Retirement plan

BEST FRIENDS PET CARE, INC. 401(K) RETIREMENT PLAN

Name: BEST FRIENDS PET CARE, INC - BEST FRIENDS PET CARE, INC. 401(K) RETIREMENT PLAN (2024) Form 5500
Creator: BEST FRIENDS PET CARE, INC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, BEST FRIENDS PET CARE, INC. 401(K) RETIREMENT PLAN, BEST FRIENDS PET CARE, INC

BEST FRIENDS PET CARE, INCEIN 13-3625116Plan #001PY 2024

535 CONNECTICUT AVE, SUITE 305 - NORWALK, CT 06854203-750-5200bestfriendspetcare.comLinkedIn501-1000 employeeshospitality

Prospect flagsLow returnsLow assets / participantLow employer contributionFailed to transmit contributionsCorrective distributions

Top hat statement on fileNQDC

Filed January 6, 2006

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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How to read this page

Total assets (EOY)

$5.6M

-4.2% from 2023

Total participants

848

+120.8% from 2023

Average account balance

$8,256

-54.1% from 2023

Annual return

5.90%

-14.60 pp from 2023

Benchmarks

See 1,034 peers

Peer group

Industry81 - Other Services (except Public Administration)

Plan typeDefined contribution

Participants250-999

Cohort1,034 peers

Snapshot2024

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Analytics

Total assets (EOY)

Plan-year ending balance

$5.64M

Not enough data

1 years with asset history on file

Average account balance

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

$8K

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.

683

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.

73.7%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$781K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$1K

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

+5.90%

Not enough data

1 years with return on file

Admin fee / account holder

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

$227

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 5 by compensation

Provider	Service type	Compensation
PRINCIPAL LIFE INSURANCE COMPANY5 years Service code 13 · EIN 42-0127290	Contract Administrator	$140,150
ALLIANCE PENSION CONSULTANTS, LLC5 years Filed as: ALLIANT INSURANCE SERVICES, INC. Service code 13 · EIN 33-0785439 101 PARK AVE 14TH FLOOR · NEW YORK, NY 10178	Contract Administrator	$15,536
ALLIANCE PENSION CONSULTANTS, LLC1 year Filed as: ALLIANT INSURANCE SERVICES INC. Service code 99	Other Fees	$1,038
MORNINGSTAR1 year Service code 27 · EIN 36-3297908	Advisory (Plan)	$0
MORNINGSTAR3 years Filed as: MORNINGSTAR INVESTMENT MANAGEMENT L Service code 26 · EIN 36-4317381	Advisory (Participants)	$0

Plan features & details

Pension benefit codes2E2F2G2J2K2S2T3D3F3H

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.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
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.
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.
3F
Leased employees
Plan sponsor(s) received services of leased employees as defined in Code section 414(n) during the plan year.
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

5 tripped

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.
OpportunityLow assets / participant
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$155K

$246 / participant

Contract admin$155K100.0%
Other / not subdivided$500.0%

% of EOY assets

2.745%

all-in expense ratio

Categories reported

1 / 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: FORVIS MAZARS, LLP
Auditor EIN: 440160260
Audit fees: (not subdivided)
Opinion code: Unqualified

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$8,256

$65,946-87.5%

$81,783-89.9%

$77,671-89.4%

Participation rate

73.7%

65.8%+7.9pp

72.4%+1.4pp

70.6%+3.1pp

Annual return

5.90%

26.65%-20.8pp

775.05%-769.1pp

31.21%-25.3pp

Employer contribution / active EE

$210

$2,371-91.1%

$2,913-92.8%

$2,726-92.3%

Participant deferral / active EE

$1,034

$3,507-70.5%

$4,320-76.1%

$4,648-77.8%

Admin fee / account holder

$227

$527-57.0%

$7,380-96.9%

$430-47.4%

Provider

Service type

Compensation

PRINCIPAL LIFE INSURANCE COMPANY5 years

Service code 13 · EIN 42-0127290

Contract Administrator

$140,150

ALLIANCE PENSION CONSULTANTS, LLC5 years

Filed as: ALLIANT INSURANCE SERVICES, INC.

Service code 13 · EIN 33-0785439

101 PARK AVE 14TH FLOOR · NEW YORK, NY 10178

Contract Administrator

$15,536

ALLIANCE PENSION CONSULTANTS, LLC1 year

Filed as: ALLIANT INSURANCE SERVICES INC.

Service code 99

Other Fees

$1,038

MORNINGSTAR1 year

Service code 27 · EIN 36-3297908

Advisory (Plan)

MORNINGSTAR3 years

Filed as: MORNINGSTAR INVESTMENT MANAGEMENT L

Service code 26 · EIN 36-4317381

Advisory (Participants)

BEST FRIENDS PET CARE, INC. 401(K) RETIREMENT PLAN

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

BEST FRIENDS PET CARE, INC. 401(K) RETIREMENT 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