Employer support
$1,999Reported employer contributions per active participant.
Higher than about 45% of comparable plansDepartment of Labor filing
Spot something wrong?SUMMIT FINANCIAL GROUP, INC.
SUMMIT FINANCIAL GROUP, INC. DEFINED CONTRIBUTION PLAN · For the plan year ended Dec 31, 2023
Public filing 2023 · received Oct 15, 2024Verified current terms Not available
Plan at a glance
How good does the filing look?
45filing comparison
out of 100
out of 100
The filing looks broadly typical among comparable plans. This is a filing comparison, not a complete benefits score.
People in the filing
487Active participants reported for 2023.
The filing does not say how many employees are currently contributing.Visible plan-paid fees
$149 / participantReported administrative expense—not every fee an employee may pay.
Lower cost than about 43% of comparable plansInvestment performance
Not availablePlan assets changed 17.7%, but that includes contributions, withdrawals, and market movement.
Asset change is not investment performance.What we still need to judge the benefit
See missing terms ↓Current match formula, vesting, eligibility, investment choices, fund expense ratios, and employee-level fees.
Filing comparison · 202345out of 100 among similar-size plans in the same industry when enough peers exist
How this filing compares
Reported employer contributions45th percentileTypical peer $2,174 · based on 266 comparable plans
Lower reported administrative expense43rd percentileTypical peer $127 · based on 271 comparable plans
This comparison uses historical filing figures. It does not compare current match formulas, vesting, investments, or employee fees.
The short version
What the latest filing tells us
For the plan year ended Dec 31, 2023, SUMMIT FINANCIAL GROUP, INC. reported $973,459 in employer contributions across the plan and 487 active participants. That works out to $1,999 per active participant. It is useful context, but it is not the current match formula and it does not show what any one employee received.
Active participants divided by all end-of-year plan participants. This is not the company participation rate because the filing does not report every eligible employee.
Change in reported employer contribution per active participant across the filing history shown.
Change in reported administrative expense per participant. Investment expenses may not be included.
A filing comparison among similar-size plans in the same industry when enough peers exist.
Where the public filing stops
Current match, vesting, eligibility, employee fees, and investment choices require a dated plan document. Until we have one, those details stay blank.
Latest financial record
Contributions, assets, and expenses
These figures are reported totals for the plan—not individual account balances or promises to any employee.
- Employer contributions
- $973,459
- Participant contributions
- $1,954,217
- Other contributions
- $1,157,453
- Employer share of reported contributions
- 33.3%
- Beginning assets
- $36,506,591
- Ending assets
- $42,967,066
- Ending net assets
- $42,967,066
- Ending liabilities
- Not reported
- Total income
- $10,074,226
- Total expenses
- $3,613,751
- Administrative expenses
- $79,479
- Participant loans
- $238,171
Three-year filing history
How the reported figures changed
Each chart uses its own scale and starts at zero. When the filing has no value, the chart says so rather than turning it into a zero.
2022
$1,967
2023
$1,999
2022
$259
2023
$149
2022
421
2023
487
| Plan year | Per active participant | Active participants | Plan assets | Filing ID |
|---|---|---|---|---|
| 2023 | $1,999 | 487 | 43M | 20241015091120NAL0016036723001 |
| 2022 | $1,967 | 421 | 36.5M | 20231016090130NAL0037886577001 |
Changes in plan assets are not the same as investment performance. Each row uses the selected public filing for that year.
Plan operations
Details worth knowing
- Participant loans as a share of plan assets
- 0.6%
- Independent accountant’s opinion
- Unqualified opinion Code 1
- Late participant contributions reported
- Not stated in the filing
- Public plan identifier
- 550672148-001
Reported plan details
Identity and filing status
- Plan type
- Retirement plan
- Employer arrangement
- Single-employer plan
- Plan effective date
- Dec 31, 1974
- Industry
- Management of companies
- Amended filing
- No
- Final filing for this plan
- No
- Short plan year
- No
- 401(k) feature reported
- Yes
Show DOL characteristic codes
2E2F2G2J2K2S2T3D3H
Current plan terms
Help fill the gap the filing leaves.
If you have a current SPD, fee disclosure, or enrollment guide, you can share it with us. We check the source and date before adding anything to the profile.
Filing ACK_ID20241015091120NAL0016036723001
Data sourceDOL Form 5500 bulk data ↗
Filing searchEFAST2 ↗