Retirement plan

HIGH TOWER 401(K)

Name: HIGH TOWER GROUP, LLC - HIGH TOWER 401(K) (2023) Form 5500
Creator: HIGH TOWER GROUP, LLC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, HIGH TOWER 401(K), HIGH TOWER GROUP, LLC

HIGH TOWER GROUP, LLCEIN 52-2277203Plan #001PY 2023

PO BOX 520 - JAMESTOWN, NC 27282816-286-1051LinkedIn11-50 employeescomputer software

Prospect flagsHigh cashLow assets / participantLow fidelity bond

How to read this page

Total assets (EOY)

$3.7M

+35.4% from 2022

Total participants

120

-2.4% from 2022

Average account balance

$30,795

+36.5% from 2022

Annual return

17.62%

+34.50 pp from 2022

Benchmarks

See 70 peers

Peer group

Industry42 - Wholesale Trade

Plan typeDefined contribution

Cohort70 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$4.29M

Not enough data

1 years with asset history on file

Average account balance

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

$36K

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.

119

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

$687K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$7K

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

+12.88%

Not enough data

1 years with return on file

Admin fee / account holder

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

$192

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
ASCENSUS LLC2 years Service code 15 · EIN 11-3665754	Recordkeeping	$10,905
MERRILL LYNCH PIERCE FENNER & SMITH2 years Filed as: MERRILL LYNCH RETIREMENT & BENEFIT Service code 27 · EIN 13-5674085	Advisory (Plan)	$7,320

Plan features & details

Pension benefit codes2S2E3D2G2J2K2F2T3F

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.
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

3 tripped

OpportunityHigh cash
More than 10% of assets are held in cash - possible menu-design or default-fund problem.
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).

Expense breakdown

Schedule H Part II

Admin total

$18K

$184 / participant

Investment mgmt$7K40.2%
Contract admin$11K59.8%

% of EOY assets

0.493%

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: DMJPS PLLC
Auditor EIN: 560570567
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$30,795

$104,699-70.6%

$130,045-76.3%

Participation rate

100.0%

73.3%+26.7pp

78.5%+21.5pp

Annual return

17.62%

12.02%+5.6pp

-137.30%+154.9pp

Employer contribution / active EE

$2,254

$2,071+8.9%

$4,321-47.8%

Participant deferral / active EE

$5,594

$4,216+32.7%

$5,820-3.9%

Admin fee / account holder

$152

$5,899-97.4%

$10,600-98.6%

Provider

Service type

Compensation

ASCENSUS LLC2 years

Service code 15 · EIN 11-3665754

Recordkeeping

$10,905

MERRILL LYNCH PIERCE FENNER & SMITH2 years

Filed as: MERRILL LYNCH RETIREMENT & BENEFIT

Service code 27 · EIN 13-5674085

Advisory (Plan)

$7,320

HIGH TOWER 401(K)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

HIGH TOWER 401(K)

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