Retirement plan

THE FARBER COMPANIES 401(K) PROFIT SHARING PLAN

Name: FARBER SPECIALTY VEHICLES, INC. - THE FARBER COMPANIES 401(K) PROFIT SHARING PLAN (2022) Form 5500
Creator: FARBER SPECIALTY VEHICLES, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, THE FARBER COMPANIES 401(K) PROFIT SHARING PLAN, FARBER SPECIALTY VEHICLES, INC.

FARBER SPECIALTY VEHICLES, INC.EIN 41-2043544Plan #001PY 2022

7052 AMERICANA PARKWAY - REYNOLDSBURG, OH 43068614-863-6470fsvcc.comLinkedIn51-200 employeesautomotive

Prospect flagsHigh feesFailed to transmit contributions

How to read this page

Total assets (EOY)

$13.9M

-12.5% from 2021

Total participants

156

+4.0% from 2021

Average account balance

$89,123

-15.9% from 2021

Annual return

-14.93%

-30.84 pp from 2021

Benchmarks

See 2,205 peers

Peer group

Industry44 - Retail Trade

Plan typeDefined contribution

Participants100-249

Cohort2,205 peers

Snapshot2022

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Analytics

Total assets (EOY)

Plan-year ending balance

$15.18M

Not enough data

1 years with asset history on file

Average account balance

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

$90K

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.

169

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

$712K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$6K

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

+11.26%

Not enough data

1 years with return on file

Admin fee / account holder

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

$564

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

See the 10-year trajectory. $4.99 for your first month.

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Service providers

Top 3 by compensation

Provider	Service type	Compensation
TRANSAMERICA RETIREMENT SOLUTIONS7 years Filed as: TRANSAMERICA FINANCIAL LIFE INSURAN Service code 15 · EIN 36-6071399	Recordkeeping	$38,295
KM WAIWOOD LLC5 years Service code 15 · EIN 27-3314579 P O BOX 361790 · STRONGSVILLE, OH 44136	Recordkeeping	$65
MERRILL LYNCH PIERCE FENNER & SMITH6 years Filed as: MERRILL LYNCH Service code 27 · EIN 13-2808480	Advisory (Plan)	$0

Plan features & details

Pension benefit codes2A2E2F2G2J2K3D3F

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.
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.
3F
Leased employees
Plan sponsor(s) received services of leased employees as defined in Code section 414(n) during the plan year.

Opportunity flags

2 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).

Expense breakdown

Schedule H Part II

Admin total

$83K

$642 / participant

Contract admin$83K100.0%

% of EOY assets

0.600%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

The auditor signed off without reservation. This is the cleanest opinion.

Auditor firm: BODINE PERRY, PLLC
Auditor EIN: 833033790
Audit fees: (not subdivided)
Opinion code: Unqualified

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$89,123

$49,451+80.2%

$79,550+12.0%

$66,914+33.2%

Participation rate

100.0%

61.3%+38.7pp

69.5%+30.5pp

69.8%+30.2pp

Annual return

-14.93%

84.25%-99.2pp

0.16%-15.1pp

1.58%-16.5pp

Employer contribution / active EE

$2,612

$1,266+106.4%

$2,413+8.2%

$2,544+2.7%

Participant deferral / active EE

$3,290

$3,159+4.2%

$3,985-17.4%

$4,237-22.3%

Admin fee / account holder

$535

$595-10.0%

$6,832-92.2%

$593-9.8%

Provider

Service type

Compensation

TRANSAMERICA RETIREMENT SOLUTIONS7 years

Filed as: TRANSAMERICA FINANCIAL LIFE INSURAN

Service code 15 · EIN 36-6071399

Recordkeeping

$38,295

KM WAIWOOD LLC5 years

Service code 15 · EIN 27-3314579

P O BOX 361790 · STRONGSVILLE, OH 44136

Recordkeeping

$65

MERRILL LYNCH PIERCE FENNER & SMITH6 years

Filed as: MERRILL LYNCH

Service code 27 · EIN 13-2808480

Advisory (Plan)

THE FARBER COMPANIES 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

THE FARBER COMPANIES 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