Retirement plan

AXOS FINANCIAL, INC. 401(K) PLAN

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

AXOS FINANCIAL, INC.EIN 33-0867444Plan #001PY 2022

9205 WEST RUSSELL ROAD, SUITE 400 - LAS VEGAS, NV 89148858-649-2000axosfinancial.comLinkedIn501-1000 employeesbanking

Prospect flagsLow assets / participantCorrective distributions

How to read this page

Total assets (EOY)

$65.2M

-5.5% from 2021

Total participants

1,877

-2.5% from 2021

Average account balance

$34,913

-5.9% from 2021

Annual return

-16.43%

-46.89 pp from 2021

Benchmarks

See 565 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants1,000-4,999

Cohort565 peers

Snapshot2022

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

Analytics

Total assets (EOY)

Plan-year ending balance

$127.34M

Not enough data

1 years with asset history on file

Average account balance

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

$55K

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.

2,301

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.

91.7%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$18.07M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$11K

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

+27.44%

Not enough data

1 years with return on file

Admin fee / account holder

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

$105

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 5 by compensation

Provider	Service type	Compensation
PRINCIPAL LIFE INSURANCE COMPANY8+ years Service code 13 · EIN 42-0127290	Contract Administrator	$186,923
CAMBRIDGE INVESTMENT RESEARCH8+ years Filed as: CAMBRIDGE INVESTMENT RESEARCH INC Service code 27	Advisory (Plan)	$31,875
ASCENSUS LLC2 years Filed as: ASCENSUS Service code 49 · EIN 82-3719843	Other Services	$22,838
CAMBRIDGE INVESTMENT RESEARCH3 years Filed as: CAMBRIDGE INVESTMENT RESEARCH ADVIS Service code 27 · EIN 42-1445429	Advisory (Plan)	$10,625
MORNINGSTAR1 year Filed as: MORNINGSTAR INVESTMENT MANAGEMENT L Service code 26 · EIN 36-4317381	Advisory (Participants)	$0

Plan features & details

Pension benefit codes2E2F2G2J2K2T3D

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.
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

OpportunityLow assets / participant
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$187K

$139 / participant

Contract admin$187K100.0%

% of EOY assets

0.287%

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: MAYER HOFFMAN MCCANN, P.C.
Auditor EIN: 431947695
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$34,913

$95,918-63.6%

$151,639-77.0%

$77,906-55.2%

Participation rate

99.3%

88.7%+10.5pp

87.5%+11.8pp

73.7%+25.6pp

Annual return

-16.43%

-5.50%-10.9pp

3.34%-19.8pp

12.16%-28.6pp

Employer contribution / active EE

$2,707

$4,330-37.5%

$6,165-56.1%

$2,846-4.9%

Participant deferral / active EE

$7,182

$7,508-4.3%

$8,363-14.1%

$4,805+49.5%

Admin fee / account holder

$100

$93+7.3%

$11,613-99.1%

$133-24.5%

Provider

Service type

Compensation

PRINCIPAL LIFE INSURANCE COMPANY8+ years

Service code 13 · EIN 42-0127290

Contract Administrator

$186,923

CAMBRIDGE INVESTMENT RESEARCH8+ years

Filed as: CAMBRIDGE INVESTMENT RESEARCH INC

Service code 27

Advisory (Plan)

$31,875

ASCENSUS LLC2 years

Filed as: ASCENSUS

Service code 49 · EIN 82-3719843

Other Services

$22,838

CAMBRIDGE INVESTMENT RESEARCH3 years

Filed as: CAMBRIDGE INVESTMENT RESEARCH ADVIS

Service code 27 · EIN 42-1445429

Advisory (Plan)

$10,625

MORNINGSTAR1 year

Filed as: MORNINGSTAR INVESTMENT MANAGEMENT L

Service code 26 · EIN 36-4317381

Advisory (Participants)

AXOS FINANCIAL, INC. 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

AXOS FINANCIAL, INC. 401(K) 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