Retirement plan

INNOVATIVE INSURANCE GROUP 401(K) PLAN

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

INNOVATIVE INSURANCE GROUPEIN 47-1162894Plan #001PY 2024

PO BOX 3142 - LYNCHBURG, VA 24503434-676-9496LinkedIn11-50 employeesinsurance

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$3.7M

+17.7% from 2023

Total participants

-2.2% from 2023

Average account balance

$88,367

+17.7% from 2023

Annual return

12.90%

-4.61 pp from 2023

Benchmarks

See 7,155 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants25-99

Cohort7,155 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$3.71M

Not enough data

1 years with asset history on file

Average account balance

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

$88K

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.

110.5%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$417K

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

+12.90%

Not enough data

1 years with return on file

Admin fee / account holder

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

$7462

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 codes2F2G2E2J3D

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.
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

$313K

$8248 / participant

Other / not subdivided$313K100.0%

% of EOY assets

8.445%

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

$88,367

$138,386-36.1%

$184,260-52.0%

$80,935+9.2%

Participation rate

92.1%

83.9%+8.2pp

86.8%+5.3pp

67.7%+24.4pp

Annual return

12.90%

20.02%-7.1pp

28.84%-15.9pp

35.66%-22.8pp

Employer contribution / active EE

$2,548

$4,851-47.5%

$6,427-60.4%

$2,757-7.6%

Participant deferral / active EE

$8,423

$7,076+19.0%

$9,133-7.8%

$4,299+95.9%

Admin fee / account holder

$7,462

$10,489-28.9%

$13,898-46.3%

$6,924+7.8%

INNOVATIVE INSURANCE GROUP 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

INNOVATIVE INSURANCE GROUP 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