Retirement plan

EMPLOYEE SAVINGS PLAN

Name: COROVAN CORPORATION - EMPLOYEE SAVINGS PLAN (2024) Form 5500
Creator: COROVAN CORPORATION
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, EMPLOYEE SAVINGS PLAN, COROVAN CORPORATION

COROVAN CORPORATIONEIN 33-0631665Plan #001PY 2024

12375 KERRAN STREET - POWAY, CA 92064858-748-1100corovan.comLinkedIn501-1000 employeesfacilities services

Other plans on this EIN

1 filing

#002Retirement-$11.8M assets

Prospect flagsLow returnsFailed to transmit contributionsCorrective distributions

Top hat statement on fileNQDC

Filed April 19, 2023

Plan administrator

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12302 Kerran Street

Poway, CA 92064

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Plans declared (1)

Corovan Corporation Stock Appreciation Rights Plan11 emp

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Total assets (EOY)

$26M

+19.3% from 2023

Total participants

747

+31.1% from 2023

Average account balance

$43,137

+4.5% from 2023

Annual return

12.01%

-4.91 pp from 2023

Benchmarks

See 111 peers

Peer group

Industry49 - Transportation and Warehousing

Plan typeDefined contribution

Participants250-999

Cohort111 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$26.01M

Not enough data

1 years with asset history on file

Average account balance

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

$43K

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.

603

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.

73.9%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$3.01M

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

+12.01%

Not enough data

1 years with return on file

Admin fee / account holder

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

$57

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

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Service providers

Top 3 by compensation

Provider	Service type	Compensation
WELLS FARGO BANK, N.A.8 years Filed as: WELLS FARGO CLEARING SERVICES LLC Service code 55 · EIN 23-2384840	Other Commissions	$26,153
MARCUM LLP3 years Service code 10 · EIN 11-1986323	Accounting	$17,393
FIDELITY INVESTMENTS INSTITUTIONAL10+ years Service code 37 · EIN 04-2647786	Loan Processing	$17,020

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

OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$34K

$62 / participant

Recordkeeping$17K49.5%
Other / not subdivided$17K50.5%

% of EOY assets

0.132%

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: WRIGHT FORD & YOUNG & CO.
Auditor EIN: 953288054
Audit fees: $17,393
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$43,137

$36,806+17.2%

$69,611-38.0%

$77,714-44.5%

Participation rate

73.9%

64.4%+9.5pp

66.4%+7.4pp

70.6%+3.3pp

Annual return

12.01%

38.81%-26.8pp

101.14%-89.1pp

31.26%-19.2pp

Employer contribution / active EE

$1,289

$1,257+2.5%

$1,709-24.6%

$2,727-52.7%

Participant deferral / active EE

$4,178

$2,738+52.6%

$2,891+44.5%

$4,649-10.1%

Admin fee / account holder

$57

$507-88.7%

$4,696-98.8%

$433-86.8%

Provider

Service type

Compensation

WELLS FARGO BANK, N.A.8 years

Filed as: WELLS FARGO CLEARING SERVICES LLC

Service code 55 · EIN 23-2384840

Other Commissions

$26,153

MARCUM LLP3 years

Service code 10 · EIN 11-1986323

Accounting

$17,393

FIDELITY INVESTMENTS INSTITUTIONAL10+ years

Service code 37 · EIN 04-2647786

Loan Processing

$17,020

EMPLOYEE SAVINGS PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

EMPLOYEE SAVINGS PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

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