Retirement plan

DOCUMENT STORAGE SYSTEMS, INC. 401(K) PLAN

Name: DOCUMENT STORAGE SYSTEMS, INC. - DOCUMENT STORAGE SYSTEMS, INC. 401(K) PLAN (2024) Form 5500
Creator: DOCUMENT STORAGE SYSTEMS, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, DOCUMENT STORAGE SYSTEMS, INC. 401(K) PLAN, DOCUMENT STORAGE SYSTEMS, INC.

DOCUMENT STORAGE SYSTEMS, INC.EIN 43-1575286Plan #001PY 2024

701 US HWY 1, SUITE 101 - NORTH PALM BEACH, FL 33408561-227-0207LinkedIn201-500 employeeshospital & health care

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$88M

+18.6% from 2023

Total participants

806

+4.9% from 2023

Average account balance

$127,511

+17.3% from 2023

Annual return

14.13%

-3.78 pp from 2023

Benchmarks

See 611 peers

Peer group

Industry51 - Information

Plan typeDefined contribution

Participants250-999

Cohort611 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$87.98M

Not enough data

1 years with asset history on file

Average account balance

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

$128K

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.

690

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.

83.5%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$8.78M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$12K

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

+14.13%

Not enough data

1 years with return on file

Admin fee / account holder

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

$309

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
GREAT-WEST LIFE & ANNUITY INSURANCE3 years Filed as: EMPOWER ANNUITY INSURANCE COMPANY Service code 64 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$70,583
GOLDMAN SACHS3 years Filed as: BROAD STREET CAPITAL PARTNERS LLC Service code 27 124 VERDAE BLVD STE 504 · GREENVILLE, SC 29607	Advisory (Plan)	$67,049
GREAT-WEST LIFE & ANNUITY INSURANCE3 years Filed as: EMPOWER ADVISORY GROUP, LLC Service code 28 8515 EAST ORCHARD ROAD · GREEN WOOD VILLAGE, CO 80111	Investment Management	$61,490
WEALTH MANAGEMENT SYSTEMS INC1 year Filed as: WEALTH ENHANCEMENT ADVISORY SERVICE Service code 27 505 HIGHWAY 169 N STE 900 · MINNEAPOLIS, MN 55441	Advisory (Plan)	$20,000
EJREYNOLDS, INC.10+ years Filed as: EJ REYNOLDS, INC. Service code 13 PO BOX 840256 · PEMBROKE PINES, FL 33084	Contract Administrator	$7,000

Plan features & details

Pension benefit codes2E2F2G2J2K2T3D

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.
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

$213K

$302 / participant

Recordkeeping$213K100.0%

% of EOY assets

0.242%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: COHN REZNICK, LLP
Auditor EIN: 334144829
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$127,511

$90,064+41.6%

$100,415+27.0%

$77,762+64.0%

Participation rate

83.5%

81.3%+2.3pp

81.5%+2.0pp

70.6%+13.0pp

Annual return

14.13%

20.61%-6.5pp

49.47%-35.3pp

31.27%-17.1pp

Employer contribution / active EE

$3,584

$3,043+17.8%

$3,943-9.1%

$2,728+31.4%

Participant deferral / active EE

$8,874

$8,282+7.2%

$8,091+9.7%

$4,651+90.8%

Admin fee / account holder

$309

$172+79.5%

$7,906-96.1%

$433-28.7%

Provider

Service type

Compensation

GREAT-WEST LIFE & ANNUITY INSURANCE3 years

Filed as: EMPOWER ANNUITY INSURANCE COMPANY

Service code 64

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$70,583

GOLDMAN SACHS3 years

Filed as: BROAD STREET CAPITAL PARTNERS LLC

Service code 27

124 VERDAE BLVD STE 504 · GREENVILLE, SC 29607

Advisory (Plan)

$67,049

GREAT-WEST LIFE & ANNUITY INSURANCE3 years

Filed as: EMPOWER ADVISORY GROUP, LLC

Service code 28

8515 EAST ORCHARD ROAD · GREEN WOOD VILLAGE, CO 80111

Investment Management

$61,490

WEALTH MANAGEMENT SYSTEMS INC1 year

Filed as: WEALTH ENHANCEMENT ADVISORY SERVICE

Service code 27

505 HIGHWAY 169 N STE 900 · MINNEAPOLIS, MN 55441

Advisory (Plan)

$20,000

EJREYNOLDS, INC.10+ years

Filed as: EJ REYNOLDS, INC.

Service code 13

PO BOX 840256 · PEMBROKE PINES, FL 33084

Contract Administrator

$7,000

DOCUMENT STORAGE SYSTEMS, INC. 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

DOCUMENT STORAGE SYSTEMS, INC. 401(K) 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