Retirement plan

CONVERGED NETWORKS, INC. 401(K) PLAN

Name: CONVERGED NETWORKS, INC. - CONVERGED NETWORKS, INC. 401(K) PLAN (2022) Form 5500
Creator: CONVERGED NETWORKS, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, CONVERGED NETWORKS, INC. 401(K) PLAN, CONVERGED NETWORKS, INC.

CONVERGED NETWORKS, INC.EIN 20-1708278Plan #001PY 2022

1295 NEWELL PARKWAY - MONTGOMERY, AL 36110334-239-2371converged-networks.comLinkedIn1-10 employeestelecommunications

Prospect flagsLow returnsHigh fees

How to read this page

Total assets (EOY)

$162K

+25.3% from 2021

Total participants

-12.5% from 2021

Average account balance

$26,990

+46.1% from 2021

Annual return

-24.12%

-45.17 pp from 2021

Benchmarks

See 10,380 peers

Peer group

Industry51 - Information

Plan typeDefined contribution

Participants<25

Cohort10,380 peers

Snapshot2022

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

Analytics

Total assets (EOY)

Plan-year ending balance

$387K

Not enough data

1 years with asset history on file

Average account balance

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

$77K

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.

83.3%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$70K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$12K

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

+18.17%

Not enough data

1 years with return on file

Admin fee / account holder

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

$369

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 codes2E2F2G2J2T3D

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.
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

2 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.

Expense breakdown

Schedule H Part II

Admin total

$3K

$575 / participant

Other / not subdivided$3K100.0%

% of EOY assets

2.129%

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

$26,990

$99,668-72.9%

$86,451-68.8%

$134,545-79.9%

Participation rate

83.3%

82.1%+1.3pp

80.3%+3.0pp

81.2%+2.1pp

Annual return

-24.12%

6789.61%-6813.7pp

4398.51%-4422.6pp

418.37%-442.5pp

Employer contribution / active EE

$3,023

$4,403-31.4%

$3,770-19.8%

$4,742-36.3%

Participant deferral / active EE

$8,040

$7,249+10.9%

$6,953+15.6%

$6,401+25.6%

Admin fee / account holder

$575

$8,377-93.1%

$6,734-91.5%

$11,431-95.0%

CONVERGED NETWORKS, INC. 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

CONVERGED NETWORKS, INC. 401(K) 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