Retirement plan

SAFEWORK, INC. 401(K) PROFIT SHARING PLAN

Name: SAFEWORK, INC. - SAFEWORK, INC. 401(K) PROFIT SHARING PLAN (2022) Form 5500
Creator: SAFEWORK, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SAFEWORK, INC. 401(K) PROFIT SHARING PLAN, SAFEWORK, INC.

SAFEWORK, INC.EIN 33-0502333Plan #001PY 2022

1 JENNER SUITE 230 - IRVINE, CA 92618818-716-0384safeworkcm.comLinkedIn51-200 employeesconstruction

Prospect flagsHigh feesLow fidelity bond

How to read this page

Total assets (EOY)

$7.3M

-27.2% from 2021

Total participants

133

-11.9% from 2021

Average account balance

$58,187

-12.1% from 2021

Annual return

-12.31%

-28.54 pp from 2021

Benchmarks

See 28,005 peers

Peer group

Industry54 - Professional, Scientific, and Technical Services

Plan typeDefined contribution

Participants25-99

Cohort28,005 peers

Snapshot2022

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

Analytics

Total assets (EOY)

Plan-year ending balance

$7.07M

Not enough data

1 years with asset history on file

Average account balance

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

$54K

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.

97.1%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$723K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$7K

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

+13.64%

Not enough data

1 years with return on file

Admin fee / account holder

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

$458

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
LPL FINANCIAL1 year Filed as: LPL FINANCIAL LLC - RPCP Service code 26 · EIN 04-3046611	Advisory (Participants)	$20,529
JOHN HANCOCK LIFE INSURANCE COMPANY1 year Service code 15 · EIN 01-0233346 P.O. BOX 600 · BUFFALO, NY 142010600	Recordkeeping	$1,362

Plan features & details

Pension benefit codes2A2E2F2G2J2T3D

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.
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.)
ComplianceLow fidelity bond
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).

Expense breakdown

Schedule H Part II

Admin total

$58K

$723 / participant

Contract admin$58K100.0%

% of EOY assets

0.795%

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: MEIHAUS CPA, PC
Auditor EIN: 880926982
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$58,187

$82,674-29.6%

$125,363-53.6%

$68,495-15.0%

Participation rate

90.0%

75.0%+15.0pp

82.4%+7.6pp

67.9%+22.1pp

Annual return

-12.31%

-5.97%-6.3pp

572.15%-584.5pp

-7.84%-4.5pp

Employer contribution / active EE

$3,537

$3,382+4.6%

$4,815-26.5%

$2,596+36.2%

Participant deferral / active EE

$9,070

$6,111+48.4%

$7,447+21.8%

$4,028+125.2%

Admin fee / account holder

$463

$6,276-92.6%

$10,005-95.4%

$5,403-91.4%

Provider

Service type

Compensation

LPL FINANCIAL1 year

Filed as: LPL FINANCIAL LLC - RPCP

Service code 26 · EIN 04-3046611

Advisory (Participants)

$20,529

JOHN HANCOCK LIFE INSURANCE COMPANY1 year

Service code 15 · EIN 01-0233346

P.O. BOX 600 · BUFFALO, NY 142010600

Recordkeeping

$1,362

SAFEWORK, INC. 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SAFEWORK, INC. 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