Retirement plan

FINGER LAKES FINANCIAL SERVICES, INC. 401(K) PROFIT SHARING PLAN

Name: FINGER LAKES FINANCIAL SERVICES, INC. - FINGER LAKES FINANCIAL SERVICES, INC. 401(K) PROFIT SHARING PLAN (2022) Form 5500
Creator: FINGER LAKES FINANCIAL SERVICES, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, FINGER LAKES FINANCIAL SERVICES, INC. 401(K) PROFIT SHARING PLAN, FINGER LAKES FINANCIAL SERVICES, INC.

FINGER LAKES FINANCIAL SERVICES, INC.EIN 16-1211052Plan #001PY 2022

29 LASALLE PARKWAY - VICTOR, NY 14564585-586-2600flfsinc.comLinkedIn1-10 employeesfinancial services

Prospect flagsLow returnsHigh feesHigh assets / participant

How to read this page

Total assets (EOY)

$3.7M

-20.9% from 2021

Total participants

0.0% from 2021

Average account balance

$1,233,589

-20.9% from 2021

Annual return

-21.26%

-56.13 pp from 2021

Benchmarks

See 35,209 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants<25

Cohort35,209 peers

Snapshot2022

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

Analytics

Total assets (EOY)

Plan-year ending balance

$5.80M

Not enough data

1 years with asset history on file

Average account balance

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

$1.9M

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.

100.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$159K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$53K

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

+11.28%

Not enough data

1 years with return on file

Admin fee / account holder

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

$46792

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 codes2E2G2J3D

Plan features

2E
Profit-sharing
Profit-sharing plan.
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

3 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
InformationalHigh assets / participant
Assets per participant exceed $250,000 - top-decile high-value plan.

Expense breakdown

Schedule H Part II

Admin total

$178K

$59309 / participant

Other / not subdivided$178K100.0%

% of EOY assets

4.808%

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

$1,233,589

$167,522+636.4%

$151,639+713.5%

$134,532+816.9%

Participation rate

100.0%

88.4%+11.6pp

87.5%+12.5pp

81.2%+18.8pp

Annual return

-21.26%

7.81%-29.1pp

3.34%-24.6pp

418.27%-439.5pp

Employer contribution / active EE

$37,115

$6,828+443.6%

$6,165+502.0%

$4,741+682.8%

Participant deferral / active EE

$27,000

$8,986+200.5%

$8,363+222.8%

$6,401+321.8%

Admin fee / account holder

$59,309

$13,780+330.4%

$11,613+410.7%

$11,429+419.0%

FINGER LAKES FINANCIAL SERVICES, INC. 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

FINGER LAKES FINANCIAL SERVICES, 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