Retirement plan

KNOX MCLAUGHLIN GORNALL & SENNETT, P.C. 401(K) PROFIT SHARING PLAN

Name: KNOX MCLAUGHLIN GORNALL & SENNETT, P.C. - KNOX MCLAUGHLIN GORNALL & SENNETT, P.C. 401(K) PROFIT SHARING PLAN (2024) Form 5500
Creator: KNOX MCLAUGHLIN GORNALL & SENNETT, P.C.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, KNOX MCLAUGHLIN GORNALL & SENNETT, P.C. 401(K) PROFIT SHARING PLAN, KNOX MCLAUGHLIN GORNALL & SENNETT, P.C.

KNOX MCLAUGHLIN GORNALL & SENNETT, P.C.EIN 25-1215503Plan #001PY 2024

120 WEST TENTH STREET - ERIE, PA 165011461814-459-2800kmgslaw.comLinkedIn51-200 employeeslaw practice

Prospect flagsHigh feesHigh assets / participant

How to read this page

Total assets (EOY)

$41.9M

+17.0% from 2023

Total participants

121

+2.5% from 2023

Average account balance

$355,037

+16.0% from 2023

Annual return

14.39%

-3.55 pp from 2023

Benchmarks

See 28,844 peers

Peer group

Industry54 - Professional, Scientific, and Technical Services

Plan typeDefined contribution

Participants25-99

Cohort28,844 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$41.89M

Not enough data

1 years with asset history on file

Average account balance

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

$355K

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.

118

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.

96.6%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.44M

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

+14.39%

Not enough data

1 years with return on file

Admin fee / account holder

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

$784

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 5 by compensation

Provider	Service type	Compensation
PNC BANK, N.A.1 year Filed as: PNC ADVISORS Service code 28 · EIN 22-1146430	Investment Management	$40,625
CHARLES SCHWAB & CO., INC.2 years Filed as: SCHWAB RETIREMENT PLAN SERVICES,INC Service code 15 · EIN 34-1479833	Recordkeeping	$26,082
HBK CPAS & CONSULTANTS2 years Filed as: HBK SORCE ADVISORY LLC Service code 26 · EIN 34-1925728	Advisory (Participants)	$25,793
CHARLES SCHWAB & CO., INC.2 years Service code 33 · EIN 94-1737782	Securities brokerage; Shareholder ser...	$248
CHARLES SCHWAB & CO., INC.1 year Filed as: CHARLES SCHWAB & CO. INC. AND AFFIL Service code 59	Shareholder Servicing	$0

Plan features & details

Pension benefit codes2E2F2G2J2R2S2T3D

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.
2R
Participant-directed brokerage accounts
Participant-directed brokerage accounts provided as an investment option under the plan.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
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

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
InformationalHigh assets / participant
Assets per participant exceed $250,000 - top-decile high-value plan.

Expense breakdown

Schedule H Part II

Admin total

$93K

$1063 / participant

Recordkeeping$18K19.5%
Investment mgmt$74K80.5%

% of EOY assets

0.221%

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: MCGILL, POWER,BELL& ASSSOCIATES,LLP
Auditor EIN: 251031405
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$355,037

$102,422+246.6%

$147,117+141.3%

$80,959+338.5%

Participation rate

96.6%

75.9%+20.7pp

82.2%+14.4pp

67.7%+28.9pp

Annual return

14.39%

135.16%-120.8pp

420.54%-406.1pp

35.67%-21.3pp

Employer contribution / active EE

$10,191

$3,717+174.1%

$4,932+106.6%

$2,757+269.6%

Participant deferral / active EE

$6,310

$6,652-5.1%

$8,065-21.8%

$4,300+46.7%

Admin fee / account holder

$784

$7,953-90.1%

$12,993-94.0%

$6,925-88.7%

Provider

Service type

Compensation

PNC BANK, N.A.1 year

Filed as: PNC ADVISORS

Service code 28 · EIN 22-1146430

Investment Management

$40,625

CHARLES SCHWAB & CO., INC.2 years

Filed as: SCHWAB RETIREMENT PLAN SERVICES,INC

Service code 15 · EIN 34-1479833

Recordkeeping

$26,082

HBK CPAS & CONSULTANTS2 years

Filed as: HBK SORCE ADVISORY LLC

Service code 26 · EIN 34-1925728

Advisory (Participants)

$25,793

CHARLES SCHWAB & CO., INC.2 years

Service code 33 · EIN 94-1737782

Securities brokerage; Shareholder ser...

$248

CHARLES SCHWAB & CO., INC.1 year

Filed as: CHARLES SCHWAB & CO. INC. AND AFFIL

Service code 59

Shareholder Servicing

KNOX MCLAUGHLIN GORNALL & SENNETT, P.C. 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

KNOX MCLAUGHLIN GORNALL & SENNETT, P.C. 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