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 (2023) 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 2023

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

Prospect flagsHigh feesLow employer contribution

How to read this page

Total assets (EOY)

$531K

+29.3% from 2022

Total participants

+13.3% from 2022

Average account balance

$35,417

+20.7% from 2022

Annual return

12.92%

+29.31 pp from 2022

Benchmarks

See 36,165 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants<25

Cohort36,165 peers

Snapshot2023

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

OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.
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

$16K

$990 / participant

Other / not subdivided$16K100.0%

% of EOY assets

2.982%

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

$35,417

$185,883-80.9%

$170,043-79.2%

$139,466-74.6%

Participation rate

87.5%

87.8%-0.3pp

87.0%+0.5pp

80.3%+7.2pp

Annual return

12.92%

60.54%-47.6pp

53.40%-40.5pp

373.66%-360.7pp

Employer contribution / active EE

$1,439

$7,596-81.1%

$6,790-78.8%

$4,754-69.7%

Participant deferral / active EE

$3,348

$11,626-71.2%

$10,410-67.8%

$6,712-50.1%

Admin fee / account holder

$1,056

$15,393-93.1%

$12,824-91.8%

$11,409-90.7%

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