Retirement plan

VELMEX, INC. 401(K) PROFIT SHARING PLAN

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

VELMEX, INC.EIN 16-0924244Plan #001PY 2023

7550 ROUTE 5 AND 20 - BLOOMFIELD, NY 14469585-657-6151velmex.comLinkedIn11-50 employeesindustrial automation

Prospect flagsHigh feesHigh assets / participant

How to read this page

Total assets (EOY)

$9M

+19.9% from 2022

Total participants

+15.4% from 2022

Average account balance

$300,921

+3.9% from 2022

Annual return

14.23%

+31.89 pp from 2022

Benchmarks

See 22,651 peers

Peer group

Industry33 - Manufacturing

Plan typeDefined contribution

Participants<25

Cohort22,651 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$10.18M

Not enough data

1 years with asset history on file

Average account balance

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

$339K

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.

115.4%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$429K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$17K

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

+11.76%

Not enough data

1 years with return on file

Admin fee / account holder

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

$11189

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.)
InformationalHigh assets / participant
Assets per participant exceed $250,000 - top-decile high-value plan.

Expense breakdown

Schedule H Part II

Admin total

$346K

$15717 / participant

Other / not subdivided$346K100.0%

% of EOY assets

3.830%

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

$300,921

$110,307+172.8%

$96,576+211.6%

$139,456+115.8%

Participation rate

100.0%

78.1%+21.9pp

76.0%+24.0pp

80.3%+19.7pp

Annual return

14.23%

26.40%-12.2pp

25.87%-11.6pp

373.45%-359.2pp

Employer contribution / active EE

$29,151

$3,619+705.4%

$2,965+883.2%

$4,753+513.4%

Participant deferral / active EE

$5,772

$5,547+4.0%

$4,851+19.0%

$6,711-14.0%

Admin fee / account holder

$11,526

$11,597-0.6%

$8,253+39.7%

$11,407+1.0%

VELMEX, INC. 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

VELMEX, 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