Retirement plan

HI-TEK PROFESSIONAL 401(K) PLAN

Name: HI-TEK PROFESSIONALS, INC. - HI-TEK PROFESSIONAL 401(K) PLAN (2020) Form 5500
Creator: HI-TEK PROFESSIONALS, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, HI-TEK PROFESSIONAL 401(K) PLAN, HI-TEK PROFESSIONALS, INC.

HI-TEK PROFESSIONALS, INC.EIN 23-2402883Plan #001PY 2020

850 CHESTER PIKE - PROSPECT PARK, PA 19076610-534-8702hitekprofessionals.comLinkedIn201-500 employeesstaffing and recruiting

Prospect flagsHigh feesLow employer contribution

How to read this page

Total assets (EOY)

$11.7M

+22.8% from 2019

Total participants

101

-15.1% from 2019

Average account balance

$126,236

+14.9% from 2019

Annual return

27.19%

+3.11 pp from 2019

Benchmarks

See 4,277 peers

Peer group

Industry56 - Administrative and Support and Waste Management and Remediation Services

Plan typeDefined contribution

Participants25-99

Cohort4,277 peers

Snapshot2020

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

Analytics

Total assets (EOY)

Plan-year ending balance

$13.32M

Not enough data

1 years with asset history on file

Average account balance

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

$118K

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.

113

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.

86.1%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.33M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$17K

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

+16.14%

Not enough data

1 years with return on file

Admin fee / account holder

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

$26351

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 codes2F2G2J2T3D

Plan features

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

$1.4M

$21954 / participant

Other / not subdivided$1M100.0%

% of EOY assets

12.342%

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

$126,236

$52,279+141.5%

$89,435+41.1%

$79,856+58.1%

Participation rate

87.9%

57.5%+30.3pp

68.0%+19.9pp

69.6%+18.2pp

Annual return

27.19%

22.16%+5.0pp

245.55%-218.4pp

31.71%-4.5pp

Employer contribution / active EE

$1,572-100.0%

$2,587-100.0%

$2,471-100.0%

Participant deferral / active EE

$15,615

$2,740+469.8%

$3,890+301.4%

$3,741+317.5%

Admin fee / account holder

$15,580

$3,356+364.2%

$4,884+219.0%

$5,306+193.6%

HI-TEK PROFESSIONAL 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

HI-TEK PROFESSIONAL 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