Retirement plan

COLVIN CLEANERS, INC. 401(K) PROFIT SHARING PLAN

Name: COLVIN CLEANERS, INC. - COLVIN CLEANERS, INC. 401(K) PROFIT SHARING PLAN (2023) Form 5500
Creator: COLVIN CLEANERS, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, COLVIN CLEANERS, INC. 401(K) PROFIT SHARING PLAN, COLVIN CLEANERS, INC.

COLVIN CLEANERS, INC.EIN 16-0921350Plan #002PY 2023

2375 ELMWOOD AVENUE - KENMORE, NY 14217716-603-7902colvincleaners.comLinkedIn51-200 employeesconsumer services

Prospect flagsHigh feesLow fidelity bond

How to read this page

Total assets (EOY)

$2.5M

+24.9% from 2022

Total participants

-8.7% from 2022

Average account balance

$47,280

+27.3% from 2022

Annual return

17.47%

+36.65 pp from 2022

Benchmarks

See 9,478 peers

Peer group

Industry44 - Retail Trade

Plan typeDefined contribution

Participants25-99

Cohort9,478 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$3.39M

Not enough data

1 years with asset history on file

Average account balance

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

$56K

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.

107.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$288K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$5K

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

+13.87%

Not enough data

1 years with return on file

Admin fee / account holder

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

$5308

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

0 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 codes2E2F2G2J3D

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.
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.

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

$117K

$2128 / participant

Other / not subdivided$117K100.0%

% of EOY assets

4.671%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

No opinion code on file for this filing.

Auditor firm: (not reported)
Auditor EIN: -
Audit fees: (not subdivided)
Opinion code: -

Metric

This plan

Peer set

Industry

Size

Avg account balance

$47,280

$65,566-27.9%

$86,235-45.2%

$75,177-37.1%

Participation rate

81.8%

60.5%+21.3pp

69.0%+12.9pp

67.2%+14.6pp

Annual return

17.47%

46.07%-28.6pp

1170.03%-1152.6pp

160.75%-143.3pp

Employer contribution / active EE

$1,695

$1,553+9.1%

$2,381-28.8%

$2,671-36.6%

Participant deferral / active EE

$3,146

$3,023+4.0%

$3,987-21.1%

$4,126-23.8%

Admin fee / account holder

$2,209

$5,470-59.6%

$6,856-67.8%

$5,651-60.9%

COLVIN CLEANERS, INC. 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

COLVIN CLEANERS, INC. 401(K) 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