Retirement plan

SEA RESEARCH FOUNDATION, INC. 401(K) PROFIT SHARING PLAN

Name: SEA RESEARCH FOUNDATION, INC. - SEA RESEARCH FOUNDATION, INC. 401(K) PROFIT SHARING PLAN (2020) Form 5500
Creator: SEA RESEARCH FOUNDATION, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SEA RESEARCH FOUNDATION, INC. 401(K) PROFIT SHARING PLAN, SEA RESEARCH FOUNDATION, INC.

SEA RESEARCH FOUNDATION, INC.EIN 06-1480300Plan #002PY 2020

55 COOGAN BLVD - MYSTIC, CT 063551997860-572-5955searesearch.orgLinkedIn201-500 employeesmuseums and institutions

Prospect flagsHigh feesLow participationLow employer contributionFailed to transmit contributions

Top hat statement on fileNQDC

Filed February 5, 2012 (most recent of 2 filings on file)

This is a legacy paper filing. Plan administrator and contact details are recorded in the original filing, which has not been digitised into structured fields.

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Total assets (EOY)

$5.5M

+6.8% from 2019

Total participants

203

-27.2% from 2019

Average account balance

$40,041

+16.8% from 2019

Annual return

19.07%

-2.81 pp from 2019

Benchmarks

See 1,687 peers

Peer group

Industry81 - Other Services (except Public Administration)

Plan typeDefined contribution

Participants100-249

Cohort1,687 peers

Snapshot2020

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Analytics

Total assets (EOY)

Plan-year ending balance

$7.20M

Not enough data

1 years with asset history on file

Average account balance

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

$30K

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.

243

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.

86.1%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$765K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$4K

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

+28.06%

Not enough data

1 years with return on file

Admin fee / account holder

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

$54

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

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Service providers

Top 3 by compensation

Provider	Service type	Compensation
NATIONWIDE6+ years Service code 15 · EIN 31-4156830 ONE NATIONWIDE PLAZA · COLUMBUS, OH 43215	Recordkeeping	$16,005
PENSION ASSURANCE LLP6+ years Filed as: THE PENSION SERVICE, INC Service code 13 · EIN 16-0874395 THE EDWARDS BLOCK · WESTBROOK, ME 040922867	Contract Administrator	$13,258
RAYMOND JAMES FINANCIAL SERVICES2 years Filed as: RAYMOND JAMES FIN SVC ADVISORS Service code 27 · EIN 59-2937883 TO BE POSED BY IMPAC-TOWERS 3 FL · SAINT PETERSBURG, FL 33716	Advisory (Plan)	$12,158

Plan features & details

Pension benefit codes2E2F2G2J2K3D3H

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.
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

4 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.
OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).

Expense breakdown

Schedule H Part II

Admin total

$41K

$290 / participant

Other / not subdivided$41K100.0%

% of EOY assets

0.750%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

The auditor signed off without reservation. This is the cleanest opinion.

Auditor firm: COHNREZNICK LLP
Auditor EIN: 221478099
Audit fees: (not subdivided)
Opinion code: Unqualified

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$40,041

$66,124-39.4%

$90,404-55.7%

$73,488-45.5%

Participation rate

54.5%

69.7%-15.1pp

72.7%-18.1pp

70.7%-16.1pp

Annual return

19.07%

17.65%+1.4pp

1293.02%-1273.9pp

28.51%-9.4pp

Employer contribution / active EE

$105

$2,346-95.5%

$3,262-96.8%

$2,270-95.4%

Participant deferral / active EE

$1,748

$3,039-42.5%

$3,963-55.9%

$3,740-53.3%

Admin fee / account holder

$300

$396-24.2%

$5,611-94.7%

$513-41.5%

Provider

Service type

Compensation

NATIONWIDE6+ years

Service code 15 · EIN 31-4156830

ONE NATIONWIDE PLAZA · COLUMBUS, OH 43215

Recordkeeping

$16,005

PENSION ASSURANCE LLP6+ years

Filed as: THE PENSION SERVICE, INC

Service code 13 · EIN 16-0874395

THE EDWARDS BLOCK · WESTBROOK, ME 040922867

Contract Administrator

$13,258

RAYMOND JAMES FINANCIAL SERVICES2 years

Filed as: RAYMOND JAMES FIN SVC ADVISORS

Service code 27 · EIN 59-2937883

TO BE POSED BY IMPAC-TOWERS 3 FL · SAINT PETERSBURG, FL 33716

Advisory (Plan)

$12,158

SEA RESEARCH FOUNDATION, INC. 401(K) PROFIT SHARING PLAN

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SEA RESEARCH FOUNDATION, INC. 401(K) PROFIT SHARING PLAN

Top hat statement on fileNQDC

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