Retirement plan

RAPID FINANCIAL SERVICES, LLC 401(K) RETIREMENT PLAN

Name: RAPID FINANCIAL SERVICES, LLC - RAPID FINANCIAL SERVICES, LLC 401(K) RETIREMENT PLAN (2023) Form 5500
Creator: RAPID FINANCIAL SERVICES, LLC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, RAPID FINANCIAL SERVICES, LLC 401(K) RETIREMENT PLAN, RAPID FINANCIAL SERVICES, LLC

RAPID FINANCIAL SERVICES, LLCEIN 27-1333844Plan #001PY 2023

4500 EAST-WEST HIGHWAY, 6TH FLOOR - BETHESDA, MD 20814240-514-3163LinkedIn201-500 employeesinvestment management

Prospect flagsHigh retiree %High feesFailed to transmit contributions

How to read this page

Total assets (EOY)

$16.6M

+12.8% from 2022

Total participants

322

-4.2% from 2022

Average account balance

$51,999

+13.8% from 2022

Annual return

18.14%

+35.30 pp from 2022

Benchmarks

See 2,152 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants100-249

Cohort2,152 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$25.02M

Not enough data

1 years with asset history on file

Average account balance

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

$109K

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.

230

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.

99.5%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$2.55M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$14K

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

+19.65%

Not enough data

1 years with return on file

Admin fee / account holder

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

$397

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 4 by compensation

Provider	Service type	Compensation
PRINCIPAL LIFE INSURANCE COMPANY8+ years Service code 13 · EIN 42-0127290	Contract Administrator	$132,083
S B H U LIFE AGENCY INC5 years Service code 27 · EIN 13-2896238	Advisory (Plan)	$34,101
COASTAL PENSION SERVICES3 years Service code 17 · EIN 52-1053785	Pension Consulting	$6,820
WILSHIRE ASSOCIATES INCORPORATED8+ years Service code 27 · EIN 95-2755361	Advisory (Plan)	$0

Plan features & details

Pension benefit codes2E2F2G2J2K2S2T3D3H

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.
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.
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

3 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
InformationalHigh retiree %
Retirees and beneficiaries make up 25% or more of total participants - indicates an ageing workforce or a frozen plan.

Expense breakdown

Schedule H Part II

Admin total

$132K

$746 / participant

Contract admin$132K100.0%

% of EOY assets

0.794%

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: GRANT THORNTON LLP
Auditor EIN: 366055558
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$51,999

$130,294-60.1%

$170,028-69.4%

$71,495-27.3%

Participation rate

98.9%

86.2%+12.7pp

87.0%+11.9pp

67.9%+30.9pp

Annual return

18.14%

20.36%-2.2pp

53.39%-35.2pp

28.85%-10.7pp

Employer contribution / active EE

$4,035

$4,385-8.0%

$6,788-40.5%

$2,589+55.8%

Participant deferral / active EE

$9,993

$6,928+44.2%

$10,409-4.0%

$4,291+132.9%

Admin fee / account holder

$413

$966-57.3%

$12,820-96.8%

$1,588-74.0%

Provider

Service type

Compensation

PRINCIPAL LIFE INSURANCE COMPANY8+ years

Service code 13 · EIN 42-0127290

Contract Administrator

$132,083

S B H U LIFE AGENCY INC5 years

Service code 27 · EIN 13-2896238

Advisory (Plan)

$34,101

COASTAL PENSION SERVICES3 years

Service code 17 · EIN 52-1053785

Pension Consulting

$6,820

WILSHIRE ASSOCIATES INCORPORATED8+ years

Service code 27 · EIN 95-2755361

Advisory (Plan)

RAPID FINANCIAL SERVICES, LLC 401(K) RETIREMENT PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

RAPID FINANCIAL SERVICES, LLC 401(K) 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