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 (2023) 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 2023

8531 BASH ST - INDIANAPOLIS, IN 46250317-585-7870worksmartpeo.comLinkedIn11-50 employeeshuman resources

Prospect flagsLow participationFailed to transmit contributionsCorrective distributions

How to read this page

Total assets (EOY)

$258.6M

+24.3% from 2022

Total participants

6,882

+9.9% from 2022

Average account balance

$61,405

+12.2% from 2022

Annual return

21.31%

+28.24 pp from 2022

Benchmarks

See 95 peers

Peer group

Industry54 - Professional, Scientific, and Technical Services

Plan typeDefined contribution

Participants5,000-9,999

Cohort95 peers

Snapshot2023

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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

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Service providers

Top 3 by compensation

Provider	Service type	Compensation
JOHN HANCOCK LIFE INSURANCE COMPANY9+ years Filed as: JOHN HANCOCK Service code 15 · EIN 01-0233346 P.O. BOX 600 · BUFFALO, NY 14201	Recordkeeping	$308,403
ASCENSUS LLC3 years Filed as: FUTUREPLAN BY ASCENSUS Service code 17 · EIN 32-7481187 PO BOX 7500 · CHAMPAIGN, IL 61826	Pension Consulting	$124,859
SHEPHERD FINANCIAL INVESTMENT ADVIS6 years Filed as: SHEPHERD FINANCIAL INVESTMENTS Service code 26 111 CONGRESSIONAL BOULEVARD · CARMEL, IN 46032	Advisory (Participants)	$9,041

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).

Expense breakdown

Schedule H Part II

Admin total

$442K

$78 / participant

Recordkeeping$9K2.0%
Contract admin$308K69.7%
Other / not subdivided$125K28.2%

% of EOY assets

0.171%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

The auditor signed off without reservation. This is the cleanest opinion.

Auditor firm: DEAN DORTON ALLEN FORD PLLC
Auditor EIN: 273858252
Audit fees: $124,859
Opinion code: Unqualified

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$61,405

$121,599-49.5%

$135,903-54.8%

$103,482-40.7%

Participation rate

52.8%

76.2%-23.5pp

81.9%-29.2pp

73.3%-20.5pp

Annual return

21.31%

26.09%-4.8pp

68.23%-46.9pp

33.11%-11.8pp

Employer contribution / active EE

$1,846

$4,627-60.1%

$4,856-62.0%

$3,208-42.5%

Participant deferral / active EE

$3,656

$7,782-53.0%

$7,758-52.9%

$5,207-29.8%

Admin fee / account holder

$105

$76+38.7%

$10,762-99.0%

$114-8.0%

Provider

Service type

Compensation

JOHN HANCOCK LIFE INSURANCE COMPANY9+ years

Filed as: JOHN HANCOCK

Service code 15 · EIN 01-0233346

P.O. BOX 600 · BUFFALO, NY 14201

Recordkeeping

$308,403

ASCENSUS LLC3 years

Filed as: FUTUREPLAN BY ASCENSUS

Service code 17 · EIN 32-7481187

PO BOX 7500 · CHAMPAIGN, IL 61826

Pension Consulting

$124,859

SHEPHERD FINANCIAL INVESTMENT ADVIS6 years

Filed as: SHEPHERD FINANCIAL INVESTMENTS

Service code 26

111 CONGRESSIONAL BOULEVARD · CARMEL, IN 46032

Advisory (Participants)

$9,041

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

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

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

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