPPER MICHIGAN DEF COMP P/S is 184

FIRST BANK UPPER MICHIGAN DEF COMP P/S Average Participant Retirement Account Value

In 2023, the average participant retirement account value for FIRST BANK UPPER MICHIGAN DEF COMP P/S is $140,698.00

FIRST BANK UPPER MICHIGAN DEF COMP P/S Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for FIRST BANK UPPER MICHIGAN DEF COMP P/S is $3,613.00.

FIRST BANK UPPER MICHIGAN DEF COMP P/S Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in FIRST BANK UPPER MICHIGAN DEF COMP P/S is approximately $2,290.00
Investing in this additonal $2,290.00 for 20 years would give you extra $146,586.00, assuming a 10% annual return.

FIRST BANK UPPER MICHIGAN DEF COMP P/S Total Employer Contribution and Match Rate

In 2023, FIRST BANK UPPER MICHIGAN DEF COMP P/S allocates $421,435.00 to match its employees' contributions, providing an employer match rate of 62.54% of their contributions

FIRST BANK UPPER MICHIGAN DEF COMP P/S Total Retirement Plan Asset Growth Rate

In 2023, the total retirement plan asset growth rate of FIRST BANK UPPER MICHIGAN DEF COMP P/S is 17.05%.

FIRST BANK UPPER MICHIGAN DEF COMP P/S Estimated Aggregate Retirement Account Investment Gain/Loss

In 2023, the estimated aggregate retirement account investment gain/loss for FIRST BANK UPPER MICHIGAN DEF COMP P/S is 17.07%. This measures the effectiveness of the plan participants' investments in the year.

FIRST BANK UPPER MICHIGAN DEF COMP P/S Expense Ratio

In 2023, the investment and administrative expense ratio of FIRST BANK UPPER MICHIGAN DEF COMP P/S is 0.01%.

Enrollment Features

FIRST BANK UPPER MICHIGAN DEF COMP P/S has the following features:
    Default Investments: It uses a default investment account for participants or employees who fail to direct assets in their account.

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