Retirement plan

DRIVEN BRANDS, INC. EMPLOYEE RETIREMENT SAVINGS PLAN

Name: DRIVEN BRANDS, INC. - DRIVEN BRANDS, INC. EMPLOYEE RETIREMENT SAVINGS PLAN (2019) Form 5500
Creator: DRIVEN BRANDS, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, DRIVEN BRANDS, INC. EMPLOYEE RETIREMENT SAVINGS PLAN, DRIVEN BRANDS, INC.

DRIVEN BRANDS, INC.EIN 20-0381531Plan #003PY 2019

440 S.CHURCH STREET, SUITE 700 - CHARLOTTE, NC 28202704-664-8192drivenbrands.comLinkedIn5001-10000 employeesretail

Prospect flagsLow participationLow participant contributionFailed to transmit contributionsCorrective distributions

Top hat statement on fileNQDC

Filed March 7, 2019 (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)

$23.4M

+22.7% from 2018

Total participants

3,784

+55.4% from 2018

Average account balance

$35,379

+14.1% from 2018

Annual return

24.60%

+28.01 pp from 2018

Benchmarks

See 355 peers

Peer group

Industry44 - Retail Trade

Plan typeDefined contribution

Participants1,000-4,999

Cohort355 peers

Snapshot2019

See peer percentile detail. $4.99 for your first month.

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Analytics

Total assets (EOY)

Plan-year ending balance

$79.89M

Not enough data

1 years with asset history on file

Average account balance

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

$33K

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.

2,431

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.

29.5%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$14.94M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$2K

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

+18.59%

Not enough data

1 years with return on file

Admin fee / account holder

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

$102

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 5 by compensation

Provider	Service type	Compensation
PRINCIPAL LIFE INSURANCE COMPANY1 year Service code 13 · EIN 42-0127290	Contract Administrator	$53,562
WELLS FARGO BANK, N.A.5+ years Service code 15 · EIN 94-1347393	Recordkeeping	$48,170
ORENDA RETIREMENT, LLC1 year Service code 13 · EIN 36-4877979	Contract Administrator	$28,382
WELLS FARGO BANK, N.A.1 year Filed as: WELLS FARGO CLEARING SVC Service code 27 · EIN 34-1542819	Advisory (Plan)	$14,427
MORNINGSTAR1 year Filed as: MORNINGSTAR INVESTMENT MGMT LLC Service code 27 · EIN 36-4317381	Advisory (Plan)	$4,919

Plan features & details

Pension benefit codes2E2J2K2F2G3D2T2S

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.
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.

Opportunity flags

4 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$129K

$35 / participant

Investment mgmt$9K7.1%
Contract admin$68K53.1%
Other / not subdivided$51K39.8%

% of EOY assets

0.550%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Disclaimer opinion

The auditor declined to give an opinion. This is usually a 103(a)(3)(C) limited-scope election.

Auditor firm: LONG CPA, PLLC
Auditor EIN: 204155651
Audit fees: (not subdivided)
Opinion code: Disclaimer

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$35,379

$40,113-11.8%

$84,015-57.9%

$77,787-54.5%

Participation rate

13.9%

62.8%-48.9pp

69.0%-55.1pp

73.2%-59.3pp

Annual return

24.60%

23.27%+1.3pp

71.31%-46.7pp

32.57%-8.0pp

Employer contribution / active EE

$257

$847-69.6%

$1,983-87.0%

$2,504-89.7%

Participant deferral / active EE

$638

$2,030-68.6%

$3,239-80.3%

$3,967-83.9%

Admin fee / account holder

$194

$92+112.3%

$6,101-96.8%

$100+94.3%

Provider

Service type

Compensation

PRINCIPAL LIFE INSURANCE COMPANY1 year

Service code 13 · EIN 42-0127290

Contract Administrator

$53,562

WELLS FARGO BANK, N.A.5+ years

Service code 15 · EIN 94-1347393

Recordkeeping

$48,170

ORENDA RETIREMENT, LLC1 year

Service code 13 · EIN 36-4877979

Contract Administrator

$28,382

WELLS FARGO BANK, N.A.1 year

Filed as: WELLS FARGO CLEARING SVC

Service code 27 · EIN 34-1542819

Advisory (Plan)

$14,427

MORNINGSTAR1 year

Filed as: MORNINGSTAR INVESTMENT MGMT LLC

Service code 27 · EIN 36-4317381

Advisory (Plan)

$4,919

DRIVEN BRANDS, INC. EMPLOYEE RETIREMENT SAVINGS PLAN

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

DRIVEN BRANDS, INC. EMPLOYEE RETIREMENT SAVINGS 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