Retirement plan

GERRIT'S APPLIANCE, INC. EMPLOYEES PROFIT SHARING PLAN

Name: GERRITS APPLIANCE, INC. - GERRIT'S APPLIANCE, INC. EMPLOYEES PROFIT SHARING PLAN (2024) Form 5500
Creator: GERRITS APPLIANCE, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, GERRIT'S APPLIANCE, INC. EMPLOYEES PROFIT SHARING PLAN, GERRITS APPLIANCE, INC.

GERRITS APPLIANCE, INC.EIN 38-1989233Plan #001PY 2024

2410 28TH STREET SW - WYOMING, MI 49519616-532-3626

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$5M

+35.5% from 2023

Total participants

+6.3% from 2023

Average account balance

$86,377

+16.8% from 2023

Annual return

23.78%

+14.82 pp from 2023

Benchmarks

See 9,332 peers

Peer group

Industry44 - Retail Trade

Plan typeDefined contribution

Participants25-99

Cohort9,332 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$5.01M

Not enough data

1 years with asset history on file

Average account balance

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

$86K

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.

96.7%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$504K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$8K

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

+23.78%

Not enough data

1 years with return on file

Admin fee / account holder

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

$1597

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

0 years with F_SCH_H allocation on file

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

Service providers

Providers data not reported

Schedule C was not filed on this plan's most recent Form 5500, so no compensated service providers are available to display.

Plan features & details

Pension benefit codes2E2J2F2G3D2T

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.
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

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

Expense breakdown

Schedule H Part II

Admin total

$93K

$1544 / participant

Other / not subdivided$93K100.0%

% of EOY assets

1.849%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

No opinion code on file for this filing.

Auditor firm: (not reported)
Auditor EIN: -
Audit fees: (not subdivided)
Opinion code: -

Metric

This plan

Peer set

Industry

Size

Avg account balance

$86,377

$71,230+21.3%

$93,727-7.8%

$80,959+6.7%

Participation rate

83.3%

60.4%+22.9pp

68.7%+14.6pp

67.7%+15.7pp

Annual return

23.78%

11.26%+12.5pp

133.83%-110.1pp

35.67%-11.9pp

Employer contribution / active EE

$5,569

$1,565+255.8%

$2,421+130.0%

$2,757+102.0%

Participant deferral / active EE

$2,827

$4,037-30.0%

$4,417-36.0%

$4,300-34.3%

Admin fee / account holder

$1,597

$6,961-77.1%

$8,292-80.7%

$6,925-76.9%

GERRIT'S APPLIANCE, INC. EMPLOYEES PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

GERRIT'S APPLIANCE, INC. EMPLOYEES 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