Retirement plan

TULLY RINCKEY PLLC 401(K) PROFIT SHARING PLAN AND TRUST

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

TULLY RINCKEY PLLCEIN 20-2053454Plan #001PY 2023

441 NEW KARNER ROAD, STE 2 - ALBANY, NY 12205518-218-7100tullylegal.comLinkedIn51-200 employeeslaw practice

Prospect flagsHigh feesFailed to transmit contributionsCorrective distributions

How to read this page

Total assets (EOY)

$7.1M

+21.4% from 2022

Total participants

103

+3.0% from 2022

Average account balance

$68,599

+17.9% from 2022

Annual return

18.72%

+35.11 pp from 2022

Benchmarks

See 28,714 peers

Peer group

Industry54 - Professional, Scientific, and Technical Services

Plan typeDefined contribution

Participants25-99

Cohort28,714 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$8.27M

Not enough data

1 years with asset history on file

Average account balance

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

$81K

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.

102

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.

98.6%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$720K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$10K

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

+13.68%

Not enough data

1 years with return on file

Admin fee / account holder

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

$540

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

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

Service providers

Top 3 by compensation

Provider	Service type	Compensation
FISHER INVESTMENTS2 years Filed as: FISHER ASSET MANAGEMENT LLC Service code 15 · EIN 20-2480800	Recordkeeping	$29,343
ADP BROKER-DEALER3 years Filed as: ADP, INC. Service code 15 · EIN 13-3036745	Recordkeeping	$13,618
ADP BROKER-DEALER3 years Service code 59 · EIN 22-3319984	Shareholder Servicing	$0

Plan features & details

Pension benefit codes2E2F2G2J2K2S2T3D

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

3 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
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

$43K

$641 / participant

Recordkeeping$14K31.7%
Investment mgmt$29K68.3%

% of EOY assets

0.608%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: BONADIO & CO. LLP
Auditor EIN: 161131146
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$68,599

$93,589-26.7%

$135,942-49.5%

$75,181-8.8%

Participation rate

100.0%

75.2%+24.8pp

81.9%+18.1pp

67.2%+32.8pp

Annual return

18.72%

30.90%-12.2pp

68.28%-49.6pp

160.69%-142.0pp

Employer contribution / active EE

$3,183

$3,537-10.0%

$4,858-34.5%

$2,671+19.2%

Participant deferral / active EE

$6,493

$6,405+1.4%

$7,759-16.3%

$4,126+57.4%

Admin fee / account holder

$417

$6,977-94.0%

$10,764-96.1%

$5,650-92.6%

Provider

Service type

Compensation

FISHER INVESTMENTS2 years

Filed as: FISHER ASSET MANAGEMENT LLC

Service code 15 · EIN 20-2480800

Recordkeeping

$29,343

ADP BROKER-DEALER3 years

Filed as: ADP, INC.

Service code 15 · EIN 13-3036745

Recordkeeping

$13,618

ADP BROKER-DEALER3 years

Service code 59 · EIN 22-3319984

Shareholder Servicing

TULLY RINCKEY PLLC 401(K) PROFIT SHARING PLAN AND TRUST

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

TULLY RINCKEY PLLC 401(K) PROFIT SHARING PLAN AND TRUST

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