Retirement plan

HALLORAN & SAGE, LLP RETIREMENT AND DEFERRED SALARY PLAN

Name: HALLORAN & SAGE, LLP - HALLORAN & SAGE, LLP RETIREMENT AND DEFERRED SALARY PLAN (2024) Form 5500
Creator: HALLORAN & SAGE, LLP
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, HALLORAN & SAGE, LLP RETIREMENT AND DEFERRED SALARY PLAN, HALLORAN & SAGE, LLP

HALLORAN & SAGE, LLPEIN 06-0679651Plan #001PY 2024

225 ASYLUM STREET - HARTFORD, CT 06103860-522-6103LinkedIn51-200 employeeslegal services

Prospect flagsHigh retiree %Low returnsHigh feesCorrective distributions

How to read this page

Total assets (EOY)

$44.4M

+3.1% from 2023

Total participants

227

-2.2% from 2023

Average account balance

$201,923

+3.6% from 2023

Annual return

11.57%

-0.68 pp from 2023

Benchmarks

See 6,278 peers

Peer group

Industry54 - Professional, Scientific, and Technical Services

Plan typeDefined contribution

Participants100-249

Cohort6,278 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$44.42M

Not enough data

1 years with asset history on file

Average account balance

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

$202K

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.

220

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.

94.7%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.95M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$15K

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

+11.57%

Not enough data

1 years with return on file

Admin fee / account holder

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

$551

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
MERRILL LYNCH PIERCE FENNER & SMITH10+ years Filed as: MERRILL LYNCH, PIERCE,FENNER AND SM Service code 26 · EIN 13-5674085 4 WORLD FINANCIAL CENTER · NEW YORK, NY 10281	Advisory (Participants)	$40,827
JOHN HANCOCK LIFE INSURANCE COMPANY10+ years Service code 15 · EIN 01-0233346 PO BOX 600 · BUFFALO, NY 142010600	Recordkeeping	$2,326

Plan features & details

Pension benefit codes2A2E2F2G2J2S2T3B3D

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.
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

4 tripped

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 retiree %
Retirees and beneficiaries make up 25% or more of total participants - indicates an ageing workforce or a frozen plan.

Expense breakdown

Schedule H Part II

Admin total

$121K

$911 / participant

Other / not subdivided$121K100.0%

% of EOY assets

0.273%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: SIMIONE MACCA & LARROW, LLP
Auditor EIN: 061586075
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$201,923

$101,672+98.6%

$147,117+37.3%

$74,478+171.1%

Participation rate

94.7%

75.5%+19.2pp

82.2%+12.6pp

67.2%+27.5pp

Annual return

11.57%

8757.83%-8746.3pp

420.54%-409.0pp

1370.56%-1359.0pp

Employer contribution / active EE

$3,990

$3,813+4.6%

$4,932-19.1%

$2,626+51.9%

Participant deferral / active EE

$10,650

$7,305+45.8%

$8,065+32.1%

$4,350+144.8%

Admin fee / account holder

$551

$1,753-68.6%

$12,993-95.8%

$1,946-71.7%

Provider

Service type

Compensation

MERRILL LYNCH PIERCE FENNER & SMITH10+ years

Filed as: MERRILL LYNCH, PIERCE,FENNER AND SM

Service code 26 · EIN 13-5674085

4 WORLD FINANCIAL CENTER · NEW YORK, NY 10281

Advisory (Participants)

$40,827

JOHN HANCOCK LIFE INSURANCE COMPANY10+ years

Service code 15 · EIN 01-0233346

PO BOX 600 · BUFFALO, NY 142010600

Recordkeeping

$2,326

HALLORAN & SAGE, LLP RETIREMENT AND DEFERRED SALARY PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

HALLORAN & SAGE, LLP RETIREMENT AND DEFERRED SALARY 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