Retirement plan

PIERCE ATWOOD LLP 401(K) PLAN

Name: PIERCE ATWOOD LLP - PIERCE ATWOOD LLP 401(K) PLAN (2023) Form 5500
Creator: PIERCE ATWOOD LLP
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, PIERCE ATWOOD LLP 401(K) PLAN, PIERCE ATWOOD LLP

PIERCE ATWOOD LLPEIN 01-0190452Plan #001PY 2023

MERRILL'S WHARF, 254 COMMERCIAL STREET - PORTLAND, ME 04101207-791-1100pierceatwood.comLinkedIn201-500 employeeslaw practice

Other plans on this EIN

1 filing

#002Retirement-$19.8M assets

Prospect flagsLow returnsHigh feesLow participationHigh assets / participantCorrective distributions

How to read this page

Total assets (EOY)

$108.9M

+12.2% from 2022

Total participants

331

+36.2% from 2022

Average account balance

$451,701

+13.1% from 2022

Annual return

16.31%

+38.02 pp from 2022

Benchmarks

See 3,232 peers

Peer group

Industry54 - Professional, Scientific, and Technical Services

Plan typeDefined contribution

Participants250-999

Cohort3,232 peers

Snapshot2023

Free accounts unlock saves, downloads, and 3-year history.

Analytics

Total assets (EOY)

Plan-year ending balance

$138.07M

Not enough data

1 years with asset history on file

Average account balance

Total assets / participants with a balance (line 6g)

$406K

Not enough data

1 years with per-participant data

Participants with account balance

Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.

340

Not enough data

1 years with headcount on file

Eligible Participants and Participation

Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.

98.5%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$8.28M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$32K

Not enough data

1 years with per-participant contribution data

Asset flow

BOY + contributions + return - distributions = EOY

Year

Annual return

Diverging bars; negative years highlighted

+33.21%

Not enough data

1 years with return on file

Admin fee / account holder

Total admin expenses / participants with a balance (line 6g)

$508

Not enough data

1 years with admin cost on file

Asset composition

Cash / stocks / bonds / mutual funds / real estate / loans over time

Not enough data

1 years with F_SCH_H allocation on file

Free accounts unlock saves, downloads, and 3-year history.

Service providers

Top 8 by compensation

Provider	Service type	Compensation
R M DAVIS INC9+ years Filed as: RM DAVIS INC Service code 26 · EIN 01-0356657	Advisory (Participants)	$58,494
CHARLES SCHWAB & CO., INC.7 years Filed as: SCHWAB RETIREMENT PLAN SERVICES,INC Service code 15 · EIN 34-1479833	Recordkeeping	$51,562
H. M. PAYSON & CO.4 years Service code 26 · EIN 01-0420707	Advisory (Participants)	$30,572
SPINNAKER TRUST1 year Service code 26 · EIN 01-0513167	Advisory (Participants)	$18,164
CAMDEN NATIONAL WEALTH MANAGEMENT5 years Service code 28 · EIN 01-0471500	Investment Management	$15,618
APPLETON PARTNERS1 year Filed as: APPLETON PARTNERS INC Service code 26 · EIN 04-2943177	Advisory (Participants)	$6,351
CHARLES SCHWAB & CO., INC.9+ years Service code 33 · EIN 94-1737782	Float revenue; Direct payment from th...	$934
CHARLES SCHWAB & CO., INC.1 year Filed as: CHARLES SCHWAB & CO.INC. AND AFFIL Service code 59	Shareholder Servicing	$0

Plan features & details

Pension benefit codes2A2E2F2G2J2K2R2S2T3B3D

Plan features

2A
Age/service weighted or new comparability plan
Age/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).
2E
Profit-sharing
Profit-sharing plan.
2F
ERISA section 404(c) plan
This plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
2G
Total participant-directed account plan
Participants 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.
2J
Code section 401(k) feature
Cash 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.
2K
Code 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 to 401(k) plans with only QNECs and/or QMACs or to 403(b)(1) 403(b)(7) or 408 arrangements.
2R
Participant-directed brokerage accounts
Participant-directed brokerage accounts provided as an investment option under the plan.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
2T
Default investment account
Total or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.
3B
Plan covering self-employed individuals
Plan covering self-employed individuals.
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.

Opportunity flags

5 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).
InformationalHigh assets / participant
Assets per participant exceed $250,000 - top-decile high-value plan.

Expense breakdown

Schedule H Part II

Admin total

$181K

$690 / participant

Recordkeeping$48K26.5%
Investment mgmt$133K73.5%

% of EOY assets

0.166%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: BAKER NEWMAN NOYES
Auditor EIN: 010494526
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$451,701

$95,417+373.4%

$135,974+232.2%

$74,460+506.6%

Participation rate

65.6%

78.2%-12.6pp

81.9%-16.3pp

70.7%-5.1pp

Annual return

16.31%

32.76%-16.5pp

68.30%-52.0pp

34.38%-18.1pp

Employer contribution / active EE

$13,925

$3,878+259.1%

$4,859+186.6%

$2,638+427.8%

Participant deferral / active EE

$10,754

$7,789+38.1%

$7,760+38.6%

$4,530+137.4%

Admin fee / account holder

$750

$266+181.9%

$10,767-93.0%

$348+115.7%

Provider

Service type

Compensation

R M DAVIS INC9+ years

Filed as: RM DAVIS INC

Service code 26 · EIN 01-0356657

Advisory (Participants)

$58,494

CHARLES SCHWAB & CO., INC.7 years

Filed as: SCHWAB RETIREMENT PLAN SERVICES,INC

Service code 15 · EIN 34-1479833

Recordkeeping

$51,562

H. M. PAYSON & CO.4 years

Service code 26 · EIN 01-0420707

Advisory (Participants)

$30,572

SPINNAKER TRUST1 year

Service code 26 · EIN 01-0513167

Advisory (Participants)

$18,164

CAMDEN NATIONAL WEALTH MANAGEMENT5 years

Service code 28 · EIN 01-0471500

Investment Management

$15,618

APPLETON PARTNERS1 year

Filed as: APPLETON PARTNERS INC

Service code 26 · EIN 04-2943177

Advisory (Participants)

$6,351

CHARLES SCHWAB & CO., INC.9+ years

Service code 33 · EIN 94-1737782

Float revenue; Direct payment from th...

$934

CHARLES SCHWAB & CO., INC.1 year

Filed as: CHARLES SCHWAB & CO.INC. AND AFFIL

Service code 59

Shareholder Servicing

PIERCE ATWOOD LLP 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

PIERCE ATWOOD LLP 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion