Retirement plan

WORKSMART SYSTEMS, INC. 401(K)PROFIT SHARING PLAN AND TRUST

Name: WORKSMART SYSTEMS, INC. - WORKSMART SYSTEMS, INC. 401(K)PROFIT SHARING PLAN AND TRUST (2020) Form 5500
Creator: WORKSMART SYSTEMS, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, WORKSMART SYSTEMS, INC. 401(K)PROFIT SHARING PLAN AND TRUST, WORKSMART SYSTEMS, INC.

WORKSMART SYSTEMS, INC.EIN 35-2060071Plan #001PY 2020

9957 CROSSPOINT BLVD - INDIANAPOLIS, IN 462563391317-585-7870worksmartpeo.comLinkedIn11-50 employeeshuman resources

Prospect flagsLow participationFailed to transmit contributionsCorrective distributions

How to read this page

Total assets (EOY)

$172.7M

-24.1% from 2016

Total participants

4,795

-24.1% from 2016

Average account balance

$60,440

+5.9% from 2016

Annual return

29.31%

-27.96 pp from 2016

Benchmarks

See 755 peers

Peer group

Industry54 - Professional, Scientific, and Technical Services

Plan typeDefined contribution

Participants1,000-4,999

Cohort755 peers

Snapshot2020

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

Analytics

Total assets (EOY)

Plan-year ending balance

$327.74M

Not enough data

1 years with asset history on file

Average account balance

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

$64K

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.

5,084

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.

58.6%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$33.80M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$6K

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

+23.20%

Not enough data

1 years with return on file

Admin fee / account holder

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

$124

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 4 by compensation

Provider	Service type	Compensation
SHEPHERD FINANCIAL INVESTMENT ADVIS3 years Filed as: SHEPHERD FINANCIAL INVESTMENTS Service code 26 111 CONGRESSIONAL BOULEVARD · CARMEL, IN 46032	Advisory (Participants)	$83,530
BENEFIT PLANNING CONSULTANTS5 years Service code 17 · EIN 32-7481187 2110 CLEARLAKE BLVD · CHAMPAIGN, IL 618228933	Pension Consulting	$80,769
VONLEHMAN & COMPANY, INC.1 year Filed as: VONLEHMAN AND COMPANY, INC Service code 10 · EIN 31-0905417 810 WRIGHT'S SUMMIT PRKWAY · INDIANAPOLIS, IN 46250	Accounting	$20,000
JOHN HANCOCK LIFE INSURANCE COMPANY6+ years Filed as: JOHN HANCOCK Service code 15 · EIN 01-0233346 P.O. BOX 600 · BUFFALO, NY 14201	Recordkeeping	$5,635

Plan features & details

Pension benefit codes2A2E2F2G2J2K2T3H

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.
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 participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
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).

Audit opinion

Schedule H Part III

Disclaimer opinion

Auditor declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.

Auditor firm: VONLEHMAN CPA & ADVISORY FIRM
Auditor EIN: 310905417
Audit fees: (not subdivided)
Opinion code: Disclaimer

Metric

This plan

Peer set

Industry

Size

Avg account balance

$60,440

$127,481-52.6%

$149,751-59.6%

$90,274-33.0%

Participation rate

53.3%

78.2%-25.0pp

82.5%-29.2pp

73.4%-20.1pp

Annual return

29.31%

57.78%-28.5pp

276.71%-247.4pp

53.97%-24.7pp

Employer contribution / active EE

$1,275

$3,448-63.0%

$4,646-72.6%

$2,523-49.5%

Participant deferral / active EE

$2,928

$6,975-58.0%

$6,843-57.2%

$4,231-30.8%

Admin fee / account holder

$152-100.0%

$9,312-100.0%

$114-100.0%

Provider

Service type

Compensation

SHEPHERD FINANCIAL INVESTMENT ADVIS3 years

Filed as: SHEPHERD FINANCIAL INVESTMENTS

Service code 26

111 CONGRESSIONAL BOULEVARD · CARMEL, IN 46032

Advisory (Participants)

$83,530

BENEFIT PLANNING CONSULTANTS5 years

Service code 17 · EIN 32-7481187

2110 CLEARLAKE BLVD · CHAMPAIGN, IL 618228933

Pension Consulting

$80,769

VONLEHMAN & COMPANY, INC.1 year

Filed as: VONLEHMAN AND COMPANY, INC

Service code 10 · EIN 31-0905417

810 WRIGHT'S SUMMIT PRKWAY · INDIANAPOLIS, IN 46250

Accounting

$20,000

JOHN HANCOCK LIFE INSURANCE COMPANY6+ years

Filed as: JOHN HANCOCK

Service code 15 · EIN 01-0233346

P.O. BOX 600 · BUFFALO, NY 14201

Recordkeeping

$5,635

WORKSMART SYSTEMS, INC. 401(K)PROFIT SHARING PLAN AND TRUST

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Audit opinioni

WORKSMART SYSTEMS, INC. 401(K)PROFIT SHARING PLAN AND TRUST

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Audit opinion

Benchmarks

Service providers

Opportunity flags

Audit opinion