Retirement plan

HAYNES FURNITURE COMPANY RETIREMENT SAVINGS PLAN

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

HAYNES FURNITURE COMPANY, INC.EIN 54-0491974Plan #001PY 2024

5324 VIRGINIA BEACH BOULEVARD - VIRGINIA BEACH, VA 234621828757-552-1500haynesfurniture.comLinkedIn1001-5000 employeesretail

Prospect flagsHigh feesLow participationLow employer contributionFailed to transmit contributionsCorrective distributions

Top hat statement on fileNQDC

Filed December 30, 1992

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)

$15M

+9.8% from 2023

Total participants

477

-1.2% from 2023

Average account balance

$81,161

+18.1% from 2023

Annual return

13.07%

-0.41 pp from 2023

Benchmarks

See 1,307 peers

Peer group

Industry44 - Retail Trade

Plan typeDefined contribution

Participants250-999

Cohort1,307 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$15.01M

Not enough data

1 years with asset history on file

Average account balance

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

$81K

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.

185

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.

28.6%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$729K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$2K

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

+13.07%

Not enough data

1 years with return on file

Admin fee / account holder

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

$308

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 3 by compensation

Provider	Service type	Compensation
GREAT-WEST LIFE & ANNUITY INSURANCE3 years Filed as: EMPOWER ANNUITY INS CO OF AMERICA Service code 64 · EIN 84-0467907 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$22,925
BDO USA, LLP2 years Filed as: BDO USA, PC Service code 13 · EIN 13-5381590 5300 PATTERSON AVE SE · GRAND RAPIDS, MI 49512	Contract Administrator	$20,570
GREAT-WEST LIFE & ANNUITY INSURANCE3 years Filed as: EMPOWER ADVISORY GROUP, LLC Service code 28 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Investment Management	$13,150

Plan features & details

Pension benefit codes2E2F2G2J2K2T3D3H

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.
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.
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

5 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.
OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$57K

$140 / participant

Recordkeeping$36K63.2%
Contract admin$21K36.8%

% of EOY assets

0.380%

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: SMITH LEONARD PLLC
Auditor EIN: 205907591
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$81,161

$54,213+49.7%

$93,696-13.4%

$77,736+4.4%

Participation rate

28.6%

64.0%-35.4pp

68.7%-40.1pp

70.6%-42.0pp

Annual return

13.07%

30.55%-17.5pp

133.74%-120.7pp

31.26%-18.2pp

Employer contribution / active EE

$202

$1,168-82.7%

$2,422-91.7%

$2,728-92.6%

Participant deferral / active EE

$1,581

$3,145-49.7%

$4,417-64.2%

$4,651-66.0%

Admin fee / account holder

$308

$575-46.3%

$8,287-96.3%

$433-28.8%

Provider

Service type

Compensation

GREAT-WEST LIFE & ANNUITY INSURANCE3 years

Filed as: EMPOWER ANNUITY INS CO OF AMERICA

Service code 64 · EIN 84-0467907

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$22,925

BDO USA, LLP2 years

Filed as: BDO USA, PC

Service code 13 · EIN 13-5381590

5300 PATTERSON AVE SE · GRAND RAPIDS, MI 49512

Contract Administrator

$20,570

GREAT-WEST LIFE & ANNUITY INSURANCE3 years

Filed as: EMPOWER ADVISORY GROUP, LLC

Service code 28

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Investment Management

$13,150

HAYNES FURNITURE COMPANY RETIREMENT SAVINGS PLAN

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

HAYNES FURNITURE COMPANY RETIREMENT 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