Retirement plan

OPTIONS MINNESOTA, INC. 401(K) PLAN

Name: OPTIONS MINNESOTA, INC. - OPTIONS MINNESOTA, INC. 401(K) PLAN (2020) Form 5500
Creator: OPTIONS MINNESOTA, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, OPTIONS MINNESOTA, INC. 401(K) PLAN, OPTIONS MINNESOTA, INC.

OPTIONS MINNESOTA, INC.EIN 47-4806471Plan #001PY 2020

151 WEST BURNSVILLE PKWY SUITE 100 - BURNSVILLE, MN 55337952-562-5104optionsminnesota.comLinkedIn11-50 employeesmental health care

Prospect flagsLow assets / participantLow fidelity bondCorrective distributions

How to read this page

Total assets (EOY)

$2.7M

+31.9% from 2019

Total participants

379

+11.5% from 2019

Average account balance

$7,315

+15.7% from 2019

Annual return

17.49%

-3.40 pp from 2019

Benchmarks

See 3,872 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants250-999

Cohort3,872 peers

Snapshot2020

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

Analytics

Total assets (EOY)

Plan-year ending balance

$4.06M

Not enough data

1 years with asset history on file

Average account balance

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

$10K

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.

415

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

$450K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$1K

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

+12.73%

Not enough data

1 years with return on file

Admin fee / account holder

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

$152

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 3 by compensation

Provider	Service type	Compensation
GREAT-WEST LIFE & ANNUITY INSURANCE3+ years Service code 64 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$19,130
KESTRA INVESTMENT SERVICES LLC3+ years Filed as: KESTRA ADVISORY SERVICES LLC Service code 27 5707 SW PKWY BLDG 2 STE 400 · AUSTIN, TX 78735	Advisory (Plan)	$10,575
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: ADVISED ASSETS GROUP, LLC Service code 28 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Investment Management	$455

Plan features & details

Pension benefit codes2E2F2G2J2K2S2T3B3D3H

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.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
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.
3B
Plan covering self-employed individuals
Plan covering self-employed individuals.
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

3 tripped

OpportunityLow assets / participant
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
ComplianceLow fidelity bond
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$30K

$113 / participant

Contract admin$30K100.0%

% of EOY assets

1.120%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Disclaimer opinion

Auditor declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.

Auditor firm: ABDO EICK & MEYERS, LLP
Auditor EIN: 411397419
Audit fees: (not subdivided)
Opinion code: Disclaimer

Metric

This plan

Peer set

Industry

Size

Avg account balance

$7,315

$52,293-86.0%

$178,503-95.9%

$73,412-90.0%

Participation rate

95.9%

65.3%+30.5pp

81.9%+13.9pp

72.2%+23.7pp

Annual return

17.49%

34.75%-17.3pp

151.12%-133.6pp

59.30%-41.8pp

Employer contribution / active EE

$427

$1,736-75.4%

$5,011-91.5%

$2,234-80.9%

Participant deferral / active EE

$1,439

$2,333-38.3%

$5,202-72.3%

$3,806-62.2%

Admin fee / account holder

$82

$127-35.6%

$13,987-99.4%

$158-48.1%

Provider

Service type

Compensation

GREAT-WEST LIFE & ANNUITY INSURANCE3+ years

Service code 64

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$19,130

KESTRA INVESTMENT SERVICES LLC3+ years

Filed as: KESTRA ADVISORY SERVICES LLC

Service code 27

5707 SW PKWY BLDG 2 STE 400 · AUSTIN, TX 78735

Advisory (Plan)

$10,575

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: ADVISED ASSETS GROUP, LLC

Service code 28

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Investment Management

$455

OPTIONS MINNESOTA, INC. 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

OPTIONS MINNESOTA, INC. 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