Retirement plan

PROSPECT FINANCIAL SOLUTIONS LLC 401K PLAN

Name: PROSPECT FINANCIAL SOLUTIONS LLC - PROSPECT FINANCIAL SOLUTIONS LLC 401K PLAN (2024) Form 5500
Creator: PROSPECT FINANCIAL SOLUTIONS LLC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, PROSPECT FINANCIAL SOLUTIONS LLC 401K PLAN, PROSPECT FINANCIAL SOLUTIONS LLC

PROSPECT FINANCIAL SOLUTIONS LLCEIN 47-2267516Plan #001PY 2024

31629 OUTER HIGHWAY 10 SUITE E - REDLANDS, CA 92373909-797-3140prospecttax.comLinkedIn11-50 employeesaccounting

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$984K

+30.6% from 2023

Total participants

+10.5% from 2023

Average account balance

$57,870

+38.3% from 2023

Annual return

13.39%

-30.92 pp from 2023

Benchmarks

See 143,710 peers

Peer group

Industry54 - Professional, Scientific, and Technical Services

Plan typeDefined contribution

Participants<25

Cohort143,710 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$984K

Not enough data

1 years with asset history on file

Average account balance

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

$58K

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.

100.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$192K

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

+13.39%

Not enough data

1 years with return on file

Admin fee / account holder

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

$4105

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 codes2E2F2G2J2T3D3H

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.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

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

$70K

$4105 / participant

Other / not subdivided$70K100.0%

% of EOY assets

7.093%

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

$57,870

$160,040-63.8%

$147,096-60.7%

$145,877-60.3%

Participation rate

76.5%

84.0%-7.6pp

82.2%-5.7pp

80.3%-3.8pp

Annual return

13.39%

98.49%-85.1pp

419.75%-406.4pp

551.28%-537.9pp

Employer contribution / active EE

$1,851

$5,289-65.0%

$4,936-62.5%

$4,663-60.3%

Participant deferral / active EE

$9,428

$8,429+11.9%

$8,071+16.8%

$6,691+40.9%

Admin fee / account holder

$4,105

$15,050-72.7%

$13,005-68.4%

$13,402-69.4%

PROSPECT FINANCIAL SOLUTIONS LLC 401K PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

PROSPECT FINANCIAL SOLUTIONS LLC 401K 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