Retirement plan

TURN ON PRODUCTS, INC. PROFIT SHARING PLAN

Name: TURN ON PRODUCTS, INC. - TURN ON PRODUCTS, INC. PROFIT SHARING PLAN (2023) Form 5500
Creator: TURN ON PRODUCTS, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, TURN ON PRODUCTS, INC. PROFIT SHARING PLAN, TURN ON PRODUCTS, INC.

TURN ON PRODUCTS, INC.EIN 13-2835172Plan #003PY 2023

48 WEST 37TH STREET, 5TH FLOOR - NEW YORK, NY 10018212-764-2121youniqueclothing.comLinkedIn51-200 employeesapparel & fashion

Other plans on this EIN

1 filing

#002Retirement-$11.9M assets

Prospect flagsLow returnsHigh fees

How to read this page

Total assets (EOY)

$10.7M

-8.1% from 2021

Total participants

105

-38.2% from 2021

Average account balance

$102,113

+48.8% from 2021

Annual return

12.49%

+0.33 pp from 2021

Benchmarks

See 2,613 peers

Peer group

Industry31 - Manufacturing

Plan typeDefined contribution

Participants25-99

Cohort2,613 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$1.32M

Not enough data

1 years with asset history on file

Average account balance

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

$36K

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.

16.8%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

Not enough data

0 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

Not enough data

0 years with per-participant contribution data

Asset flow

BOY + contributions + return - distributions = EOY

Year

Annual return

Diverging bars; negative years highlighted

+2.06%

Not enough data

1 years with return on file

Admin fee / account holder

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

$487

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
AMERICAN UNITED LIFE INSURANCE CO1 year Filed as: ONEAMERICA Service code 15 · EIN 75-3182674	Recordkeeping	$2,242
NFP RETIREMENT INC1 year Filed as: NFP RETIREMENT INC. Service code 27 · EIN 33-0905143	Advisory (Plan)	$0

Plan features & details

Pension benefit codes2E2F2G2J2T

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.
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.

Opportunity flags

2 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.

Expense breakdown

Schedule H Part II

Admin total

$73K

$971 / participant

Contract admin$73K100.0%

% of EOY assets

0.679%

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: MILLER & COMPANY LLP
Auditor EIN: 270030728
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$102,113

$58,099+75.8%

$76,902+32.8%

$75,177+35.8%

Participation rate

100.0%

63.9%+36.1pp

69.6%+30.4pp

67.2%+32.8pp

Annual return

12.49%

26.71%-14.2pp

37.91%-25.4pp

160.75%-148.3pp

Employer contribution / active EE

$3,607

$1,996+80.7%

$2,534+42.3%

$2,671+35.0%

Participant deferral / active EE

$5,278

$2,999+76.0%

$3,833+37.7%

$4,126+27.9%

Admin fee / account holder

$694

$4,778-85.5%

$5,479-87.3%

$5,651-87.7%

Provider

Service type

Compensation

AMERICAN UNITED LIFE INSURANCE CO1 year

Filed as: ONEAMERICA

Service code 15 · EIN 75-3182674

Recordkeeping

$2,242

NFP RETIREMENT INC1 year

Filed as: NFP RETIREMENT INC.

Service code 27 · EIN 33-0905143

Advisory (Plan)

TURN ON PRODUCTS, INC. PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

TURN ON PRODUCTS, INC. 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