Retirement plan

BESTPASS INC 401(K) PROFIT SHARING PLAN AND TRUST

Name: BESTPASS INC - BESTPASS INC 401(K) PROFIT SHARING PLAN AND TRUST (2023) Form 5500
Creator: BESTPASS INC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, BESTPASS INC 401(K) PROFIT SHARING PLAN AND TRUST, BESTPASS INC

BESTPASS INCEIN 36-4535141Plan #001PY 2023

500 NEW KARNER ROAD - ALBANY, NY 122053857518-458-1579

Prospect flagsLow participation

How to read this page

Total assets (EOY)

$9.7M

+39.9% from 2022

Total participants

316

+91.5% from 2022

Average account balance

$59,075

+24.5% from 2022

Annual return

25.90%

+41.09 pp from 2022

Benchmarks

See 1,011 peers

Peer group

Industry81 - Other Services (except Public Administration)

Plan typeDefined contribution

Participants250-999

Cohort1,011 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$17.37M

Not enough data

1 years with asset history on file

Average account balance

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

$54K

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.

322

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.

89.8%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$3.46M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$11K

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

+63.90%

Not enough data

1 years with return on file

Admin fee / account holder

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

$70

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 2 by compensation

Provider	Service type	Compensation
STRATEGIC PENSION SERVICES, LLC3 years Filed as: STRATEGIC PENSION SERVICES LLC Service code 13 · EIN 14-1836262	Contract Administrator	$9,526
JPMORGAN INVEST HOLDINGS LLC3 years Service code 64 · EIN 13-2624428	Recordkeeping Fees	$300

Plan features & details

Pension benefit codes2E2J2K2F2G3D2T

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.
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.

Opportunity flags

1 tripped

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

Expense breakdown

Schedule H Part II

Admin total

$16K

$54 / participant

Recordkeeping$6K35.6%
Contract admin$1K6.8%
Other / not subdivided$9K57.6%

% of EOY assets

0.160%

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: LUTZ, SELIG & ZERONDA, CPAS, L.L.P.
Auditor EIN: 141745230
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$59,075

$52,188+13.2%

$86,640-31.8%

$74,460-20.7%

Participation rate

46.9%

66.3%-19.5pp

71.7%-24.9pp

70.7%-23.9pp

Annual return

25.90%

44.46%-18.6pp

592.52%-566.6pp

34.38%-8.5pp

Employer contribution / active EE

$2,585

$2,282+13.3%

$3,024-14.5%

$2,638-2.0%

Participant deferral / active EE

$4,374

$3,383+29.3%

$4,438-1.4%

$4,530-3.4%

Admin fee / account holder

$95

$319-70.3%

$5,616-98.3%

$348-72.8%

Provider

Service type

Compensation

STRATEGIC PENSION SERVICES, LLC3 years

Filed as: STRATEGIC PENSION SERVICES LLC

Service code 13 · EIN 14-1836262

Contract Administrator

$9,526

JPMORGAN INVEST HOLDINGS LLC3 years

Service code 64 · EIN 13-2624428

Recordkeeping Fees

$300

BESTPASS INC 401(K) PROFIT SHARING PLAN AND TRUST

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

BESTPASS 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