Retirement plan

BEST CHOICE PRODUCTS 401(K) PLAN

Name: BEST CHOICE PRODUCTS, INC. - BEST CHOICE PRODUCTS 401(K) PLAN (2023) Form 5500
Creator: BEST CHOICE PRODUCTS, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, BEST CHOICE PRODUCTS 401(K) PLAN, BEST CHOICE PRODUCTS, INC.

BEST CHOICE PRODUCTS, INC.EIN 47-0894108Plan #001PY 2023

15101 RED HILL AVE. - TUSTIN, CA 927806503909-948-8409bestchoiceproducts.comLinkedIn201-500 employeesretail

Prospect flagsLow participationLow fidelity bond

How to read this page

Total assets (EOY)

$4.2M

+59.7% from 2022

Total participants

241

-0.8% from 2022

Average account balance

$29,089

+57.5% from 2022

Annual return

27.97%

+49.26 pp from 2022

Benchmarks

See 503 peers

Peer group

Industry45 - Retail Trade

Plan typeDefined contribution

Participants100-249

Cohort503 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$5.69M

Not enough data

1 years with asset history on file

Average account balance

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

$36K

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.

156

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.

58.1%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.30M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$6K

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

+14.58%

Not enough data

1 years with return on file

Admin fee / account holder

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

$255

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
CMFG LIFE INSURANCE COMPANY6 years Service code 15 · EIN 39-0230590	Recordkeeping	$17,107
PENSIONMARK FINANCIAL GROUP LLC2 years Filed as: PENSIONMARK FINANCIAL GROUP, LLC Service code 27 24 E COTA ST · SANTA BARBARA, CA 931011665	Advisory (Plan)	$12,766

Plan features & details

Pension benefit codes2E2F2G2J2K2T3D3F

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.
3F
Leased employees
Plan sponsor(s) received services of leased employees as defined in Code section 414(n) during the plan year.

Opportunity flags

2 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
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

$30K

$140 / participant

Recordkeeping$12K39.0%
Investment mgmt$13K41.9%
Other trustee fees$6192.0%
Contract admin$5K17.1%

% of EOY assets

0.728%

all-in expense ratio

Categories reported

4 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: HOLTHOUSE CARLIN & VAN TRIGT LLP
Auditor EIN: 954345526
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$29,089

$51,283-43.3%

$95,728-69.6%

$71,495-59.3%

Participation rate

55.5%

63.1%-7.6pp

72.3%-16.8pp

67.9%-12.4pp

Annual return

27.97%

25.25%+2.7pp

28.40%-0.4pp

28.85%-0.9pp

Employer contribution / active EE

$1,272

$1,817-30.0%

$2,835-55.1%

$2,589-50.9%

Participant deferral / active EE

$3,618

$3,365+7.5%

$4,245-14.8%

$4,291-15.7%

Admin fee / account holder

$212

$1,135-81.3%

$5,673-96.3%

$1,588-86.7%

Provider

Service type

Compensation

CMFG LIFE INSURANCE COMPANY6 years

Service code 15 · EIN 39-0230590

Recordkeeping

$17,107

PENSIONMARK FINANCIAL GROUP LLC2 years

Filed as: PENSIONMARK FINANCIAL GROUP, LLC

Service code 27

24 E COTA ST · SANTA BARBARA, CA 931011665

Advisory (Plan)

$12,766

BEST CHOICE PRODUCTS 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

BEST CHOICE PRODUCTS 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