Retirement plan

INNOVATIVE INSURANCE GROUP 401(K) PLAN

Name: INNOVATIVE INSURANCE GROUP - INNOVATIVE INSURANCE GROUP 401(K) PLAN (2020) 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 2020

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

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$2.1M

+16.4% from 2019

Total participants

+15.0% from 2019

Average account balance

$46,273

+3.4% from 2019

Annual return

16.23%

-7.51 pp from 2019

Benchmarks

See 7,209 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants25-99

Cohort7,209 peers

Snapshot2020

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

$320K

$7266 / participant

Other / not subdivided$320K100.0%

% of EOY assets

15.354%

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

$46,273

$123,793-62.6%

$177,827-74.0%

$79,858-42.1%

Participation rate

97.7%

84.7%+13.1pp

87.7%+10.0pp

69.6%+28.1pp

Annual return

16.23%

22.82%-6.6pp

48.32%-32.1pp

31.72%-15.5pp

Employer contribution / active EE

$1,914

$4,095-53.3%

$5,918-67.7%

$2,471-22.5%

Participant deferral / active EE

$4,870

$5,956-18.2%

$7,713-36.9%

$3,740+30.2%

Admin fee / account holder

$7,105

$7,243-1.9%

$12,429-42.8%

$5,306+33.9%

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