Retirement plan

COMMONWEALTH FINANCIAL NETWORK 401(K) P/S PLAN

Name: COMMONWEALTH FINANCIAL NETWORK - COMMONWEALTH FINANCIAL NETWORK 401(K) P/S PLAN (2021) Form 5500
Creator: COMMONWEALTH FINANCIAL NETWORK
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, COMMONWEALTH FINANCIAL NETWORK 401(K) P/S PLAN, COMMONWEALTH FINANCIAL NETWORK

COMMONWEALTH FINANCIAL NETWORKEIN 04-2675571Plan #002PY 2021

29 SAWYER RD. - WALTHAM, MA 02453781-663-9660commonwealth.comLinkedIn501-1000 employeesfinancial services

Prospect flagsFailed to transmit contributionsCorrective distributions

Top hat statement on fileNQDC

Filed February 24, 2023 (most recent of 2 filings on file)

Plan administrator

Plan administrator name— Sign in and upgrade to view

200 Dryden Rd

Dresher, PA 19025

Email— Sign in and upgrade to view Phone— Sign in and upgrade to view

Plans declared (1)

Commonwealth Financial Network Executive Deferred Compensation Plan33 emp

Open the filing PDF

How to read this page

Total assets (EOY)

$163.5M

+25.0% from 2020

Total participants

1,237

+13.8% from 2020

Average account balance

$136,128

+9.4% from 2020

Annual return

19.34%

-1.55 pp from 2020

Benchmarks

See 543 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants1,000-4,999

Cohort543 peers

Snapshot2021

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

Analytics

Total assets (EOY)

Plan-year ending balance

$238.25M

Not enough data

1 years with asset history on file

Average account balance

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

$155K

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.

1,542

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.

97.5%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$21.69M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$17K

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

+18.15%

Not enough data

1 years with return on file

Admin fee / account holder

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

$-9

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 2 by compensation

Provider	Service type	Compensation
STRATEGIC ADVISORS, INC.1 year Service code 27 · EIN 04-2654524	Advisory (Plan)	$7,231
FIDELITY INVESTMENTS INSTITUTIONAL7+ years Service code 37 · EIN 04-2647786	Loan Processing	-$3,771

Plan features & details

Pension benefit codes2E2F2G2J2K2T3H3D2R

Plan features

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.
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.
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.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

Opportunity flags

2 tripped

ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$386

$0 / participant

Investment mgmt$7K1873.3%

% of EOY assets

0.000%

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: RSM US LLP
Auditor EIN: 420714325
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$136,128

$118,337+15.0%

$189,537-28.2%

$93,010+46.4%

Participation rate

96.4%

89.1%+7.3pp

87.8%+8.6pp

73.9%+22.5pp

Annual return

19.34%

21.77%-2.4pp

555.34%-536.0pp

158.70%-139.4pp

Employer contribution / active EE

$3,572

$4,204-15.0%

$6,161-42.0%

$2,705+32.1%

Participant deferral / active EE

$9,038

$7,123+26.9%

$8,220+9.9%

$4,561+98.2%

Admin fee / account holder

$100-99.7%

$12,048-100.0%

$152-99.8%

Provider

Service type

Compensation

STRATEGIC ADVISORS, INC.1 year

Service code 27 · EIN 04-2654524

Advisory (Plan)

$7,231

FIDELITY INVESTMENTS INSTITUTIONAL7+ years

Service code 37 · EIN 04-2647786

Loan Processing

-$3,771

COMMONWEALTH FINANCIAL NETWORK 401(K) P/S PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

COMMONWEALTH FINANCIAL NETWORK 401(K) P/S PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

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