Retirement plan

TRANSIT EMPLOYEES 401K PLAN

Name: SPRINGFIELD AREA TRANSIT CO INC - TRANSIT EMPLOYEES 401K PLAN (2023) Form 5500
Creator: SPRINGFIELD AREA TRANSIT CO INC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, TRANSIT EMPLOYEES 401K PLAN, SPRINGFIELD AREA TRANSIT CO INC

SPRINGFIELD AREA TRANSIT CO INCEIN 04-3572241Plan #003PY 2023

665 COTTAGE STREET - SPRINGFIELD, MA 01104413-732-2161LinkedIn201-500 employeestransportation/trucking/railroad

Other plans on this EIN

1 filing

#002Retirement-$4.8M assets

Prospect flagsLow returnsLow participation

How to read this page

Total assets (EOY)

$7.3M

+11.0% from 2022

Total participants

322

-1.2% from 2022

Average account balance

$46,326

+16.0% from 2022

Annual return

8.36%

+10.96 pp from 2022

Benchmarks

See 664 peers

Peer group

Industry48 - Transportation and Warehousing

Plan typeDefined contribution

Participants250-999

Cohort664 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$7.40M

Not enough data

1 years with asset history on file

Average account balance

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

$45K

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.

163

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.

31.9%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$436K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$1K

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

+9.04%

Not enough data

1 years with return on file

Admin fee / account holder

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

$214

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 4 by compensation

Provider	Service type	Compensation
MERRILL LYNCH PIERCE FENNER & SMITH2 years Filed as: MERRILL LYNCH PIERCE FENNER SMITH I Service code 26 · EIN 13-5674085	Advisory (Participants)	$40,949
PASI, LLC2 years Service code 13 10 TALCOTT NOTCH SUITE 200 · FARMINGTON, CT 06032	Contract Administrator	$3,261
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: EMPOWER ANNUITY INSURANCE COMPANY O Service code 64 8515 EAST ORCHARD RD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$1,598
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: EMPOWER ADVISORY GROUP, LLC Service code 28 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Investment Management	$464

Plan features & details

Pension benefit codes2E2F2G2J2T3D3H

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.
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

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II

Admin total

$46K

$155 / participant

Investment mgmt$41K88.5%
Contract admin$5K11.5%

% of EOY assets

0.636%

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: MEYERS BROTHERS KALICKA PC
Auditor EIN: 042713795
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$46,326

$49,763-6.9%

$70,565-34.3%

$74,473-37.8%

Participation rate

44.6%

64.6%-20.0pp

68.4%-23.7pp

70.7%-26.1pp

Annual return

8.36%

21.21%-12.8pp

32.79%-24.4pp

34.36%-26.0pp

Employer contribution / active EE

$1,776-100.0%

$2,976-100.0%

$2,638-100.0%

Participant deferral / active EE

$1,362

$3,379-59.7%

$4,568-70.2%

$4,530-69.9%

Admin fee / account holder

$295

$316-6.8%

$6,430-95.4%

$347-15.1%

Provider

Service type

Compensation

MERRILL LYNCH PIERCE FENNER & SMITH2 years

Filed as: MERRILL LYNCH PIERCE FENNER SMITH I

Service code 26 · EIN 13-5674085

Advisory (Participants)

$40,949

PASI, LLC2 years

Service code 13

10 TALCOTT NOTCH SUITE 200 · FARMINGTON, CT 06032

Contract Administrator

$3,261

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: EMPOWER ANNUITY INSURANCE COMPANY O

Service code 64

8515 EAST ORCHARD RD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$1,598

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: EMPOWER ADVISORY GROUP, LLC

Service code 28

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Investment Management

$464

TRANSIT EMPLOYEES 401K PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

TRANSIT EMPLOYEES 401K 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