Retirement plan

PROVE 401(K) PLAN

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

PAYFONE, INC.EIN 26-2231809Plan #001PY 2024

245 5TH AVE FL 20 - NEW YORK, NY 100168728212-614-6927payfone.comLinkedIn51-200 employeesinformation technology and services

Prospect flagsHigh feesCorrective distributions

How to read this page

Total assets (EOY)

$23.6M

+26.9% from 2023

Total participants

324

-1.5% from 2023

Average account balance

$83,744

+29.1% from 2023

Annual return

20.83%

-15.71 pp from 2023

Benchmarks

See 611 peers

Peer group

Industry51 - Information

Plan typeDefined contribution

Participants250-999

Cohort611 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$23.62M

Not enough data

1 years with asset history on file

Average account balance

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

$84K

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.

282

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.

83.5%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$5.05M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$20K

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

+20.83%

Not enough data

1 years with return on file

Admin fee / account holder

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

$441

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 2 by compensation

Provider	Service type	Compensation
PRINCIPAL LIFE INSURANCE COMPANY4 years Service code 13 · EIN 42-0127290	Contract Administrator	$124,363
ABG PORTFOLIO STRATEGIES, INC.1 year Filed as: ALERA INVESTMENT ADVISORS, LLC Service code 27 · EIN 82-1301701	Advisory (Plan)	$38,642

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

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$124K

$490 / participant

Contract admin$124K100.0%

% of EOY assets

0.527%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: PLANTE & MORAN, PLLC
Auditor EIN: 331498605
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$83,744

$90,064-7.0%

$100,392-16.6%

$77,736+7.7%

Participation rate

83.5%

81.3%+2.2pp

81.5%+2.0pp

70.6%+12.9pp

Annual return

20.83%

20.61%+0.2pp

49.45%-28.6pp

31.26%-10.4pp

Employer contribution / active EE

$6,451

$3,043+112.0%

$3,941+63.7%

$2,728+136.5%

Participant deferral / active EE

$13,421

$8,282+62.1%

$8,090+65.9%

$4,651+188.6%

Admin fee / account holder

$441

$172+156.4%

$7,904-94.4%

$433+1.8%

Provider

Service type

Compensation

PRINCIPAL LIFE INSURANCE COMPANY4 years

Service code 13 · EIN 42-0127290

Contract Administrator

$124,363

ABG PORTFOLIO STRATEGIES, INC.1 year

Filed as: ALERA INVESTMENT ADVISORS, LLC

Service code 27 · EIN 82-1301701

Advisory (Plan)

$38,642

PROVE 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

PROVE 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