Retirement plan

OCEAN POWER 401(K) PLAN

Name: OCEAN POWER & EQUIPMENT CO. - OCEAN POWER 401(K) PLAN (2021) Form 5500
Creator: OCEAN POWER & EQUIPMENT CO.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, OCEAN POWER 401(K) PLAN, OCEAN POWER & EQUIPMENT CO.

OCEAN POWER & EQUIPMENT CO.EIN 22-3033577Plan #002PY 2021

1140 BLOOMFIELD AVE, STE 107 - WEST CALDWELL, NJ 070067126973-575-5775ocean-power.usLinkedIn1-10 employeesmaritime

Prospect flagsHigh feesHigh assets / participantLow fidelity bond

How to read this page

Total assets (EOY)

$1.7M

+10.1% from 2020

Total participants

0.0% from 2020

Average account balance

$418,748

+10.1% from 2020

Annual return

12.23%

-2.35 pp from 2020

Benchmarks

See 7,536 peers

Peer group

Industry48 - Transportation and Warehousing

Plan typeDefined contribution

Participants<25

Cohort7,536 peers

Snapshot2021

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

Analytics

Total assets (EOY)

Plan-year ending balance

$1.71M

Not enough data

1 years with asset history on file

Average account balance

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

$426K

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

$21K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$5K

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

+10.61%

Not enough data

1 years with return on file

Admin fee / account holder

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

$16822

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 codes2E3D2G2J2T

Plan features

2E
Profit-sharing
Profit-sharing plan.
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

3 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
ComplianceLow fidelity bond
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
InformationalHigh assets / participant
Assets per participant exceed $250,000 - top-decile high-value plan.

Expense breakdown

Schedule H Part II

Admin total

$67K

$16625 / participant

Other / not subdivided$67K100.0%

% of EOY assets

3.970%

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

$418,748

$104,709+299.9%

$85,705+388.6%

$167,553+149.9%

Participation rate

100.0%

76.4%+23.6pp

69.9%+30.1pp

82.1%+17.9pp

Annual return

12.23%

21.45%-9.2pp

21.49%-9.3pp

478.89%-466.7pp

Employer contribution / active EE

$3,455

$3,338+3.5%

$2,619+31.9%

$4,840-28.6%

Participant deferral / active EE

$1,200

$4,827-75.1%

$3,924-69.4%

$6,343-81.1%

Admin fee / account holder

$16,625

$10,036+65.6%

$6,877+141.8%

$12,316+35.0%

OCEAN POWER 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

OCEAN POWER 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