Retirement plan

NEW SPECTRUM ELECTRIC, INC. 401(K) PROFIT SHARING PLAN

Name: NEW SPECTRUM ELECTRIC, INC. - NEW SPECTRUM ELECTRIC, INC. 401(K) PROFIT SHARING PLAN (2024) Form 5500
Creator: NEW SPECTRUM ELECTRIC, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, NEW SPECTRUM ELECTRIC, INC. 401(K) PROFIT SHARING PLAN, NEW SPECTRUM ELECTRIC, INC.

NEW SPECTRUM ELECTRIC, INC.EIN 52-1158430Plan #002PY 2024

10087 TYLER CT STE 17 - IJAMSVILLE, MD 217548747301-670-9220LinkedIn11-50 employeesconstruction

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$1.5M

+15.6% from 2023

Total participants

-11.1% from 2023

Average account balance

$93,740

+8.4% from 2023

Annual return

11.52%

-1.16 pp from 2023

Benchmarks

See 54,965 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants<25

Cohort54,965 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$1.50M

Not enough data

1 years with asset history on file

Average account balance

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

$94K

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.

123.1%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$53K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$4K

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

+11.52%

Not enough data

1 years with return on file

Admin fee / account holder

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

$1232

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 codes2E2F2G2J2T3D3F

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.
3F
Leased employees
Plan sponsor(s) received services of leased employees as defined in Code section 414(n) during the plan year.

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

$20K

$1516 / participant

Other / not subdivided$20K100.0%

% of EOY assets

1.314%

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

$93,740

$111,814-16.2%

$103,374-9.3%

$145,959-35.8%

Participation rate

100.0%

77.9%+22.1pp

74.5%+25.5pp

80.3%+19.7pp

Annual return

11.52%

24.77%-13.3pp

24.89%-13.4pp

561.95%-550.4pp

Employer contribution / active EE

$2,181

$4,214-48.2%

$3,869-43.6%

$4,661-53.2%

Participant deferral / active EE

$1,906

$5,618-66.1%

$5,058-62.3%

$6,689-71.5%

Admin fee / account holder

$1,232

$9,754-87.4%

$8,394-85.3%

$13,398-90.8%

NEW SPECTRUM ELECTRIC, INC. 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

NEW SPECTRUM ELECTRIC, INC. 401(K) PROFIT SHARING 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