Retirement plan

BEST & FLANAGAN LLP 401(K) PROFIT SHARING PLAN

Name: BEST & FLANAGAN LLP - BEST & FLANAGAN LLP 401(K) PROFIT SHARING PLAN (2023) Form 5500
Creator: BEST & FLANAGAN LLP
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, BEST & FLANAGAN LLP 401(K) PROFIT SHARING PLAN, BEST & FLANAGAN LLP

BEST & FLANAGAN LLPEIN 41-0150277Plan #003PY 2023

60 S 6TH ST STE 2700 - MINNEAPOLIS, MN 55402612-339-7121bestlaw.comLinkedIn51-200 employeeslaw practice

Prospect flagsHigh feesHigh assets / participantCorrective distributions

How to read this page

Total assets (EOY)

$62.5M

+16.5% from 2022

Total participants

115

+4.5% from 2022

Average account balance

$548,072

+12.5% from 2022

Annual return

16.87%

+4.60 pp from 2022

Benchmarks

See 28,703 peers

Peer group

Industry54 - Professional, Scientific, and Technical Services

Plan typeDefined contribution

Participants25-99

Cohort28,703 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$68.70M

Not enough data

1 years with asset history on file

Average account balance

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

$587K

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.

117

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.

96.3%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$2.18M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$27K

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

+14.16%

Not enough data

1 years with return on file

Admin fee / account holder

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

$954

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 5 by compensation

Provider	Service type	Compensation
WHITE PINE CAPITAL1 year Filed as: WHITE PINE CAPITAL LLC Service code 26 · EIN 41-1933144	Advisory (Participants)	$37,025
USI CONSULTING GROUP1 year Filed as: USI ADVISORS INC Service code 28 · EIN 06-1397347	Investment Management	$33,750
CHARLES SCHWAB & CO., INC.1 year Filed as: SCHWAB RETIREMENT PLAN SERVICES,INC Service code 15 · EIN 34-1479833	Recordkeeping	$8,314
CHARLES SCHWAB & CO., INC.1 year Service code 33 · EIN 94-1737782	Float revenue; Direct payment from th...	$653
CHARLES SCHWAB & CO., INC.1 year Filed as: CHARLES SCHWAB & CO.INC. AND AFFIL Service code 59	Shareholder Servicing	$0

Plan features & details

Pension benefit codes2E2F2G2J2K2R2S2T3B3D

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.
2R
Participant-directed brokerage accounts
Participant-directed brokerage accounts provided as an investment option under the plan.
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.
3B
Plan covering self-employed individuals
Plan covering self-employed individuals.
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

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).
InformationalHigh assets / participant
Assets per participant exceed $250,000 - top-decile high-value plan.

Expense breakdown

Schedule H Part II

Admin total

$82K

$1139 / participant

Recordkeeping$8K9.5%
Investment mgmt$74K90.5%

% of EOY assets

0.131%

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: WIPFLI LLP
Auditor EIN: 390758449
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$548,072

$93,617+485.4%

$135,982+303.0%

$75,177+629.0%

Participation rate

98.6%

75.2%+23.4pp

81.9%+16.7pp

67.2%+31.4pp

Annual return

16.87%

30.89%-14.0pp

68.32%-51.5pp

160.75%-143.9pp

Employer contribution / active EE

$18,041

$3,538+409.9%

$4,859+271.3%

$2,671+575.4%

Participant deferral / active EE

$14,025

$6,406+118.9%

$7,760+80.7%

$4,126+239.9%

Admin fee / account holder

$719

$6,980-89.7%

$10,767-93.3%

$5,651-87.3%

Provider

Service type

Compensation

WHITE PINE CAPITAL1 year

Filed as: WHITE PINE CAPITAL LLC

Service code 26 · EIN 41-1933144

Advisory (Participants)

$37,025

USI CONSULTING GROUP1 year

Filed as: USI ADVISORS INC

Service code 28 · EIN 06-1397347

Investment Management

$33,750

CHARLES SCHWAB & CO., INC.1 year

Filed as: SCHWAB RETIREMENT PLAN SERVICES,INC

Service code 15 · EIN 34-1479833

Recordkeeping

$8,314

CHARLES SCHWAB & CO., INC.1 year

Service code 33 · EIN 94-1737782

Float revenue; Direct payment from th...

$653

CHARLES SCHWAB & CO., INC.1 year

Filed as: CHARLES SCHWAB & CO.INC. AND AFFIL

Service code 59

Shareholder Servicing

BEST & FLANAGAN LLP 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

BEST & FLANAGAN LLP 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