Retirement plan

BRIGHTER CHOICE CHARTER SCHOOLS FOR GIRLS 403(B) RETIREMENT PLAN

Name: BRIGHTER CHOICE CHARTER SCHOOLS - BRIGHTER CHOICE CHARTER SCHOOLS FOR GIRLS 403(B) RETIREMENT PLAN (2024) Form 5500
Creator: BRIGHTER CHOICE CHARTER SCHOOLS
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, BRIGHTER CHOICE CHARTER SCHOOLS FOR GIRLS 403(B) RETIREMENT PLAN, BRIGHTER CHOICE CHARTER SCHOOLS

BRIGHTER CHOICE CHARTER SCHOOLSEIN 14-1830897Plan #001PY 2024

250 CENTRAL AVE - ALBANY, NY 12206518-694-8200brighterchoice.orgLinkedIn11-50 employeesmanagement consulting

Prospect flagsHigh feesLow fidelity bond

How to read this page

Total assets (EOY)

$3.9M

+5.8% from 2023

Total participants

126

-43.0% from 2023

Average account balance

$31,160

+88.6% from 2023

Annual return

11.74%

+0.95 pp from 2023

Benchmarks

See 4,475 peers

Peer group

Industry61 - Educational Services

Plan typeDefined contribution

Participants25-99

Cohort4,475 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$3.86M

Not enough data

1 years with asset history on file

Average account balance

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

$31K

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.

124

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.

97.2%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$406K

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

+11.74%

Not enough data

1 years with return on file

Admin fee / account holder

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

$307

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

Providers data not reported

Schedule C was not filed on this plan's most recent Form 5500, so no compensated service providers are available to display.

Plan features & details

Pension benefit codes2E2F2G2K2L3F

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.
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.
2L
Code section 403(b)(1) arrangement
Plan uses a Code section 403(b)(1) annuity contract as a funding vehicle.
3F
Leased employees
Plan sponsor(s) received services of leased employees as defined in Code section 414(n) during the plan year.

Opportunity flags

2 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
ComplianceLow fidelity bond
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).

Expense breakdown

Schedule H Part II

Admin total

$38K

$537 / participant

Contract admin$38K100.0%

% of EOY assets

0.987%

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: CUSACK & COMPANY CPAS LLC
Auditor EIN: 141800427
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$31,160

$48,314-35.5%

$67,561-53.9%

$80,925-61.5%

Participation rate

97.2%

66.4%+30.8pp

72.9%+24.3pp

67.7%+29.5pp

Annual return

11.74%

18.28%-6.5pp

3525.44%-3513.7pp

35.65%-23.9pp

Employer contribution / active EE

$3,116

$2,022+54.1%

$2,735+13.9%

$2,756+13.1%

Participant deferral / active EE

$2,601

$2,927-11.1%

$4,003-35.0%

$4,299-39.5%

Admin fee / account holder

$307

$3,690-91.7%

$4,006-92.3%

$6,940-95.6%

BRIGHTER CHOICE CHARTER SCHOOLS FOR GIRLS 403(B) RETIREMENT PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

BRIGHTER CHOICE CHARTER SCHOOLS FOR GIRLS 403(B) RETIREMENT 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