Retirement plan

CNY 401K PLAN

Name: CNY BUSINESS SOLUTIONS - CNY 401K PLAN (2023) Form 5500
Creator: CNY BUSINESS SOLUTIONS
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, CNY 401K PLAN, CNY BUSINESS SOLUTIONS

CNY BUSINESS SOLUTIONSEIN 35-2597966Plan #001PY 2023

1440 BROADWAY, 4TH FLOOR - NEW YORK, NY 10018212-302-9060

Prospect flagsHigh feesFailed to transmit contributions

How to read this page

Total assets (EOY)

$13M

+24.0% from 2022

Total participants

114

-12.3% from 2022

Average account balance

$127,565

+38.6% from 2022

Annual return

19.25%

+37.09 pp from 2022

Benchmarks

See 18,037 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants25-99

Cohort18,037 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$13.48M

Not enough data

1 years with asset history on file

Average account balance

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

$155K

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.

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.

91.5%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$894K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$19K

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

+14.57%

Not enough data

1 years with return on file

Admin fee / account holder

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

$1491

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
TRANSAMERICA RETIREMENT SOLUTIONS5 years Filed as: TRANSAMERICA RETIREMENT SOLUTIONS, Service code 15 · EIN 13-3689044 LLC · CEDAR RAPIDS, IA 52499	Recordkeeping	$36,159
KESTRA INVESTMENT SERVICES LLC2 years Filed as: KESTRA ADVISORY SERVICES,LLC Service code 27 · EIN 35-2552359 5707 SW PKWY STE 400 · AUSTIN, TX 78735	Advisory (Plan)	$20,000
GRASSI & CO1 year Filed as: GRASSI ADVISOR & ACCOUNTANTS Service code 10 · EIN 11-3266576	Accounting	$15,412
FJC & ASSOCIATES, INC.1 year Filed as: FJC & ASSOCIATES,INC Service code 15 · EIN 06-1086115 23 SUGARLOAF RD · SANDY HOOK, CT 06482	Recordkeeping	$10,362

Plan features & details

Pension benefit codes2E2F2G2J2K3B3D

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.
3B
Plan covering self-employed individuals
Plan covering self-employed individuals.
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

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
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

$84K

$1250 / participant

Contract admin$84K100.0%

% of EOY assets

0.644%

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: GRASSI & CO. CPA'S P.C.
Auditor EIN: 113266576
Audit fees: $0
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$127,565

$73,978+72.4%

$96,515+32.2%

$75,173+69.7%

Participation rate

82.1%

66.4%+15.7pp

74.3%+7.7pp

67.2%+14.9pp

Annual return

19.25%

26.72%-7.5pp

35.73%-16.5pp

160.72%-141.5pp

Employer contribution / active EE

$5,684

$2,931+94.0%

$3,740+52.0%

$2,671+112.8%

Participant deferral / active EE

$11,924

$3,660+225.8%

$4,880+144.4%

$4,126+189.0%

Admin fee / account holder

$821

$5,219-84.3%

$6,735-87.8%

$5,651-85.5%

Provider

Service type

Compensation

TRANSAMERICA RETIREMENT SOLUTIONS5 years

Filed as: TRANSAMERICA RETIREMENT SOLUTIONS,

Service code 15 · EIN 13-3689044

LLC · CEDAR RAPIDS, IA 52499

Recordkeeping

$36,159

KESTRA INVESTMENT SERVICES LLC2 years

Filed as: KESTRA ADVISORY SERVICES,LLC

Service code 27 · EIN 35-2552359

5707 SW PKWY STE 400 · AUSTIN, TX 78735

Advisory (Plan)

$20,000

GRASSI & CO1 year

Filed as: GRASSI ADVISOR & ACCOUNTANTS

Service code 10 · EIN 11-3266576

Accounting

$15,412

FJC & ASSOCIATES, INC.1 year

Filed as: FJC & ASSOCIATES,INC

Service code 15 · EIN 06-1086115

23 SUGARLOAF RD · SANDY HOOK, CT 06482

Recordkeeping

$10,362

CNY 401K PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

CNY 401K 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