Retirement plan

BALANCE TECHNOLOGY, INC. 401(K) PLAN

Name: BALANCE TECHNOLOGY, INC. - BALANCE TECHNOLOGY, INC. 401(K) PLAN (2020) Form 5500
Creator: BALANCE TECHNOLOGY, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, BALANCE TECHNOLOGY, INC. 401(K) PLAN, BALANCE TECHNOLOGY, INC.

BALANCE TECHNOLOGY, INC.EIN 38-2822225Plan #001PY 2020

7035 JOMAR ROAD - WHITMORE LAKE, MI 48189734-769-2100LinkedIn1-10 employeesaccounting

Prospect flagsHigh feesLow employer contributionCorrective distributions

How to read this page

Total assets (EOY)

$20.4M

+5.0% from 2019

Total participants

128

-31.2% from 2019

Average account balance

$188,929

+39.1% from 2019

Annual return

18.65%

-6.33 pp from 2019

Benchmarks

See 14,881 peers

Peer group

Industry33 - Manufacturing

Plan typeDefined contribution

Participants25-99

Cohort14,881 peers

Snapshot2020

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

Analytics

Total assets (EOY)

Plan-year ending balance

$15.69M

Not enough data

1 years with asset history on file

Average account balance

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

$178K

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.

73.6%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$601K

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

+15.64%

Not enough data

1 years with return on file

Admin fee / account holder

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

$828

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

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Service providers

Top 3 by compensation

Provider	Service type	Compensation
PLANTE & MORAN, PLLC1 year Filed as: PLANTE MORAM FINANCIAL ADVISORS Service code 10 · EIN 38-1357951	Accounting	$37,889
WELLS FARGO BANK, N.A.1 year Filed as: WELLS FARGO BANK, N.A Service code 15 · EIN 94-1347393	Recordkeeping	$29,314
PRINCIPAL LIFE INSURANCE COMPANY1 year Service code 13 · EIN 42-0127290	Contract Administrator	$3,232

Plan features & details

Pension benefit codes2E2F2G2J2K2T3D

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

3 tripped

OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.
OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$70K

$791 / participant

Contract admin$3K4.6%
Other / not subdivided$67K95.4%

% of EOY assets

0.345%

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

Metric

This plan

Peer set

Industry

Size

Avg account balance

$188,929

$78,428+140.9%

$95,960+96.9%

$79,852+136.6%

Participation rate

77.5%

73.5%+4.0pp

77.1%+0.4pp

69.6%+7.9pp

Annual return

18.65%

19.37%-0.7pp

91.63%-73.0pp

31.72%-13.1pp

Employer contribution / active EE

$356

$1,945-81.7%

$2,541-86.0%

$2,471-85.6%

Participant deferral / active EE

$6,983

$3,440+103.0%

$4,167+67.6%

$3,740+86.7%

Admin fee / account holder

$652

$5,622-88.4%

$6,797-90.4%

$5,306-87.7%

Provider

Service type

Compensation

PLANTE & MORAN, PLLC1 year

Filed as: PLANTE MORAM FINANCIAL ADVISORS

Service code 10 · EIN 38-1357951

Accounting

$37,889

WELLS FARGO BANK, N.A.1 year

Filed as: WELLS FARGO BANK, N.A

Service code 15 · EIN 94-1347393

Recordkeeping

$29,314

PRINCIPAL LIFE INSURANCE COMPANY1 year

Service code 13 · EIN 42-0127290

Contract Administrator

$3,232

BALANCE TECHNOLOGY, INC. 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

BALANCE TECHNOLOGY, INC. 401(K) 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