Retirement plan

MAGNA FINANCE COMPANY, INC. 401(K) PROFIT SHARING PLAN

Name: MAGNA FINANCE COMPANY, INC. - MAGNA FINANCE COMPANY, INC. 401(K) PROFIT SHARING PLAN (2019) Form 5500
Creator: MAGNA FINANCE COMPANY, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, MAGNA FINANCE COMPANY, INC. 401(K) PROFIT SHARING PLAN, MAGNA FINANCE COMPANY, INC.

MAGNA FINANCE COMPANY, INC.EIN 04-2830585Plan #001PY 2019

704 SOUTHBRIDGE STREET - WORCESTER, MA 01610508-756-3067magnafinance.comLinkedIn11-50 employeesinvestment banking

Prospect flagsLow employer contributionLow fidelity bond

How to read this page

Total assets (EOY)

$1.8M

+28.4% from 2018

Total participants

+157.1% from 2018

Average account balance

$116,792

-40.1% from 2018

Annual return

22.35%

+28.83 pp from 2018

Benchmarks

See 31,993 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants<25

Cohort31,993 peers

Snapshot2019

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

Analytics

Total assets (EOY)

Plan-year ending balance

$3.10M

Not enough data

1 years with asset history on file

Average account balance

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

$222K

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.

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.

100.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$87K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$6K

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

+12.82%

Not enough data

1 years with return on file

Admin fee / account holder

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

$35

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

0 years with F_SCH_H allocation on file

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

Service providers

Providers data not reported

Schedule C was not filed on this plan's most recent Form 5500, so no compensated service providers are available to display.

Plan features & details

Pension benefit codes2E2G2J3D

Plan features

2E
Profit-sharing
Profit-sharing plan.
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.
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

2 tripped

OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.
ComplianceLow fidelity bond
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).

Audit opinion

Schedule H Part III

No opinion code on file for this filing.

Auditor firm: (not reported)
Auditor EIN: -
Audit fees: (not subdivided)
Opinion code: -

Metric

This plan

Peer set

Industry

Size

Avg account balance

$116,792

$183,978-36.5%

$162,171-28.0%

$152,885-23.6%

Participation rate

83.3%

88.5%-5.2pp

87.6%-4.2pp

82.5%+0.9pp

Annual return

22.35%

150.78%-128.4pp

115.60%-93.3pp

345.39%-323.0pp

Employer contribution / active EE

$824

$6,370-87.1%

$5,613-85.3%

$4,763-82.7%

Participant deferral / active EE

$3,789

$8,033-52.8%

$7,297-48.1%

$5,851-35.2%

Admin fee / account holder

$13,122-100.0%

$10,843-100.0%

$11,598-100.0%

MAGNA FINANCE COMPANY, INC. 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Audit opinioni

MAGNA FINANCE COMPANY, INC. 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Audit opinion

Benchmarks

Service providers

Opportunity flags

Audit opinion