Retirement plan

REDWOOD FINANCIAL NETWORK CORP. 401K PLAN

Name: REDWOOD FINANCIAL NETWORK CORP. - REDWOOD FINANCIAL NETWORK CORP. 401K PLAN (2024) Form 5500
Creator: REDWOOD FINANCIAL NETWORK CORP.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, REDWOOD FINANCIAL NETWORK CORP. 401K PLAN, REDWOOD FINANCIAL NETWORK CORP.

REDWOOD FINANCIAL NETWORK CORP.EIN 45-2580957Plan #001PY 2024

30285 BRUCE INDUSTRIAL PARKWAY, SUITE A - SOLON, OH 44139440-287-5020redwoodfn.comLinkedIn11-50 employeesfinancial services

Prospect flagsHigh feesLow fidelity bond

How to read this page

Total assets (EOY)

$943K

+31.4% from 2023

Total participants

0.0% from 2023

Average account balance

$157,217

+31.4% from 2023

Annual return

16.27%

-3.69 pp from 2023

Benchmarks

See 37,126 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants<25

Cohort37,126 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$1.20M

Not enough data

1 years with asset history on file

Average account balance

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

$171K

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.

87.5%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$115K

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

+14.60%

Not enough data

1 years with return on file

Admin fee / account holder

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

$689

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

2 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
ComplianceLow fidelity bond
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).

Expense breakdown

Schedule H Part II

Admin total

$4K

$610 / participant

Other / not subdivided$4K100.0%

% of EOY assets

0.453%

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

$157,217

$201,344-21.9%

$184,243-14.7%

$145,877+7.8%

Participation rate

85.7%

87.5%-1.8pp

86.8%-1.1pp

80.3%+5.4pp

Annual return

16.27%

29.01%-12.7pp

28.82%-12.6pp

551.28%-535.0pp

Employer contribution / active EE

$5,052

$7,022-28.1%

$6,427-21.4%

$4,663+8.3%

Participant deferral / active EE

$10,489

$9,807+7.0%

$9,132+14.9%

$6,691+56.8%

Admin fee / account holder

$712

$16,382-95.7%

$13,914-94.9%

$13,402-94.7%

REDWOOD FINANCIAL NETWORK CORP. 401K PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

REDWOOD FINANCIAL NETWORK CORP. 401K 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