Retirement plan

BASIC PAY II, LLC 401(K) PROFIT SHARING PLAN

Name: BASIC PAY II, LLC - BASIC PAY II, LLC 401(K) PROFIT SHARING PLAN (2024) Form 5500
Creator: BASIC PAY II, LLC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, BASIC PAY II, LLC 401(K) PROFIT SHARING PLAN, BASIC PAY II, LLC

BASIC PAY II, LLCEIN 20-5598741Plan #001PY 2024

231 WEST 29TH STREET - NEW YORK, NY 10001212-684-8827basicpayllc.comLinkedIn11-50 employeesinformation services

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$958K

+57.8% from 2023

Total participants

+19.4% from 2023

Average account balance

$25,882

+32.2% from 2023

Annual return

26.33%

+4.61 pp from 2023

Benchmarks

See 3,224 peers

Peer group

Industry51 - Information

Plan typeDefined contribution

Participants25-99

Cohort3,224 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$958K

Not enough data

1 years with asset history on file

Average account balance

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

$26K

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

$257K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$7K

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

+26.33%

Not enough data

1 years with return on file

Admin fee / account holder

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

$2046

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 codes2E2F2G2J3D

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.
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

1 tripped

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

Expense breakdown

Schedule H Part II

Admin total

$76K

$2046 / participant

Other / not subdivided$76K100.0%

% of EOY assets

7.905%

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

$25,882

$77,460-66.6%

$100,378-74.2%

$80,925-68.0%

Participation rate

100.0%

76.9%+23.1pp

81.5%+18.5pp

67.7%+32.3pp

Annual return

26.33%

37.24%-10.9pp

49.41%-23.1pp

35.65%-9.3pp

Employer contribution / active EE

$1,220

$2,801-56.5%

$3,942-69.1%

$2,756-55.7%

Participant deferral / active EE

$5,733

$6,818-15.9%

$8,087-29.1%

$4,299+33.4%

Admin fee / account holder

$2,046

$5,887-65.2%

$7,899-74.1%

$6,940-70.5%

BASIC PAY II, LLC 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

BASIC PAY II, LLC 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