Retirement plan

OPTIMA TAX RELIEF, LLC 401(K) PROFIT SHARING PLAN

Name: OPTIMA TAX RELIEF, LLC - OPTIMA TAX RELIEF, LLC 401(K) PROFIT SHARING PLAN (2024) Form 5500
Creator: OPTIMA TAX RELIEF, LLC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, OPTIMA TAX RELIEF, LLC 401(K) PROFIT SHARING PLAN, OPTIMA TAX RELIEF, LLC

OPTIMA TAX RELIEF, LLCEIN 27-2793788Plan #001PY 2024

6 HUTTON CENTRE DRIVE, SUITE 200 - SANTA ANA, CA 92707800-536-0734optimataxrelief.comLinkedIn501-1000 employeesfinancial services

Prospect flagsHigh feesLow participation

How to read this page

Total assets (EOY)

$15.9M

+21.9% from 2023

Total participants

454

+6.6% from 2023

Average account balance

$61,668

+22.3% from 2023

Annual return

16.21%

-1.73 pp from 2023

Benchmarks

See 832 peers

Peer group

Industry56 - Administrative and Support and Waste Management and Remediation Services

Plan typeDefined contribution

Participants250-999

Cohort832 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$15.91M

Not enough data

1 years with asset history on file

Average account balance

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

$62K

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.

258

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.

46.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.92M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$5K

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

+16.21%

Not enough data

1 years with return on file

Admin fee / account holder

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

$431

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 6 by compensation

Provider	Service type	Compensation
TRANSAMERICA RETIREMENT SOLUTIONS2 years Service code 15 · EIN 13-3689044	Recordkeeping	$48,029
GIBBS WEALTH MANAGEMENT, LLC1 year Service code 27 · EIN 47-5148116	Advisory (Plan)	$22,484
FIDUCIARY INVESTMENT ADVISORS1 year Filed as: FIDUCIARY OUTSOURCING, LLC DBA PMA Service code 15 · EIN 47-2079321	Recordkeeping	$20,942
PENSIONMARK FINANCIAL GROUP LLC1 year Service code 27 · EIN 61-1758632	Advisory (Plan)	$10,379
PENSIONMARK FINANCIAL GROUP LLC1 year Filed as: PENSIONMARK SECURITIES Service code 27 · EIN 81-2334025	Advisory (Plan)	$9,559
CHARLES SCHWAB & CO., INC.1 year Service code 33 · EIN 94-1737782	Securities brokerage; Securities brok...	$3

Plan features & details

Pension benefit codes2E2F2G2J2K2S3D

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.
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

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)

Expense breakdown

Schedule H Part II

Admin total

$111K

$306 / participant

Contract admin$111K100.0%

% of EOY assets

0.698%

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: CBIZ CPAS P.C.
Auditor EIN: 431947695
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$61,668

$45,109+36.7%

$85,187-27.6%

$77,736-20.7%

Participation rate

46.0%

48.7%-2.7pp

67.5%-21.5pp

70.6%-24.6pp

Annual return

16.21%

79.55%-63.3pp

66.67%-50.5pp

31.26%-15.1pp

Employer contribution / active EE

$1,191

$1,602-25.6%

$2,732-56.4%

$2,728-56.3%

Participant deferral / active EE

$4,091

$2,814+45.4%

$4,525-9.6%

$4,651-12.0%

Admin fee / account holder

$431

$915-52.9%

$6,162-93.0%

$433-0.6%

Provider

Service type

Compensation

TRANSAMERICA RETIREMENT SOLUTIONS2 years

Service code 15 · EIN 13-3689044

Recordkeeping

$48,029

GIBBS WEALTH MANAGEMENT, LLC1 year

Service code 27 · EIN 47-5148116

Advisory (Plan)

$22,484

FIDUCIARY INVESTMENT ADVISORS1 year

Filed as: FIDUCIARY OUTSOURCING, LLC DBA PMA

Service code 15 · EIN 47-2079321

Recordkeeping

$20,942

PENSIONMARK FINANCIAL GROUP LLC1 year

Service code 27 · EIN 61-1758632

Advisory (Plan)

$10,379

PENSIONMARK FINANCIAL GROUP LLC1 year

Filed as: PENSIONMARK SECURITIES

Service code 27 · EIN 81-2334025

Advisory (Plan)

$9,559

CHARLES SCHWAB & CO., INC.1 year

Service code 33 · EIN 94-1737782

Securities brokerage; Securities brok...

OPTIMA TAX RELIEF, LLC 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

OPTIMA TAX RELIEF, 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