Retirement plan

MICHAEL G. MONTAG INSURANCE AGENCY, INC. 401(K) PLAN

Name: MICHAEL G. MONTAG INSURANCE AGENCY, INC. - MICHAEL G. MONTAG INSURANCE AGENCY, INC. 401(K) PLAN (2020) Form 5500
Creator: MICHAEL G. MONTAG INSURANCE AGENCY, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, MICHAEL G. MONTAG INSURANCE AGENCY, INC. 401(K) PLAN, MICHAEL G. MONTAG INSURANCE AGENCY, INC.

MICHAEL G. MONTAG INSURANCE AGENCY, INC.EIN 22-3115607Plan #001PY 2020

1745 PENFIELD RD - NEW YORK, NY 145262139585-381-7008LinkedIn11-50 employees

Prospect flagsHigh feesLow assets / participant

How to read this page

Total assets (EOY)

$333K

+15.6% from 2019

Total participants

-13.3% from 2019

Average account balance

$27,731

+25.2% from 2019

Annual return

11.92%

-11.13 pp from 2019

Benchmarks

See 32,157 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants<25

Cohort32,157 peers

Snapshot2020

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

Analytics

Total assets (EOY)

Plan-year ending balance

$637K

Not enough data

1 years with asset history on file

Average account balance

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

$45K

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

$98K

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

+8.65%

Not enough data

1 years with return on file

Admin fee / account holder

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

$3319

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 codes2E2F2G2J2T3D

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.
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

2 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
OpportunityLow assets / participant
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.

Expense breakdown

Schedule H Part II

Admin total

$54K

$4501 / participant

Other / not subdivided$54K100.0%

% of EOY assets

16.232%

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

$27,731

$197,603-86.0%

$177,827-84.4%

$158,950-82.6%

Participation rate

91.7%

88.5%+3.1pp

87.7%+3.9pp

82.0%+9.7pp

Annual return

11.92%

58.76%-46.8pp

48.32%-36.4pp

302.91%-291.0pp

Employer contribution / active EE

$1,564

$6,698-76.6%

$5,918-73.6%

$4,762-67.2%

Participant deferral / active EE

$3,409

$8,404-59.4%

$7,713-55.8%

$5,983-43.0%

Admin fee / account holder

$4,501

$15,402-70.8%

$12,429-63.8%

$11,248-60.0%

MICHAEL G. MONTAG INSURANCE AGENCY, INC. 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

MICHAEL G. MONTAG INSURANCE AGENCY, INC. 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