Retirement plan

BLOOM INSURANCE AGENCY, LLC RETIREMENT PLAN

Name: BLOOM INSURANCE AGENCY, LLC - BLOOM INSURANCE AGENCY, LLC RETIREMENT PLAN (2020) Form 5500
Creator: BLOOM INSURANCE AGENCY, LLC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, BLOOM INSURANCE AGENCY, LLC RETIREMENT PLAN, BLOOM INSURANCE AGENCY, LLC

BLOOM INSURANCE AGENCY, LLCEIN 26-0640936Plan #001PY 2020

1331 S. CURRY PIKE - BLOOMINGTON, IN 47403812-650-5807LinkedIn201-500 employeesinsurance

Prospect flagsLow participationLow assets / participantLow participant contributionLow fidelity bondFailed to transmit contributionsCorrective distributions

How to read this page

Total assets (EOY)

$3.7M

+33.1% from 2019

Total participants

258

+24.0% from 2019

Average account balance

$26,407

+8.5% from 2019

Annual return

20.20%

-4.96 pp from 2019

Benchmarks

See 2,211 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants100-249

Cohort2,211 peers

Snapshot2020

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Analytics

Total assets (EOY)

Plan-year ending balance

$9.96M

Not enough data

1 years with asset history on file

Average account balance

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

$10K

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.

985

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.

71.6%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.74M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$2K

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

+15.96%

Not enough data

1 years with return on file

Admin fee / account holder

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

$12

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

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Service providers

Top 4 by compensation

Provider	Service type	Compensation
BLUE BENEFITS CONSULTING, INC.4 years Service code 13 · EIN 35-1907899 2670 E. 2ND STREET · BLOOMINGTOM, IN 47401	Contract Administrator	$38,215
MASSACHUSETTS MUTUAL LIFE INS. CO.6+ years Filed as: MASS MUTUAL LIFE INC. CO. Service code 52 · EIN 04-1590850 1295 STATE ST. · SPRINGFIELD, MA 01111	Indirect Investment Fees	$35,695
GLOBAL RETIREMENT PARTNERS LLC4 years Filed as: GLOBAL RETIREMENT PARTNERS, LLC Service code 27 · EIN 47-1411118	Advisory (Plan)	$4,709
MARK NARDELLA6+ years Filed as: MARK HEISLER Service code 53 900 E. 96TH ST · INDIANAPOLIS, IN 46240	Insurance Commissions	$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

6 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 assets / participant
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
ComplianceLow fidelity bond
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
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

$40K

$180 / participant

Investment mgmt$5K11.7%
Contract admin$36K88.3%

% of EOY assets

1.085%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Disclaimer opinion

The auditor declined to give an opinion. This is usually a 103(a)(3)(C) limited-scope election.

Auditor firm: BKD, LLP
Auditor EIN: 440160260
Audit fees: (not subdivided)
Opinion code: Disclaimer

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$26,407

$136,307-80.6%

$177,821-85.1%

$73,488-64.1%

Participation rate

47.8%

86.1%-38.3pp

87.7%-40.0pp

70.7%-22.9pp

Annual return

20.20%

18.68%+1.5pp

48.32%-28.1pp

28.51%-8.3pp

Employer contribution / active EE

$3,712-100.0%

$5,918-100.0%

$2,270-100.0%

Participant deferral / active EE

$1,746

$5,829-70.1%

$7,714-77.4%

$3,740-53.3%

Admin fee / account holder

$287

$596-51.9%

$12,427-97.7%

$513-44.1%

Provider

Service type

Compensation

BLUE BENEFITS CONSULTING, INC.4 years

Service code 13 · EIN 35-1907899

2670 E. 2ND STREET · BLOOMINGTOM, IN 47401

Contract Administrator

$38,215

MASSACHUSETTS MUTUAL LIFE INS. CO.6+ years

Filed as: MASS MUTUAL LIFE INC. CO.

Service code 52 · EIN 04-1590850

1295 STATE ST. · SPRINGFIELD, MA 01111

Indirect Investment Fees

$35,695

GLOBAL RETIREMENT PARTNERS LLC4 years

Filed as: GLOBAL RETIREMENT PARTNERS, LLC

Service code 27 · EIN 47-1411118

Advisory (Plan)

$4,709

MARK NARDELLA6+ years

Filed as: MARK HEISLER

Service code 53

900 E. 96TH ST · INDIANAPOLIS, IN 46240

Insurance Commissions

BLOOM INSURANCE AGENCY, LLC RETIREMENT PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

BLOOM INSURANCE AGENCY, LLC RETIREMENT 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