Retirement plan

RICHARD M PASSOLT CPA LTD 401(K) PROFIT SHARING PLAN & TRUST

Name: RICHARD M PASSOLT CPA LTD - RICHARD M PASSOLT CPA LTD 401(K) PROFIT SHARING PLAN & TRUST (2024) Form 5500
Creator: RICHARD M PASSOLT CPA LTD
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, RICHARD M PASSOLT CPA LTD 401(K) PROFIT SHARING PLAN & TRUST, RICHARD M PASSOLT CPA LTD

RICHARD M PASSOLT CPA LTDEIN 41-1682154Plan #001PY 2024

1000 SHELARD PKWY STE 110 - MINNEAPOLIS, MN 554264917612-481-6786

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$127K

+24.1% from 2023

Total participants

0.0% from 2023

Average account balance

$126,936

+24.1% from 2023

Annual return

14.35%

-6.32 pp from 2023

Benchmarks

See 49,870 peers

Peer group

Industry81 - Other Services (except Public Administration)

Plan typeDefined contribution

Participants<25

Cohort49,870 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$127K

Not enough data

1 years with asset history on file

Average account balance

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

$127K

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.

100.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$16K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$16K

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

+14.35%

Not enough data

1 years with return on file

Admin fee / account holder

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

$6120

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 codes2E2F2G2J2T3D

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

$6K

$6120 / participant

Other / not subdivided$6K100.0%

% of EOY assets

4.821%

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

$126,936

$88,815+42.9%

$81,882+55.0%

$145,897-13.0%

Participation rate

100.0%

75.1%+24.9pp

72.4%+27.6pp

80.3%+19.7pp

Annual return

14.35%

1033.75%-1019.4pp

779.47%-765.1pp

552.29%-537.9pp

Employer contribution / active EE

$6,000

$3,086+94.4%

$2,916+105.8%

$4,663+28.7%

Participant deferral / active EE

$10,000

$4,647+115.2%

$4,323+131.3%

$6,689+49.5%

Admin fee / account holder

$6,120

$8,434-27.4%

$7,360-16.8%

$13,390-54.3%

RICHARD M PASSOLT CPA LTD 401(K) PROFIT SHARING PLAN & TRUST

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

RICHARD M PASSOLT CPA LTD 401(K) PROFIT SHARING PLAN & 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