Retirement plan

OCEAN POWER 401(K) PLAN

Name: OCEAN POWER & EQUIPMENT CO. - OCEAN POWER 401(K) PLAN (2023) 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 2023

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)

$1.6M

+12.4% from 2022

Total participants

0.0% from 2022

Average account balance

$392,183

+12.4% from 2022

Annual return

14.57%

+28.67 pp from 2022

Benchmarks

See 9,381 peers

Peer group

Industry48 - Transportation and Warehousing

Plan typeDefined contribution

Participants<25

Cohort9,381 peers

Snapshot2023

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

$59K

$14711 / participant

Other / not subdivided$59K100.0%

% of EOY assets

3.751%

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

$392,183

$85,060+361.1%

$70,565+455.8%

$139,487+181.2%

Participation rate

100.0%

73.9%+26.1pp

68.4%+31.6pp

80.3%+19.7pp

Annual return

14.57%

30.39%-15.8pp

32.79%-18.2pp

373.84%-359.3pp

Employer contribution / active EE

$2,204

$3,912-43.7%

$2,976-26.0%

$4,755-53.7%

Participant deferral / active EE

$1,200

$5,891-79.6%

$4,568-73.7%

$6,713-82.1%

Admin fee / account holder

$14,711

$8,932+64.7%

$6,430+128.8%

$11,407+29.0%

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