Retirement plan

VELOCITY GLOBAL 401(K) RETIREMENT PLAN

Name: VELOCITY GLOBAL, LLC - VELOCITY GLOBAL 401(K) RETIREMENT PLAN (2022) Form 5500
Creator: VELOCITY GLOBAL, LLC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, VELOCITY GLOBAL 401(K) RETIREMENT PLAN, VELOCITY GLOBAL, LLC

VELOCITY GLOBAL, LLCEIN 46-1915233Plan #001PY 2022

3858 WALNUT STREET, SUITE 107 - DENVER, CO 802053348303-309-2984velocityglobal.comLinkedIn501-1000 employeescomputer software

Prospect flagsFailed to transmit contributionsCorrective distributions

How to read this page

Total assets (EOY)

$11.6M

+54.3% from 2021

Total participants

479

+69.3% from 2021

Average account balance

$30,935

-7.7% from 2021

Annual return

4.64%

-53.40 pp from 2021

Benchmarks

See 780 peers

Peer group

Industry56 - Administrative and Support and Waste Management and Remediation Services

Plan typeDefined contribution

Participants250-999

Cohort780 peers

Snapshot2022

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

Analytics

Total assets (EOY)

Plan-year ending balance

$25.90M

Not enough data

1 years with asset history on file

Average account balance

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

$56K

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.

461

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.

81.3%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$6.87M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$15K

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

+28.51%

Not enough data

1 years with return on file

Admin fee / account holder

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

$157

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 2 by compensation

Provider	Service type	Compensation
PRINCIPAL LIFE INSURANCE COMPANY3 years Service code 13 · EIN 42-0127290	Contract Administrator	$51,313
PENSIONMARK FINANCIAL GROUP LLC3 years Filed as: PENSIONMARK FINANCIAL GROUP, LLC Service code 27 · EIN 61-1758632	Advisory (Plan)	$16,399

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

ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$51K

$119 / participant

Contract admin$51K100.0%

% of EOY assets

0.441%

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: PENSION ASSURANCE LLP
Auditor EIN: 300840934
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$30,935

$34,634-10.7%

$77,096-59.9%

$64,819-52.3%

Participation rate

76.2%

49.8%+26.4pp

67.9%+8.3pp

71.5%+4.7pp

Annual return

4.64%

-5.31%+10.0pp

42.35%-37.7pp

32.84%-28.2pp

Employer contribution / active EE

$3,481

$1,385+151.3%

$2,814+23.7%

$2,507+38.8%

Participant deferral / active EE

$7,558

$2,553+196.0%

$4,429+70.6%

$4,311+75.3%

Admin fee / account holder

$136

$178-23.5%

$5,428-97.5%

$188-27.3%

Provider

Service type

Compensation

PRINCIPAL LIFE INSURANCE COMPANY3 years

Service code 13 · EIN 42-0127290

Contract Administrator

$51,313

PENSIONMARK FINANCIAL GROUP LLC3 years

Filed as: PENSIONMARK FINANCIAL GROUP, LLC

Service code 27 · EIN 61-1758632

Advisory (Plan)

$16,399

VELOCITY GLOBAL 401(K) RETIREMENT PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

VELOCITY GLOBAL 401(K) RETIREMENT 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