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 (2024) 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, INCEIN 42-0894975Plan #001PY 2024

8500 NORMANDALE LAKE BLVD STE. 630 - MINNEAPOLIS, MN 55437612-216-0718

Prospect flagsHigh feesLow employer contributionCorrective distributions

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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How to read this page

Total assets (EOY)

$23M

-0.9% from 2023

Total participants

141

-16.1% from 2023

Average account balance

$174,607

+15.6% from 2023

Annual return

14.36%

-4.10 pp from 2023

Benchmarks

See 28,939 peers

Peer group

Industry54 - Professional, Scientific, and Technical Services

Plan typeDefined contribution

Participants25-99

Cohort28,939 peers

Snapshot2024

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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 4 by compensation

Provider	Service type	Compensation
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: EMPOWER ANNUITY INSURANCE COMPANY O Service code 64 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$31,198
CARLSON CAPITAL MANAGEMENT1 year Filed as: CARLSON CAPITAL MANAGEMENT LLC Service code 27 11 BRIDGE SQUARE · NORTHFIELD, MN 55057	Advisory (Plan)	$29,032
BAKER TILLY US, LLP1 year Filed as: BAKER TILLY US LLP Service code 10 PO BOX 7398 · MADISON, WI 537077398	Accounting	$3,400
GREAT-WEST LIFE & ANNUITY INSURANCE3 years Filed as: EMPOWER ANNUITY INSURANCE COMPANY Service code 99 5454 110TH ST · OVERLAND PARK, KS 66211	Other Fees	$1,097

Plan features & details

Pension benefit codes2E2F2G2J2K2T3B3D3H

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.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

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

$65K

$863 / participant

Recordkeeping$31K48.2%
Investment mgmt$29K44.9%
Other / not subdivided$4K6.9%

% of EOY assets

0.281%

all-in expense ratio

Categories reported

2 / 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: BAKER TILLY US, LLP
Auditor EIN: 301413443
Audit fees: $3,400
Opinion code: Unqualified

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$174,607

$102,317+70.7%

$146,958+18.8%

$80,856+115.9%

Participation rate

88.0%

75.8%+12.2pp

82.2%+5.8pp

67.6%+20.4pp

Annual return

14.36%

134.76%-120.4pp

418.34%-404.0pp

35.59%-21.2pp

Employer contribution / active EE

$507

$3,713-86.4%

$4,933-89.7%

$2,755-81.6%

Participant deferral / active EE

$12,998

$6,644+95.6%

$8,070+61.1%

$4,296+202.6%

Admin fee / account holder

$490

$7,941-93.8%

$12,998-96.2%

$6,918-92.9%

Provider

Service type

Compensation

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: EMPOWER ANNUITY INSURANCE COMPANY O

Service code 64

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$31,198

CARLSON CAPITAL MANAGEMENT1 year

Filed as: CARLSON CAPITAL MANAGEMENT LLC

Service code 27

11 BRIDGE SQUARE · NORTHFIELD, MN 55057

Advisory (Plan)

$29,032

BAKER TILLY US, LLP1 year

Filed as: BAKER TILLY US LLP

Service code 10

PO BOX 7398 · MADISON, WI 537077398

Accounting

$3,400

GREAT-WEST LIFE & ANNUITY INSURANCE3 years

Filed as: EMPOWER ANNUITY INSURANCE COMPANY

Service code 99

5454 110TH ST · OVERLAND PARK, KS 66211

Other Fees

$1,097

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