Retirement plan

DESTINY WEALTH PARTNERS LLC 401(K) PROFIT SHARING PLAN & TRUST

Name: DESTINY WEALTH PARTNERS LLC - DESTINY WEALTH PARTNERS LLC 401(K) PROFIT SHARING PLAN & TRUST (2023) Form 5500
Creator: DESTINY WEALTH PARTNERS LLC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, DESTINY WEALTH PARTNERS LLC 401(K) PROFIT SHARING PLAN & TRUST, DESTINY WEALTH PARTNERS LLC

DESTINY WEALTH PARTNERS LLCEIN 46-1340579Plan #001PY 2023

2100 LAKE EUSTIS DRIVE - TAVARES, FL 32778352-343-2700ruggiewealth.comLinkedIn11-50 employeesfinancial services

Other plans on this EIN

2 filings

#002Retirement-$1.9M assets #003Retirement-$684K assets

Prospect flagsLow returnsHigh fees

How to read this page

Total assets (EOY)

$3.6M

+11.6% from 2022

Total participants

+26.1% from 2022

Average account balance

$125,203

-15.3% from 2022

Annual return

8.93%

+12.22 pp from 2022

Benchmarks

See 41,854 peers

Peer group

Industry81 - Other Services (except Public Administration)

Plan typeDefined contribution

Participants<25

Cohort41,854 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$4.33M

Not enough data

1 years with asset history on file

Average account balance

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

$188K

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.

87.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$245K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$11K

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

+18.39%

Not enough data

1 years with return on file

Admin fee / account holder

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

$3616

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 codes2E2F2G2J2R2T3D

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.
2R
Participant-directed brokerage accounts
Participant-directed brokerage accounts provided as an investment option under the plan.
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.)
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II

Admin total

$157K

$6811 / participant

Other / not subdivided$157K100.0%

% of EOY assets

4.314%

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

$125,203

$96,643+29.6%

$86,617+44.5%

$139,456-10.2%

Participation rate

100.0%

74.4%+25.6pp

71.7%+28.3pp

80.3%+19.7pp

Annual return

8.93%

106.57%-97.6pp

591.91%-583.0pp

373.45%-364.5pp

Employer contribution / active EE

$3,647

$3,264+11.7%

$3,023+20.6%

$4,753-23.3%

Participant deferral / active EE

$6,916

$4,835+43.0%

$4,437+55.9%

$6,711+3.1%

Admin fee / account holder

$5,401

$6,406-15.7%

$5,613-3.8%

$11,407-52.6%

DESTINY WEALTH PARTNERS LLC 401(K) PROFIT SHARING PLAN & TRUST

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

DESTINY WEALTH PARTNERS LLC 401(K) PROFIT SHARING PLAN & TRUST

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