Retirement plan

INNOVATION FINANCIAL MANAGEMENT 401K PLAN QRP

Name: INNOVATION FINANCIAL MANAGEMENT INC - INNOVATION FINANCIAL MANAGEMENT 401K PLAN QRP (2023) Form 5500
Creator: INNOVATION FINANCIAL MANAGEMENT INC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, INNOVATION FINANCIAL MANAGEMENT 401K PLAN QRP, INNOVATION FINANCIAL MANAGEMENT INC

INNOVATION FINANCIAL MANAGEMENT INCEIN 20-1946757Plan #001PY 2023

3535 AMERICAN DR - COLORADO SPRINGS, CO 809175743719-578-5400

Prospect flagsLow fidelity bond

How to read this page

Total assets (EOY)

$490K

+44.4% from 2022

Total participants

0.0% from 2022

Average account balance

$245,004

+44.4% from 2022

Annual return

26.77%

+64.70 pp from 2022

Benchmarks

See 36,180 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants<25

Cohort36,180 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$835K

Not enough data

1 years with asset history on file

Average account balance

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

$417K

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

$60K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$30K

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

+35.71%

Not enough data

1 years with return on file

Admin fee / account holder

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

$715

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 codes2E2J2R2T

Plan features

2E
Profit-sharing
Profit-sharing plan.
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.
2R
Participant-directed brokerage accounts
Participant-directed brokerage accounts provided as an investment option under the plan.
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.

Opportunity flags

1 tripped

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

$51

$26 / participant

Other / not subdivided$51100.0%

% of EOY assets

0.010%

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

$245,004

$185,856+31.8%

$170,028+44.1%

$139,456+75.7%

Participation rate

100.0%

87.8%+12.2pp

87.0%+13.0pp

80.3%+19.7pp

Annual return

26.77%

60.52%-33.8pp

53.39%-26.6pp

373.45%-346.7pp

Employer contribution / active EE

$6,264

$7,593-17.5%

$6,788-7.7%

$4,753+31.8%

Participant deferral / active EE

$23,640

$11,623+103.4%

$10,409+127.1%

$6,711+252.2%

Admin fee / account holder

$26

$15,387-99.8%

$12,820-99.8%

$11,407-99.8%

INNOVATION FINANCIAL MANAGEMENT 401K PLAN QRP

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

INNOVATION FINANCIAL MANAGEMENT 401K PLAN QRP

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