Retirement plan

FREEDOMPAY, INC. 401(K) PROFIT SHARING PLAN

Name: FREEDOMPAY, INC. - FREEDOMPAY, INC. 401(K) PROFIT SHARING PLAN (2018) Form 5500
Creator: FREEDOMPAY, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, FREEDOMPAY, INC. 401(K) PROFIT SHARING PLAN, FREEDOMPAY, INC.

FREEDOMPAY, INC.EIN 23-3028266Plan #001PY 2018

FMC TOWER AT CIRA CENTRE SOUTH, 2929 WALNUT STREET, FLOOR 14 - PHILADELPHIA, PA 19104610-902-9000freedompay.comLinkedIn201-500 employeesinformation technology and services

Prospect flagsLow participationLow employer contribution

How to read this page

Total assets (EOY)

$3.2M

+33.1% from 2017

Total participants

156

+40.5% from 2017

Average account balance

$32,772

-21.8% from 2017

Annual return

2.46%

-27.04 pp from 2017

Benchmarks

See 5,340 peers

Peer group

Industry54 - Professional, Scientific, and Technical Services

Plan typeDefined contribution

Participants100-249

Cohort5,340 peers

Snapshot2018

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

Analytics

Total assets (EOY)

Plan-year ending balance

$27.58M

Not enough data

1 years with asset history on file

Average account balance

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

$53K

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.

523

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.

93.9%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$5.08M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$11K

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

+22.60%

Not enough data

1 years with return on file

Admin fee / account holder

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

$182

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

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 participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II

Admin total

$4K

$26 / participant

Other / not subdivided$4K100.0%

% of EOY assets

0.120%

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

$32,772

$73,102-55.2%

$123,552-73.5%

$56,287-41.8%

Participation rate

59.0%

74.3%-15.3pp

82.3%-23.3pp

69.9%-10.8pp

Annual return

2.46%

3.01%-0.5pp

119.20%-116.7pp

-9.96%+12.4pp

Employer contribution / active EE

$522

$2,977-82.5%

$4,628-88.7%

$2,111-75.3%

Participant deferral / active EE

$4,556

$5,423-16.0%

$6,426-29.1%

$3,350+36.0%

Admin fee / account holder

$39

$554-92.9%

$9,285-99.6%

$521-92.5%

FREEDOMPAY, INC. 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

FREEDOMPAY, 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