Retirement plan

THE IRIS GROUP, INC. 401(K) RETIREMENT SAVINGS PLAN

Name: THE IRIS GROUP, INC. - THE IRIS GROUP, INC. 401(K) RETIREMENT SAVINGS PLAN (2020) Form 5500
Creator: THE IRIS GROUP, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, THE IRIS GROUP, INC. 401(K) RETIREMENT SAVINGS PLAN, THE IRIS GROUP, INC.

THE IRIS GROUP, INC.EIN 33-0386692Plan #001PY 2020

1675 FARADAY AVENUE - CARLSBAD, CA 92008760-431-7084iris-pro.comLinkedIn1-10 employeesprofessional training & coaching

Prospect flagsHigh feesLow fidelity bondCorrective distributions

How to read this page

Total assets (EOY)

$12.3M

+4.7% from 2019

Total participants

154

-11.0% from 2019

Average account balance

$91,953

+15.7% from 2019

Annual return

14.78%

-7.02 pp from 2019

Benchmarks

See 5,720 peers

Peer group

Industry32 - Manufacturing

Plan typeDefined contribution

Participants25-99

Cohort5,720 peers

Snapshot2020

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

Analytics

Total assets (EOY)

Plan-year ending balance

$15.42M

Not enough data

1 years with asset history on file

Average account balance

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

$119K

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.

130

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.

83.3%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$325K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$4K

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

+15.36%

Not enough data

1 years with return on file

Admin fee / account holder

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

$329

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
WELLS FARGO BANK, N.A.6+ years Filed as: WELLS FARGO ADVISORS Service code 27 11682 EL CAMINO REAL · SAN DIEGO, CA 92130	Advisory (Plan)	$27,443
NEWPORT GROUP, INC.5 years Service code 15 · EIN 27-2037969	Recordkeeping	$24,417

Plan features & details

Pension benefit codes2E2F2G2J2S2T3D3F

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.
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.
3F
Leased employees
Plan sponsor(s) received services of leased employees as defined in Code section 414(n) during the plan year.

Opportunity flags

3 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
ComplianceLow fidelity bond
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$52K

$583 / participant

Investment mgmt$27K52.9%
Contract admin$24K47.1%

% of EOY assets

0.421%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: ALDRICH CPAS AND ADVISORS LLP
Auditor EIN: 930623286
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$91,953

$81,208+13.2%

$98,916-7.0%

$79,858+15.1%

Participation rate

77.5%

72.5%+5.0pp

76.0%+1.5pp

69.6%+7.9pp

Annual return

14.78%

60.99%-46.2pp

196.45%-181.7pp

31.72%-16.9pp

Employer contribution / active EE

$1,960-100.0%

$2,689-100.0%

$2,471-100.0%

Participant deferral / active EE

$2,801

$3,265-14.2%

$4,245-34.0%

$3,740-25.1%

Admin fee / account holder

$387

$6,013-93.6%

$6,642-94.2%

$5,306-92.7%

Provider

Service type

Compensation

WELLS FARGO BANK, N.A.6+ years

Filed as: WELLS FARGO ADVISORS

Service code 27

11682 EL CAMINO REAL · SAN DIEGO, CA 92130

Advisory (Plan)

$27,443

NEWPORT GROUP, INC.5 years

Service code 15 · EIN 27-2037969

Recordkeeping

$24,417

THE IRIS GROUP, INC. 401(K) RETIREMENT SAVINGS PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

THE IRIS GROUP, INC. 401(K) RETIREMENT SAVINGS 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