Retirement plan

SPRING HILLS LLC 401(K) PLAN

Name: SPRING HILLS, LLC. - SPRING HILLS LLC 401(K) PLAN (2024) Form 5500
Creator: SPRING HILLS, LLC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SPRING HILLS LLC 401(K) PLAN, SPRING HILLS, LLC.

SPRING HILLS, LLC.EIN 22-3701677Plan #001PY 2024

26 MAIN ST - EDISON, NJ 08837732-582-0400springhills.comLinkedIn501-1000 employeeshospital & health care

Prospect flagsLow returnsHigh feesLow participationLow employer contributionLow participant contributionFailed to transmit contributionsCorrective distributions

How to read this page

Total assets (EOY)

$5.5M

+11.8% from 2023

Total participants

1,766

+2.1% from 2023

Average account balance

$24,831

+54.1% from 2023

Annual return

6.33%

-15.49 pp from 2023

Benchmarks

See 1,429 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants1,000-4,999

Cohort1,429 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$5.51M

Not enough data

1 years with asset history on file

Average account balance

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

$25K

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.

222

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.

10.1%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.01M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$589

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

+6.33%

Not enough data

1 years with return on file

Admin fee / account holder

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

$763

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

1 years with F_SCH_H allocation on file

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

Service providers

Top 6 by compensation

Provider	Service type	Compensation
TORRILLO & ASSOCIATES, LLC1 year Filed as: TORRILLO & ASSOCIATES, L Service code 10 · EIN 83-0414789	Accounting	$59,240
PRINCIPAL LIFE INSURANCE COMPANY1 year Service code 13 · EIN 42-0127290	Contract Administrator	$57,816
THE LAW FIRM OF ANTHONY L SCIALABBA1 year Filed as: THE LAW FIRM OF ANTHONY Service code 29 · EIN 46-4015886	Legal	$47,373
PARK AVENUE SECURITIES LLC1 year Filed as: PARK AVENUE SECURITIES Service code 27 · EIN 13-4023176	Advisory (Plan)	$20,081
RETIREWELL ADMINISTRATORS1 year Filed as: RETIREWELL ADMINISTRATIO Service code 13 · EIN 81-3429076	Contract Administrator	$5,000
MORNINGSTAR2 years Filed as: MORNINGSTAR INVESTMENT MANAGEMENT L Service code 26 · EIN 36-4317381	Advisory (Participants)	$0

Plan features & details

Pension benefit codes2E2F2G2J2K2T3D3H

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.
2K
Code section 401(m) arrangement
Employee contributions are allocated to separate accounts under the plan or employer contributions are based in whole or in part on employee deferrals or contributions to the plan. Not applicable to 401(k) plans with only QNECs and/or QMACs or to 403(b)(1) 403(b)(7) or 408 arrangements.
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.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

Opportunity flags

7 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.
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.)
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$169K

$99 / participant

Legal$47K28.0%
Contract admin$63K37.1%
Other / not subdivided$59K35.0%

% of EOY assets

3.074%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: TORILLO & ASSOCIATES LLC
Auditor EIN: 830414789
Audit fees: $59,240
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$24,831

$53,204-53.3%

$155,556-84.0%

$200,096-87.6%

Participation rate

10.1%

64.1%-54.0pp

78.2%-68.1pp

72.0%-61.9pp

Annual return

6.33%

41.02%-34.7pp

64.84%-58.5pp

34.26%-27.9pp

Employer contribution / active EE

$180

$1,850-90.3%

$4,675-96.1%

$3,038-94.1%

Participant deferral / active EE

$409

$3,163-87.1%

$5,631-92.7%

$5,090-92.0%

Admin fee / account holder

$763

$186+310.9%

$15,885-95.2%

$269+183.4%

Provider

Service type

Compensation

TORRILLO & ASSOCIATES, LLC1 year

Filed as: TORRILLO & ASSOCIATES, L

Service code 10 · EIN 83-0414789

Accounting

$59,240

PRINCIPAL LIFE INSURANCE COMPANY1 year

Service code 13 · EIN 42-0127290

Contract Administrator

$57,816

THE LAW FIRM OF ANTHONY L SCIALABBA1 year

Filed as: THE LAW FIRM OF ANTHONY

Service code 29 · EIN 46-4015886

Legal

$47,373

PARK AVENUE SECURITIES LLC1 year

Filed as: PARK AVENUE SECURITIES

Service code 27 · EIN 13-4023176

Advisory (Plan)

$20,081

RETIREWELL ADMINISTRATORS1 year

Filed as: RETIREWELL ADMINISTRATIO

Service code 13 · EIN 81-3429076

Contract Administrator

$5,000

MORNINGSTAR2 years

Filed as: MORNINGSTAR INVESTMENT MANAGEMENT L

Service code 26 · EIN 36-4317381

Advisory (Participants)

SPRING HILLS LLC 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SPRING HILLS LLC 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