Retirement plan

DESIGNS FOR VISION, INC. PROFIT SHARING 401(K) PLAN

Name: DESIGNS FOR VISION, INC. - DESIGNS FOR VISION, INC. PROFIT SHARING 401(K) PLAN (2024) Form 5500
Creator: DESIGNS FOR VISION, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, DESIGNS FOR VISION, INC. PROFIT SHARING 401(K) PLAN, DESIGNS FOR VISION, INC.

DESIGNS FOR VISION, INC.EIN 13-1956568Plan #001PY 2024

4000 VETERANS MEMORIAL HIGHWAY - BOHEMIA, NY 117161024631-585-3300designsforvision.comLinkedIn201-500 employeesmedical devices

Prospect flagsLow returnsLow participationLow employer contributionCorrective distributions

How to read this page

Total assets (EOY)

$22.4M

+3.7% from 2023

Total participants

250

-0.8% from 2023

Average account balance

$123,729

+1.5% from 2023

Annual return

10.24%

-5.34 pp from 2023

Benchmarks

See 4,101 peers

Peer group

Industry33 - Manufacturing

Plan typeDefined contribution

Participants100-249

Cohort4,101 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$22.39M

Not enough data

1 years with asset history on file

Average account balance

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

$124K

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.

181

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.

67.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.22M

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

+10.24%

Not enough data

1 years with return on file

Admin fee / account holder

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

$29

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
COMMONWEALTH FINANCIAL NETWORK2 years Filed as: COMMONWEALTH EQUITY SERVICES Service code 99	Other Fees	$40,813
ASSOCIATED PENSION CONSULTANTS10+ years Filed as: ASSOCIATED PENSION CONSULTANTS, INC Service code 49 · EIN 11-3271022 401 NROADHOLLOW ROAD · MELVILLE, NY 11747	Other Services	$10,804
MORNINGSTAR9 years Service code 27 · EIN 36-3297908	Advisory (Plan)	$3,286
COMMONWEALTH FINANCIAL NETWORK8 years Service code 99 · EIN 04-2675571	Other Fees	$0

Plan features & details

Pension benefit codes2E2F2G2J2K

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.

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.
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$5K

$25 / participant

Contract admin$4K83.4%
Other / not subdivided$87516.6%

% of EOY assets

0.024%

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: HERTZ HERSON CPA LLP
Auditor EIN: 812276003
Audit fees: $0
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$123,729

$79,209+56.2%

$102,434+20.8%

$74,459+66.2%

Participation rate

67.0%

74.8%-7.8pp

76.5%-9.5pp

67.2%-0.2pp

Annual return

10.24%

54.98%-44.7pp

29.46%-19.2pp

1369.70%-1359.5pp

Employer contribution / active EE

$691

$2,362-70.7%

$3,023-77.1%

$2,626-73.7%

Participant deferral / active EE

$5,162

$4,417+16.9%

$5,055+2.1%

$4,350+18.7%

Admin fee / account holder

$29

$2,002-98.5%

$9,462-99.7%

$1,945-98.5%

Provider

Service type

Compensation

COMMONWEALTH FINANCIAL NETWORK2 years

Filed as: COMMONWEALTH EQUITY SERVICES

Service code 99

Other Fees

$40,813

ASSOCIATED PENSION CONSULTANTS10+ years

Filed as: ASSOCIATED PENSION CONSULTANTS, INC

Service code 49 · EIN 11-3271022

401 NROADHOLLOW ROAD · MELVILLE, NY 11747

Other Services

$10,804

MORNINGSTAR9 years

Service code 27 · EIN 36-3297908

Advisory (Plan)

$3,286

COMMONWEALTH FINANCIAL NETWORK8 years

Service code 99 · EIN 04-2675571

Other Fees

DESIGNS FOR VISION, INC. PROFIT SHARING 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

DESIGNS FOR VISION, INC. PROFIT SHARING 401(K) 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