Retirement plan

MFA 401(K) PLAN

Name: MFA BENEFITS LLC - MFA 401(K) PLAN (2024) Form 5500
Creator: MFA BENEFITS LLC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, MFA 401(K) PLAN, MFA BENEFITS LLC

MFA BENEFITS LLCEIN 54-1278483Plan #001PY 2024

400 BOULEVARD OF THE AMERICAS, SUITE 401 - LAKEWOOD, NJ 08701540-989-3618

Prospect flagsLow returnsLow participationLow assets / participantLow employer contributionLow participant contributionCorrective distributions

How to read this page

Total assets (EOY)

$100.5M

+8.9% from 2023

Total participants

14,985

+72.9% from 2023

Average account balance

$29,504

-9.4% from 2023

Annual return

12.77%

-3.66 pp from 2023

Benchmarks

See 275 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants>=10,000

Cohort275 peers

Snapshot2024

See peer percentile detail. $4.99 for your first month.

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Analytics

Total assets (EOY)

Plan-year ending balance

$100.55M

Not enough data

1 years with asset history on file

Average account balance

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

$30K

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.

3,408

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.

16.3%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$9.32M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$674

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

+12.77%

Not enough data

1 years with return on file

Admin fee / account holder

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

$115

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

See the 9-year trajectory. $4.99 for your first month.

Solo adds 10-year history, peer benchmarks, provider and welfare analytics, saves, and exports. Then $34.99 a month.

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Service providers

Top 6 by compensation

Provider	Service type	Compensation
FIDELITY INVESTMENTS INSTITUTIONAL2 years Filed as: FIDELITY WORKPLACE SERVICES, LLC Service code 14 · EIN 04-3532603	Plan Administrator	$164,230
ABLE WEALTH MANAGEMENT LLC2 years Service code 27 · EIN 83-1095109	Advisory (Plan)	$119,336
CAMBRIDGE INVESTMENT RESEARCH2 years Service code 27 · EIN 42-1445429	Advisory (Plan)	$70,589
GGM ASSOCIATES INC2 years Service code 16 · EIN 84-4230150	Consulting	$20,000
PEASE & ASSOCIATES, LLC2 years Filed as: PEASE BELL CPAS Service code 10 · EIN 36-4267431	Accounting	$11,500
STRATEGIC ADVISORS, INC.1 year Service code 27 · EIN 04-2654524	Advisory (Plan)	$6,886

Plan features & details

Pension benefit codes2F2T3B2G2E2J2K3D

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.
3B
Plan covering self-employed individuals
Plan covering self-employed individuals.
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

6 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.
OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
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

$393K

$28 / participant

Recordkeeping$137K35.0%
Investment mgmt$197K50.1%
Contract admin$27K6.9%
Other / not subdivided$32K8.0%

% of EOY assets

0.390%

all-in expense ratio

Categories reported

3 / 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: GGM ASSOCIATES INC
Auditor EIN: 844230150
Audit fees: $11,500
Opinion code: Unqualified

Look up a plan sponsor by EIN. Free Form 5500 search. No signup.

Metric

This plan

Peer set

Industry

Size

Avg account balance

$29,504

$73,283-59.7%

$155,509-81.0%

$106,382-72.3%

Participation rate

16.3%

73.3%-57.0pp

78.2%-61.9pp

69.9%-53.6pp

Annual return

12.77%

15.77%-3.0pp

64.67%-51.9pp

17.37%-4.6pp

Employer contribution / active EE

$80

$2,247-96.4%

$4,672-98.3%

$3,364-97.6%

Participant deferral / active EE

$594

$4,580-87.0%

$5,626-89.4%

$5,569-89.3%

Admin fee / account holder

$115

$56+105.3%

$15,912-99.3%

$79+45.4%

Provider

Service type

Compensation

FIDELITY INVESTMENTS INSTITUTIONAL2 years

Filed as: FIDELITY WORKPLACE SERVICES, LLC

Service code 14 · EIN 04-3532603

Plan Administrator

$164,230

ABLE WEALTH MANAGEMENT LLC2 years

Service code 27 · EIN 83-1095109

Advisory (Plan)

$119,336

CAMBRIDGE INVESTMENT RESEARCH2 years

Service code 27 · EIN 42-1445429

Advisory (Plan)

$70,589

GGM ASSOCIATES INC2 years

Service code 16 · EIN 84-4230150

Consulting

$20,000

PEASE & ASSOCIATES, LLC2 years

Filed as: PEASE BELL CPAS

Service code 10 · EIN 36-4267431

Accounting

$11,500

STRATEGIC ADVISORS, INC.1 year

Service code 27 · EIN 04-2654524

Advisory (Plan)

$6,886

MFA 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

MFA 401(K) 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