Retirement plan

MAGIC CITY MOTOR CORPORATION EMPLOYEES' PROFIT SHARING AND SAVINGS PLAN

Name: MAGIC CITY MOTOR CORPORATION - MAGIC CITY MOTOR CORPORATION EMPLOYEES' PROFIT SHARING AND SAVINGS PLAN (2023) Form 5500
Creator: MAGIC CITY MOTOR CORPORATION
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, MAGIC CITY MOTOR CORPORATION EMPLOYEES' PROFIT SHARING AND SAVINGS PLAN, MAGIC CITY MOTOR CORPORATION

MAGIC CITY MOTOR CORPORATIONEIN 54-0290231Plan #002PY 2023

809 WILLIAMSON ROAD - ROANOKE, VA 24016540-345-0911LinkedIn51-200 employeesretail

Prospect flagsLow participationLow employer contributionCorrective distributions

Top hat statement on fileNQDC

Filed July 27, 2004

This is a legacy paper filing. Plan administrator and contact details are recorded in the original filing, which has not been digitised into structured fields.

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Total assets (EOY)

$9.9M

+2.2% from 2022

Total participants

167

-34.3% from 2022

Average account balance

-100.0% from 2022

Annual return

15.56%

+24.46 pp from 2022

Benchmarks

See 2,288 peers

Peer group

Industry44 - Retail Trade

Plan typeDefined contribution

Participants100-249

Cohort2,288 peers

Snapshot2023

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Analytics

Total assets (EOY)

Plan-year ending balance

$10.01M

Not enough data

1 years with asset history on file

Average account balance

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

$35K

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.

284

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.

97.6%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$490K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$3K

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

+10.65%

Not enough data

1 years with return on file

Admin fee / account holder

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

$208

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

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Service providers

Top 4 by compensation

Provider	Service type	Compensation
PENSERV PLAN SERVICES, INC.1 year Filed as: PENSERVCO INC Service code 13 · EIN 20-1916735 600 BYPASS DR STE 223A · CLEARWATER, FL 33764	Contract Administrator	$6,221
GREAT-WEST LIFE & ANNUITY INSURANCE2 years Filed as: EMPOWER ADVISORY GROUP, LLC Service code 28 · EIN 84-1532243 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Investment Management	$2,561
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: EMPOWER ANNUITY INSURANCE COMPANY Service code 64 · EIN 84-0467907 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$1,110
JOHN HANCOCK LIFE INSURANCE COMPANY1 year Service code 15 · EIN 01-0233346 601 CONGRESS STREET · BOSTON, MA 02210	Recordkeeping	$1,010

Plan features & details

Pension benefit codes2E2F2G2J2K2S2T3D2A

Plan features

2A
Age/service weighted or new comparability plan
Age/service weighted plan where allocations are based on age service or age and service; or new comparability or similar plan where allocations are based on participant classifications consisting entirely or predominantly of highly compensated employees or the plan provides an additional allocation rate on compensation above a specified threshold that exceeds the permitted disparity limits of Code section 401(l).
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.

Opportunity flags

3 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$76K

$455 / participant

Contract admin$76K100.0%

% of EOY assets

0.770%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

The auditor signed off without reservation. This is the cleanest opinion.

Auditor firm: FOTI, FLYNN, LOWEN AND CO. PC
Auditor EIN: 208087076
Audit fees: (not subdivided)
Opinion code: Unqualified

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$54,701-100.0%

$86,188-100.0%

$71,457-100.0%

Participation rate

0.0%

60.1%-60.1pp

69.0%-69.0pp

67.9%-67.9pp

Annual return

15.56%

20.06%-4.5pp

1168.45%-1152.9pp

28.85%-13.3pp

Employer contribution / active EE

$1,265-100.0%

$2,380-100.0%

$2,588-100.0%

Participant deferral / active EE

$3,100

$3,108-0.3%

$3,985-22.2%

$4,289-27.7%

Admin fee / account holder

$1,922-100.0%

$6,852-100.0%

$1,587-100.0%

Provider

Service type

Compensation

PENSERV PLAN SERVICES, INC.1 year

Filed as: PENSERVCO INC

Service code 13 · EIN 20-1916735

600 BYPASS DR STE 223A · CLEARWATER, FL 33764

Contract Administrator

$6,221

GREAT-WEST LIFE & ANNUITY INSURANCE2 years

Filed as: EMPOWER ADVISORY GROUP, LLC

Service code 28 · EIN 84-1532243

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Investment Management

$2,561

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: EMPOWER ANNUITY INSURANCE COMPANY

Service code 64 · EIN 84-0467907

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$1,110

JOHN HANCOCK LIFE INSURANCE COMPANY1 year

Service code 15 · EIN 01-0233346

601 CONGRESS STREET · BOSTON, MA 02210

Recordkeeping

$1,010

MAGIC CITY MOTOR CORPORATION EMPLOYEES' PROFIT SHARING AND SAVINGS PLAN

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

MAGIC CITY MOTOR CORPORATION EMPLOYEES' PROFIT SHARING AND SAVINGS PLAN

Top hat statement on fileNQDC

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