Retirement plan

UNITED COLLECTIVE 401(K) PLAN

Name: GALLEGOS UNITED - UNITED COLLECTIVE 401(K) PLAN (2024) Form 5500
Creator: GALLEGOS UNITED
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, UNITED COLLECTIVE 401(K) PLAN, GALLEGOS UNITED

GALLEGOS UNITEDEIN 33-0980953Plan #002PY 2024

300 PACIFIC COAST HWY, SUITE 200 - HUNTINGTON BEACH, CA 92648714-794-6429gallegosunited.comLinkedIn51-200 employeesmarketing and advertising

Prospect flagsLow returnsHigh feesLow participationLow employer contributionFailed to transmit contributions

How to read this page

Total assets (EOY)

$7.9M

+9.7% from 2023

Total participants

195

-4.9% from 2023

Average account balance

$70,383

+12.7% from 2023

Annual return

11.95%

-3.28 pp from 2023

Benchmarks

See 6,296 peers

Peer group

Industry54 - Professional, Scientific, and Technical Services

Plan typeDefined contribution

Participants100-249

Cohort6,296 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$7.88M

Not enough data

1 years with asset history on file

Average account balance

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

$70K

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.

112

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.

31.4%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$551K

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

+11.95%

Not enough data

1 years with return on file

Admin fee / account holder

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

$488

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 4 by compensation

Provider	Service type	Compensation
GLOBAL RETIREMENT PARTNERS LLC6 years Service code 27 · EIN 47-1411118 4340 REDWOOD HWY SUITE B60 · SAN RAFAEL, CA 94903	Advisory (Plan)	$38,157
EIDE BAILLY LLP1 year Service code 10 · EIN 95-3654973 P.O. BOX 88678 · MILWAUKEE, WI 53288	Accounting	$22,155
GREAT-WEST LIFE & ANNUITY INSURANCE3 years Filed as: EMPOWER ANNUITY INS. CO. OF AMERICA Service code 64 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$21,500
ACTUARIES UNLIMITED, INC.3 years Filed as: ACTUARIES UNLIMITED INC. Service code 13 · EIN 95-3654973 16000 VENTURA BLVD #915 · ENCINO, CA 91436	Contract Administrator	$12,525

Reportable transactions (Schedule G)

1 row

Counterparties on defaulted loans (Part 1), defaulted leases (Part 2), and non-exempt prohibited transactions (Part 3). Presence of any row warrants fiduciary review.

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Plan features & details

Pension benefit codes2E3D2J2K2G2F2A3H2T

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.
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.
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

5 tripped

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

Expense breakdown

Schedule H Part II

Admin total

$55K

$451 / participant

Contract admin$55K100.0%

% of EOY assets

0.693%

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: EIDE BAILLY LLP
Auditor EIN: 450250958
Audit fees: $0
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$70,383

$101,499-30.7%

$147,005-52.1%

$74,546-5.6%

Participation rate

31.4%

75.5%-44.1pp

82.2%-50.8pp

67.2%-35.8pp

Annual return

11.95%

8732.34%-8720.4pp

418.76%-406.8pp

1366.03%-1354.1pp

Employer contribution / active EE

$906

$3,811-76.2%

$4,934-81.6%

$2,624-65.5%

Participant deferral / active EE

$3,645

$7,304-50.1%

$8,070-54.8%

$4,347-16.2%

Admin fee / account holder

$488

$1,748-72.1%

$13,006-96.2%

$1,944-74.9%

Provider

Service type

Compensation

GLOBAL RETIREMENT PARTNERS LLC6 years

Service code 27 · EIN 47-1411118

4340 REDWOOD HWY SUITE B60 · SAN RAFAEL, CA 94903

Advisory (Plan)

$38,157

EIDE BAILLY LLP1 year

Service code 10 · EIN 95-3654973

P.O. BOX 88678 · MILWAUKEE, WI 53288

Accounting

$22,155

GREAT-WEST LIFE & ANNUITY INSURANCE3 years

Filed as: EMPOWER ANNUITY INS. CO. OF AMERICA

Service code 64

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$21,500

ACTUARIES UNLIMITED, INC.3 years

Filed as: ACTUARIES UNLIMITED INC.

Service code 13 · EIN 95-3654973

16000 VENTURA BLVD #915 · ENCINO, CA 91436

Contract Administrator

$12,525

UNITED COLLECTIVE 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Reportable transactions (Schedule G)

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

UNITED COLLECTIVE 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Reportable transactions (Schedule G)

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