Retirement plan

FRANK N. MAGID ASSOCIATES, INC. 401(K) PROFIT SHARING PLAN

Name: FRANK N. MAGID ASSOCIATES, INC. - FRANK N. MAGID ASSOCIATES, INC. 401(K) PROFIT SHARING PLAN (2019) Form 5500
Creator: FRANK N. MAGID ASSOCIATES, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, FRANK N. MAGID ASSOCIATES, INC. 401(K) PROFIT SHARING PLAN, FRANK N. MAGID ASSOCIATES, INC.

FRANK N. MAGID ASSOCIATES, INC.EIN 42-0894975Plan #001PY 2019

8500 NORMANDALE LAKE BLVD., SUITE 630 - MINNEAPOLIS, MN 55437612-216-0736

Prospect flagsHigh fees

Top hat statement on fileNQDC

Filed October 17, 1994

This is a legacy paper filing. Plan administrator and contact details are recorded in the original filing, which has not been digitised into structured fields.

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Total assets (EOY)

$19.3M

+16.4% from 2018

Total participants

162

+1.3% from 2018

Average account balance

$126,379

+14.1% from 2018

Annual return

21.23%

+24.50 pp from 2018

Benchmarks

See 5,552 peers

Peer group

Industry54 - Professional, Scientific, and Technical Services

Plan typeDefined contribution

Participants100-249

Cohort5,552 peers

Snapshot2019

See peer percentile detail. $4.99 for your first month.

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Analytics

Total assets (EOY)

Plan-year ending balance

$23.05M

Not enough data

1 years with asset history on file

Average account balance

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

$175K

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.

132

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.

88.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.01M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$14K

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

+14.36%

Not enough data

1 years with return on file

Admin fee / account holder

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

$490

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 5 by compensation

Provider	Service type	Compensation
KDV WEALTH MANAGEMENT, LLC5+ years Service code 27 3800 AMERICAN BLVD STE 1000 · BLOOMINGTON, MN 55431	Advisory (Plan)	$26,935
GOLDLEAF PARTNERS5+ years Service code 13 8009 34TH AVE S, SUITE 320 · MINNEAPOLIS, MN 55425	Contract Administrator	$10,300
BOHR, DAHM, GREIF & ASSOCIATES1 year Filed as: BOHR, DAHM, GREI & ASSOC Service code 10 1845 51ST STREET NE · CEDAR RAPIDS, IA 52402	Accounting	$7,000
FRANK M. VACCARO & ASSOCIATES1 year Filed as: FRANK MAGID ASSOCIATES Service code 99 8500 NORMANDALE LAKE BLVD · MINNEAPOLIS, MN 55437	Other Fees	$6,250
GREAT-WEST LIFE & ANNUITY INSURANCE5+ years Filed as: GREAT WEST LIFE AND ANNUITY INS CO Service code 64 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$3,025

Plan features & details

Pension benefit codes2E2F2G2J2K2T3D3B

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.
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

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

$50K

$472 / participant

Contract admin$50K100.0%

% of EOY assets

0.259%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Disclaimer opinion

The auditor declined to give an opinion. This is usually a 103(a)(3)(C) limited-scope election.

Auditor firm: BGHN ASSOCIATES, P.C.
Auditor EIN: 421508032
Audit fees: (not subdivided)
Opinion code: Disclaimer

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$126,379

$89,652+41.0%

$141,162-10.5%

$65,185+93.9%

Participation rate

91.5%

74.7%+16.8pp

82.5%+9.0pp

70.2%+21.3pp

Annual return

21.23%

32.79%-11.6pp

71.39%-50.2pp

29.38%-8.2pp

Employer contribution / active EE

$1,180

$3,065-61.5%

$4,735-75.1%

$2,177-45.8%

Participant deferral / active EE

$10,738

$5,691+88.7%

$6,709+60.1%

$3,514+205.6%

Admin fee / account holder

$327

$569-42.5%

$10,261-96.8%

$847-61.4%

Provider

Service type

Compensation

KDV WEALTH MANAGEMENT, LLC5+ years

Service code 27

3800 AMERICAN BLVD STE 1000 · BLOOMINGTON, MN 55431

Advisory (Plan)

$26,935

GOLDLEAF PARTNERS5+ years

Service code 13

8009 34TH AVE S, SUITE 320 · MINNEAPOLIS, MN 55425

Contract Administrator

$10,300

BOHR, DAHM, GREIF & ASSOCIATES1 year

Filed as: BOHR, DAHM, GREI & ASSOC

Service code 10

1845 51ST STREET NE · CEDAR RAPIDS, IA 52402

Accounting

$7,000

FRANK M. VACCARO & ASSOCIATES1 year

Filed as: FRANK MAGID ASSOCIATES

Service code 99

8500 NORMANDALE LAKE BLVD · MINNEAPOLIS, MN 55437

Other Fees

$6,250

GREAT-WEST LIFE & ANNUITY INSURANCE5+ years

Filed as: GREAT WEST LIFE AND ANNUITY INS CO

Service code 64

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$3,025

FRANK N. MAGID ASSOCIATES, INC. 401(K) PROFIT SHARING PLAN

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

FRANK N. MAGID ASSOCIATES, INC. 401(K) PROFIT SHARING PLAN

Top hat statement on fileNQDC

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