Retirement plan

TOWNE MORTGAGE COMPANY 401(K) PROFIT SHARING PLAN

Name: TOWNE MORTGAGE COMPANY DBA AMERICU MORTGAGE, TOWNE MORTGAGE COMPANY - TOWNE MORTGAGE COMPANY 401(K) PROFIT SHARING PLAN (2018) Form 5500
Creator: TOWNE MORTGAGE COMPANY DBA AMERICU MORTGAGE, TOWNE MORTGAGE COMPANY
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, TOWNE MORTGAGE COMPANY 401(K) PROFIT SHARING PLAN, TOWNE MORTGAGE COMPANY DBA AMERICU MORTGAGE, TOWNE MORTGAGE COMPANY

TOWNE MORTGAGE COMPANY DBA AMERICU MORTGAGE, TOWNE MORTGAGE COMPANYEIN 38-2434249Plan #001PY 2018

2170 E BIG BEAVER ROAD, SUITE A - TROY, MI 480932315248-247-1800

Prospect flagsHigh feesLow assets / participantFailed to transmit contributionsCorrective distributions

How to read this page

Total assets (EOY)

$4.3M

-2.8% from 2017

Total participants

240

-30.0% from 2017

Average account balance

$18,784

+37.3% from 2017

Annual return

4.55%

-12.15 pp from 2017

Benchmarks

See 2,193 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants100-249

Cohort2,193 peers

Snapshot2018

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

Analytics

Total assets (EOY)

Plan-year ending balance

$16.64M

Not enough data

1 years with asset history on file

Average account balance

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

$56K

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.

298

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.

98.8%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$2.43M

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

+13.22%

Not enough data

1 years with return on file

Admin fee / account holder

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

$361

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
FREEDOM ONE RETIREMENT SERVICES LLC2 years Filed as: FREEDOM ONE RETIREMENT SERVICES Service code 19 8031 M-15 · CLARKSTON, MA 48348	Securities Custodian	$39,679
CAPFINANCIAL PARTNERS LLC2 years Filed as: CAPTRUST INVESTMENT ADVISORS Service code 26 8031 M 15 · CLARKSTON, MI 48348	Advisory (Participants)	$29,220

Plan features & details

Pension benefit codes2A2E2F2G2J2K2S2T3D3H

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.
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

4 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
OpportunityLow assets / participant
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match 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

$71K

$343 / participant

Investment mgmt$29K41.3%
Contract admin$40K56.1%
Other / not subdivided$2K2.6%

% of EOY assets

1.651%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Disclaimer opinion

Auditor declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.

Auditor firm: MRPR GROUP PC
Auditor EIN: 382141969
Audit fees: (not subdivided)
Opinion code: Disclaimer

Metric

This plan

Peer set

Industry

Size

Avg account balance

$18,784

$79,523-76.4%

$140,019-86.6%

$56,287-66.6%

Participation rate

94.2%

85.7%+8.5pp

87.5%+6.7pp

69.9%+24.3pp

Annual return

4.55%

2.39%+2.2pp

651.15%-646.6pp

-9.96%+14.5pp

Employer contribution / active EE

$2,245

$3,350-33.0%

$5,605-59.9%

$2,111+6.4%

Participant deferral / active EE

$5,224

$5,129+1.8%

$6,927-24.6%

$3,350+55.9%

Admin fee / account holder

$310

$614-49.5%

$10,705-97.1%

$521-40.5%

Provider

Service type

Compensation

FREEDOM ONE RETIREMENT SERVICES LLC2 years

Filed as: FREEDOM ONE RETIREMENT SERVICES

Service code 19

8031 M-15 · CLARKSTON, MA 48348

Securities Custodian

$39,679

CAPFINANCIAL PARTNERS LLC2 years

Filed as: CAPTRUST INVESTMENT ADVISORS

Service code 26

8031 M 15 · CLARKSTON, MI 48348

Advisory (Participants)

$29,220

TOWNE MORTGAGE COMPANY 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

TOWNE MORTGAGE COMPANY 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