FIRST BANK OF BANCROFT

301 MAIN ST
BANCROFT, NE 68004

Talking Points

LCM Rate

LCMs have the largest effect on your WC costs. Carriers file LCM's which are multiplied with the state approved Loss Costs for your employment classifications to create your policy rates. Carrier Groups have several Carrier Tier's each with their own filing, allowing their underwriters to price aggressively to overly prudent depending on the risk.

  • The LCM of the Current Carrier is Higher than 75% of peers.
  • Shopping around for a carrier that would provide a more competative tier would make sense.
Needs Attention

Market Competitiveness

We measure relative change (when a business chooses a different WC provider), and market share distribution over a rolling 24 months as compared to it's industry and state level activity to determine how competitive carriers are for your class of business.

  • 0% of peers have changed carriers since last year.
  • Current Carrier's market share is in the 50th percentile at 87.5% of the market.
Needs Attention

Business Stats

Policy History

Term Carrier LCM
2023

1.250
2022

1.250
2021

1.250
2020

1.350
2019
12-01-2019

1.237
2018
12-01-2018

1.410

Contacts

NPTNWQQ XJNV
Benefits Admin
(961) 702-1385
6cb5a

a3b
64eb
grkretz2@lnmpyyxji.ibq

Industry Classification

Retirement Benefits

Financials

202120202019201820172016201520142013201220112010
BOY Assets: $ 909,800 $ 459,352 $ 650,342 $ 779,247 $ 356,370 $ 370,567 $ 292,911 $ 237,804 $ 906,919 $ 716,141 $ 301,521 $ 229,050
Liabilities: $ 0 $ 65 $ 8 $ 4 $ 7 $ 15 $ 4 $ 7
EE Contrib: $ 16,608 $ 18,218 $ 97,206 $ 94,774 $ 13,313 $ 85,760 $ 61,408 $ 75,001 $ 40,713 $ 75,788 $ 87,994 $ 51,823
Emp Contrib: $ 12,600 $ 61,195 $ 67,388 $ 37,477 $ 78,215 $ 42,277 $ 66,059 $ 8,130 $ 3,223 $ 35,308 $ 36,392 $ 80,565
Income/Loss: $ 129,513 $ 47,805 $ 555,135($ 20,604) $ 50,037 $ 46,863($ 3,670) $ 48,451 $ 854,684 $ 92,819($ 1,132) $ 69,659
Total Income: $ 158,721 $ 526,791 $ 105,761($ 3,359) $ 186,020 $ 46,722 $ 47,405 $ 74,418 $ 942,328 $ 31,218 $ 63,616 $ 6,462
Paid Benefits: $ 5,392 $ 9,493 $ 28,801 $ 7,648 $ 1,405 $ 765 $ 680,458 $ 1,498 $ 434 $ 3,970 $ 9,712 $ 63,997
Expenses: $ 0 $ 9 $ 14 $ 3 $ 8
  Commission: $ 0 $ 6 $ 6 $ 53 $ 587 $ 72 $ 7 $ 8 $ 8 $ 7 $ 98
Net Income: $ 153,329 $ 967,184 $ 397,347($ 99,663) $ 355,484 $ 44,275($ 763,484) $ 48,933 $ 726,074 $ 68,516 $ 96,106 $ 750
Net Assets: $ 1,063,129 $ 275,523 $ 912,462 $ 125,418 $ 719,893 $ 830,519 $ 247,237 $ 186,925 $ 697,954 $ 102,438 $ 737,998 $ 876,796

Participants

202120202019201820172016201520142013201220112010
Total Participants:771316791861
Active Part.:29328662c3fe1a5d
Retired Part.:5e85c38dddc815c6d 8a1e
Deceased Part.:004e4ce6ee944446f73e47

Insurance

No Insurance Coverage

Providers

No Providers

Features

    2E - Profit-sharing

    2G - 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.

    2J - 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.

    2K - Stock bonusCode 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 contributions 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.

    3D - Pre-approved pension plan - A master, prototype, or volume submitter plan that is the subject of a favorable opinion or advisory letter from the IRS.