Retirement plan

ITECH SOLUTIONS, INC. 401(K) PROFIT SHARING PLAN

Name: ITECH SOLUTIONS, INC. - ITECH SOLUTIONS, INC. 401(K) PROFIT SHARING PLAN (2022) Form 5500
Creator: ITECH SOLUTIONS, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, ITECH SOLUTIONS, INC. 401(K) PROFIT SHARING PLAN, ITECH SOLUTIONS, INC.

ITECH SOLUTIONS, INC.EIN 06-1414922Plan #001PY 2022

20 STANFORD DRIVE, 2ND FLOOR - FARMINGTON, CT 06032860-979-0908itechsolutions.comLinkedIn51-200 employeesinformation technology and services

Prospect flagsHigh retiree %Low participation

How to read this page

Total assets (EOY)

$3.8M

-18.3% from 2021

Total participants

142

+20.3% from 2021

Average account balance

$57,738

-12.1% from 2021

Annual return

-12.29%

-26.60 pp from 2021

Benchmarks

See 28,001 peers

Peer group

Industry54 - Professional, Scientific, and Technical Services

Plan typeDefined contribution

Participants25-99

Cohort28,001 peers

Snapshot2022

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

Analytics

Total assets (EOY)

Plan-year ending balance

$4.71M

Not enough data

1 years with asset history on file

Average account balance

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

$80K

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.

69.4%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$226K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$3K

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

+11.88%

Not enough data

1 years with return on file

Admin fee / account holder

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

$10698

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

Top 3 by compensation

Provider	Service type	Compensation
MORNINGSTAR5 years Service code 26 · EIN 36-3297908	Advisory (Participants)	$96
VOYA RETIREMENT INSURANCE & ANNUITY1 year Filed as: VOYA RETIREMENT INS AND ANNUITY Service code 26	Advisory (Participants)	$87
PASI, LLC2 years Filed as: PASI,LLC Service code 49 · EIN 26-1407327 10 TALCOTT NOTCH ROAD · FARMINGTON, CT 06032	Other Services	$0

Plan features & details

Pension benefit codes2A2E2G2J3D3H

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.
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.
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.
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

$2K

$26 / participant

Contract admin$2K100.0%

% of EOY assets

0.065%

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: FEDERMAN, LALLY & REMIS, LLC
Auditor EIN: 061326802
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$57,738

$82,674-30.2%

$125,381-54.0%

$68,486-15.7%

Participation rate

20.8%

75.1%-54.2pp

82.4%-61.5pp

67.9%-47.1pp

Annual return

-12.29%

-5.97%-6.3pp

572.31%-584.6pp

-7.85%-4.4pp

Employer contribution / active EE

$3,382-100.0%

$4,815-100.0%

$2,597-100.0%

Participant deferral / active EE

$3,282

$6,111-46.3%

$7,448-55.9%

$4,028-18.5%

Admin fee / account holder

$37

$6,277-99.4%

$10,007-99.6%

$5,404-99.3%

Provider

Service type

Compensation

MORNINGSTAR5 years

Service code 26 · EIN 36-3297908

Advisory (Participants)

$96

VOYA RETIREMENT INSURANCE & ANNUITY1 year

Filed as: VOYA RETIREMENT INS AND ANNUITY

Service code 26

Advisory (Participants)

$87

PASI, LLC2 years

Filed as: PASI,LLC

Service code 49 · EIN 26-1407327

10 TALCOTT NOTCH ROAD · FARMINGTON, CT 06032

Other Services

ITECH SOLUTIONS, INC. 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

ITECH SOLUTIONS, INC. 401(K) PROFIT SHARING 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