Retirement plan

SOMA LABS, INC. 401(K) PROFIT SHARING PLAN

Name: SOMA LABS, INC. - SOMA LABS, INC. 401(K) PROFIT SHARING PLAN (2024) Form 5500
Creator: SOMA LABS, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SOMA LABS, INC. 401(K) PROFIT SHARING PLAN, SOMA LABS, INC.

SOMA LABS, INC.EIN 22-3611520Plan #001PY 2024

248 WAGNER STREET - MIDDLESEX, NJ 08846732-271-3444somalabs.comLinkedIn11-50 employeesbiotechnology

Prospect flagsHigh feesLow participationLow fidelity bond

How to read this page

Total assets (EOY)

$1.6M

+36.7% from 2023

Total participants

0.0% from 2023

Average account balance

$54,876

+13.2% from 2023

Annual return

55.44%

+33.20 pp from 2023

Benchmarks

See 5,401 peers

Peer group

Industry32 - Manufacturing

Plan typeDefined contribution

Participants25-99

Cohort5,401 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$1.11M

Not enough data

1 years with asset history on file

Average account balance

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

$46K

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.

85.7%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$174K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$6K

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

+9.79%

Not enough data

1 years with return on file

Admin fee / account holder

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

$34519

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 codes2E2J2F2G3D

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.
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

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
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).

Expense breakdown

Schedule H Part II

Admin total

$468K

$15598 / participant

Other / not subdivided$468K100.0%

% of EOY assets

29.404%

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

$54,876

$87,060-37.0%

$105,591-48.0%

$80,911-32.2%

Participation rate

66.7%

70.4%-3.8pp

75.3%-8.6pp

67.6%-1.0pp

Annual return

55.44%

17.05%+38.4pp

116.43%-61.0pp

35.63%+19.8pp

Employer contribution / active EE

$2,275

$2,396-5.0%

$3,166-28.1%

$2,756-17.4%

Participant deferral / active EE

$5,416

$3,986+35.9%

$5,008+8.1%

$4,297+26.0%

Admin fee / account holder

$16,136

$8,442+91.1%

$11,024+46.4%

$6,935+132.7%

SOMA LABS, INC. 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SOMA LABS, INC. 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