Retirement plan

CONVERGINT TECHNOLOGIES LLC 401(K) PROFIT-SHARING PLAN

Name: CONVERGINT TECHNOLOGIES, LLC - CONVERGINT TECHNOLOGIES LLC 401(K) PROFIT-SHARING PLAN (2022) Form 5500
Creator: CONVERGINT TECHNOLOGIES, LLC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, CONVERGINT TECHNOLOGIES LLC 401(K) PROFIT-SHARING PLAN, CONVERGINT TECHNOLOGIES, LLC

CONVERGINT TECHNOLOGIES, LLCEIN 36-4444620Plan #001PY 2022

ONE COMMERCE DRIVE - SCHAUMBURG, IL 601735323847-620-5000

Prospect flagsFailed to transmit contributionsCorrective distributions

How to read this page

Total assets (EOY)

$251M

-25.4% from 2016

Total participants

5,887

-19.5% from 2016

Average account balance

$44,873

-7.5% from 2016

Annual return

-12.51%

-14.87 pp from 2016

Benchmarks

See 92 peers

Peer group

Industry54 - Professional, Scientific, and Technical Services

Plan typeDefined contribution

Participants5,000-9,999

Cohort92 peers

Snapshot2022

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

Analytics

Total assets (EOY)

Plan-year ending balance

$376.27M

Not enough data

1 years with asset history on file

Average account balance

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

$58K

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.

6,448

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.

95.9%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$49.89M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$9K

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

+15.16%

Not enough data

1 years with return on file

Admin fee / account holder

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

$117

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 3 by compensation

Provider	Service type	Compensation
PRINCIPAL LIFE INSURANCE COMPANY8+ years Service code 13 · EIN 42-0127290	Contract Administrator	$446,765
SPECTRUM INVESTMENT ADVISORS8+ years Filed as: SPECTRUM INVESTMENT ADVI Service code 27 · EIN 39-1828175	Advisory (Plan)	$156,145
CONVERGINT TECHNOLOGIES8+ years Service code 10 · EIN 36-4444620	Accounting	$45,000

Plan features & details

Pension benefit codes2E2G2J2K2S2T3D3H

Plan features

2E
Profit-sharing
Profit-sharing plan.
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.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
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

2 tripped

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

$648K

$126 / participant

Investment mgmt$156K24.1%
Contract admin$447K69.0%
Other / not subdivided$45K6.9%

% of EOY assets

0.258%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: PLANTE MORAN
Auditor EIN: 381357951
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$44,873

$93,773-52.1%

$125,401-64.2%

$78,104-42.5%

Participation rate

94.3%

75.6%+18.7pp

82.4%+11.9pp

74.5%+19.8pp

Annual return

-12.51%

277.78%-290.3pp

572.53%-585.0pp

10.90%-23.4pp

Employer contribution / active EE

$1,650

$3,678-55.1%

$4,816-65.7%

$3,128-47.2%

Participant deferral / active EE

$6,144

$6,971-11.9%

$7,448-17.5%

$5,089+20.7%

Admin fee / account holder

$116

$67+72.9%

$10,008-98.8%

$79+46.7%

Provider

Service type

Compensation

PRINCIPAL LIFE INSURANCE COMPANY8+ years

Service code 13 · EIN 42-0127290

Contract Administrator

$446,765

SPECTRUM INVESTMENT ADVISORS8+ years

Filed as: SPECTRUM INVESTMENT ADVI

Service code 27 · EIN 39-1828175

Advisory (Plan)

$156,145

CONVERGINT TECHNOLOGIES8+ years

Service code 10 · EIN 36-4444620

Accounting

$45,000

CONVERGINT TECHNOLOGIES LLC 401(K) PROFIT-SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

CONVERGINT TECHNOLOGIES LLC 401(K) PROFIT-SHARING 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