Retirement plan

SKYSPECS 401(K) PLAN

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

SKYSPECS, INC.EIN 45-4982494Plan #001PY 2024

312 SOUTH ASHLEY STREET - ANN ARBOR, MI 48104586-839-1304skyspecs.comLinkedIn201-500 employeescomputer software

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$7.3M

+61.9% from 2023

Total participants

180

+9.8% from 2023

Average account balance

$45,124

+39.8% from 2023

Annual return

25.80%

-10.81 pp from 2023

Benchmarks

See 1,009 peers

Peer group

Industry51 - Information

Plan typeDefined contribution

Participants100-249

Cohort1,009 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$7.26M

Not enough data

1 years with asset history on file

Average account balance

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

$45K

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.

161

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.

87.2%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$2.07M

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

+25.80%

Not enough data

1 years with return on file

Admin fee / account holder

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

$318

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 3 by compensation

Provider	Service type	Compensation
FIDELITY INVESTMENTS INSTITUTIONAL2 years Service code 37 · EIN 04-2647786	Loan Processing	$26,508
SIGMA FINANCIAL CORPORATION2 years Filed as: SIGMA FINANCIAL CORP. Service code 27 · EIN 38-2472555	Advisory (Plan)	$23,516
STRATEGIC ADVISORS, INC.2 years Service code 27 · EIN 04-2654524	Advisory (Plan)	$1,188

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

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

$51K

$346 / participant

Recordkeeping$27K51.8%
Investment mgmt$25K48.2%

% of EOY assets

0.705%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: PLANTE & MORAN, PLLC
Auditor EIN: 331498605
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$45,124

$79,169-43.0%

$100,415-55.1%

$74,478-39.4%

Participation rate

87.2%

79.4%+7.8pp

81.5%+5.6pp

67.2%+19.9pp

Annual return

25.80%

20.51%+5.3pp

49.47%-23.7pp

1370.56%-1344.8pp

Employer contribution / active EE

$4,268

$3,017+41.5%

$3,943+8.2%

$2,626+62.5%

Participant deferral / active EE

$9,719

$7,751+25.4%

$8,091+20.1%

$4,350+123.4%

Admin fee / account holder

$318

$1,337-76.2%

$7,906-96.0%

$1,946-83.7%

Provider

Service type

Compensation

FIDELITY INVESTMENTS INSTITUTIONAL2 years

Service code 37 · EIN 04-2647786

Loan Processing

$26,508

SIGMA FINANCIAL CORPORATION2 years

Filed as: SIGMA FINANCIAL CORP.

Service code 27 · EIN 38-2472555

Advisory (Plan)

$23,516

STRATEGIC ADVISORS, INC.2 years

Service code 27 · EIN 04-2654524

Advisory (Plan)

$1,188

SKYSPECS 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SKYSPECS 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