Retirement plan

SECURITY MUTUAL LIFE INSURANCE COMPANY OF NEW YORK PROFIT SHARING PLAN

Name: SECURITY MUTUAL LIFE INSURANCE COMPANY OF NEW YORK - SECURITY MUTUAL LIFE INSURANCE COMPANY OF NEW YORK PROFIT SHARING PLAN (2022) Form 5500
Creator: SECURITY MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SECURITY MUTUAL LIFE INSURANCE COMPANY OF NEW YORK PROFIT SHARING PLAN, SECURITY MUTUAL LIFE INSURANCE COMPANY OF NEW YORK

SECURITY MUTUAL LIFE INSURANCE COMPANY OF NEW YORKEIN 15-0442730Plan #004PY 2022

100 COURT STREET - BINGHAMTON, NY 13902607-723-3551LinkedIn11-50 employeesinsurance

Other plans on this EIN

2 filings

#001Retirement-$49.2M assets #002Retirement-$18.9M assets

Prospect flagsHigh feesCorrective distributions

Top hat statement on fileNQDC

Filed February 25, 2006 (most recent of 2 filings on file)

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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Total assets (EOY)

$64.8M

-15.8% from 2021

Total participants

408

0.0% from 2021

Average account balance

$163,162

-15.8% from 2021

Annual return

-15.30%

-30.09 pp from 2021

Benchmarks

See 1,529 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants250-999

Cohort1,529 peers

Snapshot2022

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Analytics

Total assets (EOY)

Plan-year ending balance

$84.17M

Not enough data

1 years with asset history on file

Average account balance

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

$211K

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.

398

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.

98.3%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$4.44M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$15K

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

+13.59%

Not enough data

1 years with return on file

Admin fee / account holder

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

$549

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
MORGAN STANLEY SMITH BARNEY3 years Filed as: MORGAN STANLEY SMITH BARNEY LLC Service code 26 · EIN 20-8764829	Advisory (Participants)	$64,559
FIDELITY INVESTMENTS INSTITUTIONAL4 years Service code 37 · EIN 04-2647786	Loan Processing	$38,852

Plan features & details

Pension benefit codes2E2F2G2J2K2S2T3H3D2R

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.
2R
Participant-directed brokerage accounts
Participant-directed brokerage accounts provided as an investment option under the plan.
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.
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

2 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$178K

$578 / participant

Investment mgmt$4K2.5%
Other / not subdivided$173K97.5%

% of EOY assets

0.274%

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: JOHNSON LAUDER & SAVADGE, LLP
Auditor EIN: 160919630
Audit fees: (not subdivided)
Opinion code: Unqualified

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$163,162

$86,897+87.8%

$151,611+7.6%

$64,808+151.8%

Participation rate

96.4%

87.3%+9.1pp

87.5%+8.9pp

71.5%+25.0pp

Annual return

-15.30%

-3.57%-11.7pp

3.33%-18.6pp

32.82%-48.1pp

Employer contribution / active EE

$6,944

$4,010+73.2%

$6,166+12.6%

$2,506+177.1%

Participant deferral / active EE

$5,983

$6,690-10.6%

$8,363-28.5%

$4,310+38.8%

Admin fee / account holder

$447

$153+192.4%

$11,616-96.1%

$188+138.2%

Provider

Service type

Compensation

MORGAN STANLEY SMITH BARNEY3 years

Filed as: MORGAN STANLEY SMITH BARNEY LLC

Service code 26 · EIN 20-8764829

Advisory (Participants)

$64,559

FIDELITY INVESTMENTS INSTITUTIONAL4 years

Service code 37 · EIN 04-2647786

Loan Processing

$38,852

SECURITY MUTUAL LIFE INSURANCE COMPANY OF NEW YORK PROFIT SHARING PLAN

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SECURITY MUTUAL LIFE INSURANCE COMPANY OF NEW YORK PROFIT SHARING 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