Retirement plan
MYPATH TO RETIRE 401(K) PLAN
THE FINWAY GROUPEIN 42-1468222Plan #015PY 2024
5625 MILLS CIVIC PARKWAY, SUITE 101 - WEST DES MOINES, IA 50266515-226-0974finwaygroup.comLinkedIn1-10 employeesfinancial services
Other plans on this EIN
10 filingsProspect flagsLow participationLow assets / participant
Filing contacts
From the Form 5500, federal recordSummary metrics
Total assets (EOY)
$20.3M
-32.9% from 2024
Total participants
964
-42.1% from 2024
Average account balance
$29,977
-17.8% from 2024
Annual return
51.60%
-51.60 pp from 2024
Benchmarks
Peer group
Industry31 - Manufacturing
Plan typeDefined contribution
Participants250-999
Cohort743 peers
Snapshot2024
33
Participant deferral / active EE
$2,280
median $3,256
20
Employer contribution / active EE
$680
median $1,546
37
Participation rate
63.0%
median 78.5%
19
Avg account balance
$29,977
median $54,655
42
Admin fee / account holder
$189
median $165
98
Annual return
51.60%
median 13.74%
Overall peer rank
42of 100
42nd percentileavg across 6 metrics
Analytics
Less than 3 years of history available for this plan
We'll show a chart here once at least 3 consecutive filings are on record.
Service providers
Top 4 by compensation
| Provider | Service type | Compensation |
|---|---|---|
THE FINWAY GROUP, LLC2+ years Service code 13 5625 MILLS CIVIC PARKWAY · WEST DES MOINES, IA 50266 | Contract Administrator | $58,745 |
EMPOWER ANNUITY INSURANE COMPANY2+ years Service code 64 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111 | Recordkeeping Fees | $27,278 |
MMA SECURITIES1 year Service code 27 PO BOX 9497 · NEW YORK, NY 10087 | Advisory (Plan) | $23,024 |
EEMPOWER ADVISORY GROUP1 year Service code 28 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111 | Investment Management | $22,604 |
Plan features & details
Pension benefit codes2A2E2J2K2F2G3D
Plan features
- 2AAge/service weighted or new comparability planAge/service weighted plan where allocations are based on age service or age and service; or new comparability or similar plan where allocations are based on participant classifications consisting entirely or predominantly of highly compensated employees or the plan provides an additional allocation rate on compensation above a specified threshold that exceeds the permitted disparity limits of Code section 401(l).
- 2EProfit-sharingProfit-sharing plan.
- 2FERISA section 404(c) planThis plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
- 2GTotal participant-directed account planParticipants have the opportunity to direct the investment of all of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
- 2JCode section 401(k) featureCash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan under which employees may elect to defer part of their compensation or receive these amounts in cash.
- 2KCode section 401(m) arrangementEmployee 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 to 401(k) plans with only QNECs and/or QMACs or to 403(b)(1) 403(b)(7) or 408 arrangements.
- 3DPre-approved pension planA master prototype or volume submitter plan that is the subject of a favorable opinion or advisory letter from the IRS.
Opportunity flags
2 tripped
- OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
- OpportunityLow assets / participant
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
Expense breakdown
Schedule H Part II
Admin total
$128K
$166 / participant
- Contract admin$128K100.0%
% of EOY assets
0.631%
all-in expense ratio
Categories reported
1 / 9
subdivided buckets used
Audit opinion
Schedule H Part III
Unqualified opinion
Auditor signed off without reservation - the cleanest possible opinion.
- Auditor firm
- BDO USA, P.C.
- Auditor EIN
- 135381590
- Audit fees
- (not subdivided)
- Opinion code
- Unqualified