The First Bancshares, Inc. 401(k) Review & Grade
The First Bancshares, Inc. Profit Sharing 401(k) Plan
Hattiesburg, MSFinance & Insurance1,018 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,572Employer $ per active participant
$4,949Employee $ saved per active participant
0.51%Direct admin cost, % of plan assets
$56.3MNet plan assets, end of year
$50,084Average balance per account
Score breakdown
- Employer generosity7.6 / 5015th percentile for employer $ per participant
- Low cost5.6 / 2522th percentile for low admin cost vs. same-size plans
- Employee saving3.3 / 1522th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score20 / 100 · Grade F
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 15th |
| Lower admin cost | 22th |
| Employee saving | 22th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- First Bancshares put in about $1,572 per active participant, below the typical peer ($3,606). Any match is still an instant return, so contribute enough to get all of it.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Direct plan expenses (0.51% of assets) are well above similar-size plans (0.23%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $1,599,768 |
| Participant (employee) contributions | $5,035,648 |
| Other contributions (incl. rollovers in) | $368,887 |
| Administrative expenses paid from the plan | $267,314 |
| Other admin expenses | $267,314 |
| Benefits paid out | $5,048,354 |
| Net assets, start / end of year | $48.4M / $56.3M |
| Active participants, start / end of year | 1,027 / 1,008 |
| Participants with account balances | 1,124 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Piltz, Williams, Larosa and Company |
Largest service providers (Schedule C)
| LPL Financial | $157,223 reported compensation |
| Empower Annuity Insurance Company | $121,109 reported compensation |
| T.e. Lott & Company, P.A. | $13,283 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014133317NAL0001426867001, received 2025-10-14, EIN 64-0862173, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.