Retirement plan

GENOVA BURNS LLC 401(K)/PROFIT SHARING PLAN

Name: GENOVA BURNS LLC - GENOVA BURNS LLC 401(K)/PROFIT SHARING PLAN (2021) Form 5500
Creator: GENOVA BURNS LLC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, GENOVA BURNS LLC 401(K)/PROFIT SHARING PLAN, GENOVA BURNS LLC

GENOVA BURNS LLCEIN 22-2940404Plan #001PY 2021

494 BROAD STREET - NEWARK, NJ 07102973-533-0777genovaburns.comLinkedIn51-200 employeeslaw practice

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$19.4M

+20.1% from 2020

Total participants

143

+8.3% from 2020

Average account balance

$157,545

+10.3% from 2020

Annual return

15.49%

+1.35 pp from 2020

Benchmarks

See 5,715 peers

Peer group

Industry54 - Professional, Scientific, and Technical Services

Plan typeDefined contribution

Participants100-249

Cohort5,715 peers

Snapshot2021

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

Analytics

Total assets (EOY)

Plan-year ending balance

$15.78M

Not enough data

1 years with asset history on file

Average account balance

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

$156K

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.

101

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.

59.6%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$890K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$9K

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

+13.32%

Not enough data

1 years with return on file

Admin fee / account holder

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

$417

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 6 by compensation

Provider	Service type	Compensation
NATIONWIDE3 years Filed as: NATIONWIDE LIFE INSURANCE CO Service code 26 · EIN 31-4156830	Advisory (Participants)	$32,377
COMMONWEALTH FINANCIAL NETWORK1 year Service code 27 · EIN 42-6755710	Advisory (Plan)	$12,312
MASSACHUSETTS MUTUAL LIFE INS. CO.2 years Filed as: MML INVESTORS SERVICES, LLC Service code 27 · EIN 04-1590850	Advisory (Plan)	$9,515
LEAFHOUSE FINANCIAL ADVISORS, LLC2 years Filed as: LEAFHOUSE FINANCIAL ADVISORS Service code 27 · EIN 26-4311657	Advisory (Plan)	$3,388
PLANNED FINANCIAL PROGRAMS3 years Filed as: PLANNED FINANCIAL PROGRAMS CO Service code 10 · EIN 22-1914735	Accounting	$1,040
MASSACHUSETTS MUTUAL LIFE INS. CO.3 years Filed as: MML INSURANCE AGENCY, LLC Service code 22 · EIN 04-1590850	Insurance Broker	$0

Plan features & details

Pension benefit codes2E2F2G2J2K2T3B3D

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.
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.
3B
Plan covering self-employed individuals
Plan covering self-employed individuals.
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

$59K

$586 / participant

Contract admin$58K98.2%
Other / not subdivided$1K1.8%

% of EOY assets

0.303%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: CITRIN COOPERMAN & COMPANY
Auditor EIN: 222428965
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$157,545

$104,479+50.8%

$159,474-1.2%

$79,391+98.4%

Participation rate

80.0%

76.6%+3.4pp

82.8%-2.8pp

70.7%+9.3pp

Annual return

15.49%

67.98%-52.5pp

263.68%-248.2pp

116.88%-101.4pp

Employer contribution / active EE

$1,037

$3,417-69.7%

$4,831-78.5%

$2,428-57.3%

Participant deferral / active EE

$9,068

$6,468+40.2%

$7,353+23.3%

$4,046+124.1%

Admin fee / account holder

$477

$711-33.0%

$10,802-95.6%

$627-23.9%

Provider

Service type

Compensation

NATIONWIDE3 years

Filed as: NATIONWIDE LIFE INSURANCE CO

Service code 26 · EIN 31-4156830

Advisory (Participants)

$32,377

COMMONWEALTH FINANCIAL NETWORK1 year

Service code 27 · EIN 42-6755710

Advisory (Plan)

$12,312

MASSACHUSETTS MUTUAL LIFE INS. CO.2 years

Filed as: MML INVESTORS SERVICES, LLC

Service code 27 · EIN 04-1590850

Advisory (Plan)

$9,515

LEAFHOUSE FINANCIAL ADVISORS, LLC2 years

Filed as: LEAFHOUSE FINANCIAL ADVISORS

Service code 27 · EIN 26-4311657

Advisory (Plan)

$3,388

PLANNED FINANCIAL PROGRAMS3 years

Filed as: PLANNED FINANCIAL PROGRAMS CO

Service code 10 · EIN 22-1914735

Accounting

$1,040

MASSACHUSETTS MUTUAL LIFE INS. CO.3 years

Filed as: MML INSURANCE AGENCY, LLC

Service code 22 · EIN 04-1590850

Insurance Broker

GENOVA BURNS LLC 401(K)/PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

GENOVA BURNS 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