Retirement plan

VARO RETIREMENT PLAN

Name: VARO MONEY, INC. - VARO RETIREMENT PLAN (2024) Form 5500
Creator: VARO MONEY, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, VARO RETIREMENT PLAN, VARO MONEY, INC.

VARO MONEY, INC.EIN 47-5457481Plan #001PY 2024

555 MONTGOMERY ST. 11TH FLOOR - SAN FRANCISCO, CA 94104415-513-5240

Prospect flagsLow assets / participantCorrective distributions

How to read this page

Total assets (EOY)

$23.7M

+29.3% from 2023

Total participants

574

-3.4% from 2023

Average account balance

$44,371

+34.4% from 2023

Annual return

22.40%

-1.21 pp from 2023

Benchmarks

See 1,548 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants250-999

Cohort1,548 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$23.74M

Not enough data

1 years with asset history on file

Average account balance

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

$44K

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.

535

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.

90.1%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$4.56M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$12K

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

+22.40%

Not enough data

1 years with return on file

Admin fee / account holder

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

$157

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
GREAT-WEST LIFE & ANNUITY INSURANCE3 years Filed as: EMPOWER ANNUITY INS CO OF AMERICA Service code 64 8515 EAST ORDCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$74,186
SAGEVIEW ADVISORY GROUP, LLC5 years Service code 28 1920 MAIN STREET · IRVINE, CA 92614	Investment Management	$9,841

Plan features & details

Pension benefit codes2E2F2G2J2K2S3D

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.
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

2 tripped

OpportunityLow assets / participant
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$84K

$214 / participant

Investment mgmt$10K11.7%
Contract admin$74K88.3%

% of EOY assets

0.354%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: BAKER TILLY US, LLP
Auditor EIN: 301413443
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$44,371

$129,159-65.6%

$184,243-75.9%

$77,714-42.9%

Participation rate

90.1%

87.4%+2.7pp

86.8%+3.2pp

70.6%+19.5pp

Annual return

22.40%

33.22%-10.8pp

28.82%-6.4pp

31.26%-8.9pp

Employer contribution / active EE

$4,410-100.0%

$6,427-100.0%

$2,727-100.0%

Participant deferral / active EE

$11,635

$7,305+59.3%

$9,132+27.4%

$4,649+150.3%

Admin fee / account holder

$157

$256-38.6%

$13,914-98.9%

$433-63.7%

Provider

Service type

Compensation

GREAT-WEST LIFE & ANNUITY INSURANCE3 years

Filed as: EMPOWER ANNUITY INS CO OF AMERICA

Service code 64

8515 EAST ORDCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$74,186

SAGEVIEW ADVISORY GROUP, LLC5 years

Service code 28

1920 MAIN STREET · IRVINE, CA 92614

Investment Management

$9,841

VARO RETIREMENT PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

VARO RETIREMENT 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