Retirement plan

KRAVET INC. 401(K) SAVINGS AND PROFIT SHARING PLAN

Name: KRAVET INC. - KRAVET INC. 401(K) SAVINGS AND PROFIT SHARING PLAN (2023) Form 5500
Creator: KRAVET INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, KRAVET INC. 401(K) SAVINGS AND PROFIT SHARING PLAN, KRAVET INC.

KRAVET INC.EIN 11-3265273Plan #001PY 2023

250 CROSSWAYS PARK DRIVE - WOODBURY, NY 11797516-293-2000kravet.comLinkedIn501-1000 employeestextiles

Prospect flagsLow employer contributionFailed to transmit contributions

Top hat statement on fileNQDC

Filed October 25, 2021

Plan administrator

Plan administrator name— Sign in and upgrade to view

225 Central Avenue S

Bethpage, NY 11714

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Plans declared (2)

Supplemental Executive Retirement Plan for Kravet12 emp
Kravet Inc. Nonqualified Deferred Compensation Plan2 emp

Total covered: 14 employees

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Total assets (EOY)

$60M

+19.5% from 2022

Total participants

869

+0.2% from 2022

Average account balance

$76,059

+6.5% from 2022

Annual return

15.66%

+29.59 pp from 2022

Benchmarks

See 1,359 peers

Peer group

Industry42 - Wholesale Trade

Plan typeDefined contribution

Participants250-999

Cohort1,359 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$66.07M

Not enough data

1 years with asset history on file

Average account balance

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

$83K

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.

796

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.

91.7%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$4.49M

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

+12.04%

Not enough data

1 years with return on file

Admin fee / account holder

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

$229

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 2 by compensation

Provider	Service type	Compensation
THE VANGUARD GROUP, INC.5 years Filed as: VANGUARD GROUP, INC. Service code 15 · EIN 21-1945930	Recordkeeping	$102,942
ALLIANCE PENSION CONSULTANTS, LLC5 years Filed as: ALLIANT RETIREMENT SERVICES Service code 16 · EIN 33-0785439	Consulting	$60,000

Plan features & details

Pension benefit codes2E2F2G2J2K3D

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.

Opportunity flags

2 tripped

OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.
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

$220K

$295 / participant

Contract admin$220K100.0%

% of EOY assets

0.366%

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: BAKER TILLY US, LLP
Auditor EIN: 301413443
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$76,059

$91,394-16.8%

$130,026-41.5%

$74,440+2.2%

Participation rate

89.3%

77.8%+11.5pp

78.5%+10.8pp

70.7%+18.5pp

Annual return

15.66%

23.20%-7.5pp

-137.26%+152.9pp

34.37%-18.7pp

Employer contribution / active EE

$530

$2,565-79.4%

$4,321-87.7%

$2,638-79.9%

Participant deferral / active EE

$4,962

$4,721+5.1%

$5,821-14.8%

$4,529+9.6%

Admin fee / account holder

$279

$284-1.7%

$10,608-97.4%

$348-19.9%

Provider

Service type

Compensation

THE VANGUARD GROUP, INC.5 years

Filed as: VANGUARD GROUP, INC.

Service code 15 · EIN 21-1945930

Recordkeeping

$102,942

ALLIANCE PENSION CONSULTANTS, LLC5 years

Filed as: ALLIANT RETIREMENT SERVICES

Service code 16 · EIN 33-0785439

Consulting

$60,000

KRAVET INC. 401(K) SAVINGS AND PROFIT SHARING PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (2)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

KRAVET INC. 401(K) SAVINGS AND PROFIT SHARING PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (2)

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