Retirement plan

ISLAND EMPLOYMENT SERVICES, LLC 401(K) PROFIT SHARING PLAN

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

ISLAND EMPLOYMENT SERVICES, LLCEIN 27-1845845Plan #002PY 2023

30 WEST 57TH STREET, 4TH FLOOR - NEW YORK, NY 10019212-708-6521

Prospect flagsHigh feesFailed to transmit contributions

How to read this page

Total assets (EOY)

$109M

+16.6% from 2022

Total participants

516

-3.2% from 2022

Average account balance

$217,601

+21.5% from 2022

Annual return

16.07%

+32.38 pp from 2022

Benchmarks

See 657 peers

Peer group

Industry53 - Real Estate and Rental and Leasing

Plan typeDefined contribution

Participants250-999

Cohort657 peers

Snapshot2023

See peer percentile detail. $4.99 for your first month.

Solo adds 10-year history, peer benchmarks, provider and welfare analytics, saves, and exports. Then $34.99 a month.

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Analytics

Total assets (EOY)

Plan-year ending balance

$120.77M

Not enough data

1 years with asset history on file

Average account balance

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

$251K

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.

481

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.

95.4%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$6.96M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$23K

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

+12.74%

Not enough data

1 years with return on file

Admin fee / account holder

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

$270

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

See the 10-year trajectory. $4.99 for your first month.

Solo adds 10-year history, peer benchmarks, provider and welfare analytics, saves, and exports. Then $34.99 a month.

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Service providers

Top 5 by compensation

Provider	Service type	Compensation
MERRILL LYNCH PIERCE FENNER & SMITH2 years Filed as: MERRILL LYNCH, PIERCE, FENNER AND S Service code 15 · EIN 13-5674085	Recordkeeping	$48,802
USI CONSULTING GROUP3 years Filed as: USI ADVISORS INC Service code 50 · EIN 06-1397347	Direct Payment	$45,794
MARCUM LLP1 year Service code 10 10 MELVILLE PARK AVE · MELVILLE, NY 11747	Accounting	$32,240
USI CONSULTING GROUP1 year Service code 70 95 GLASTONBURY BLVD SUITE 102 · GLASTONBURY, CT 06033	Consulting Fees	$22,014
THE VANGUARD GROUP, INC.1 year Filed as: THE VANGUARD GROUP Service code 50 · EIN 23-1945930	Direct Payment	$5,880

Plan features & details

Pension benefit codes2A2E2F2G2J2R2S2T3B3D3H

Plan features

2A
Age/service weighted or new comparability plan
Age/service weighted plan where allocations are based on age service or age and service; or new comparability or similar plan where allocations are based on participant classifications consisting entirely or predominantly of highly compensated employees or the plan provides an additional allocation rate on compensation above a specified threshold that exceeds the permitted disparity limits of Code section 401(l).
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.
3B
Plan covering self-employed individuals
Plan covering self-employed individuals.
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

2 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).

Expense breakdown

Schedule H Part II

Admin total

$154K

$496 / participant

Recordkeeping$43K27.9%
Investment mgmt$63K41.1%
Actuarial$10K6.5%
Other / not subdivided$38K24.5%

% of EOY assets

0.141%

all-in expense ratio

Categories reported

3 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

The auditor signed off without reservation. This is the cleanest opinion.

Auditor firm: MARCUM LLP
Auditor EIN: 111986323
Audit fees: $32,240
Opinion code: Unqualified

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$217,601

$56,638+284.2%

$169,368+28.5%

$74,419+192.4%

Participation rate

95.2%

67.5%+27.6pp

77.1%+18.0pp

70.7%+24.4pp

Annual return

16.07%

24.75%-8.7pp

405.60%-389.5pp

34.38%-18.3pp

Employer contribution / active EE

$8,368

$2,027+312.9%

$4,013+108.5%

$2,637+217.3%

Participant deferral / active EE

$10,857

$4,223+157.1%

$6,221+74.5%

$4,528+139.8%

Admin fee / account holder

$307

$307+0.2%

$9,003-96.6%

$348-11.7%

Provider

Service type

Compensation

MERRILL LYNCH PIERCE FENNER & SMITH2 years

Filed as: MERRILL LYNCH, PIERCE, FENNER AND S

Service code 15 · EIN 13-5674085

Recordkeeping

$48,802

USI CONSULTING GROUP3 years

Filed as: USI ADVISORS INC

Service code 50 · EIN 06-1397347

Direct Payment

$45,794

MARCUM LLP1 year

Service code 10

10 MELVILLE PARK AVE · MELVILLE, NY 11747

Accounting

$32,240

USI CONSULTING GROUP1 year

Service code 70

95 GLASTONBURY BLVD SUITE 102 · GLASTONBURY, CT 06033

Consulting Fees

$22,014

THE VANGUARD GROUP, INC.1 year

Filed as: THE VANGUARD GROUP

Service code 50 · EIN 23-1945930

Direct Payment

$5,880

ISLAND EMPLOYMENT SERVICES, LLC 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

ISLAND EMPLOYMENT SERVICES, LLC 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