Retirement plan

SBA DEFINED CONTRIBUTION PLAN FOR BEARING INSURANC

Name: BEARING INSURANCE GROUP, LLC - SBA DEFINED CONTRIBUTION PLAN FOR BEARING INSURANC (2024) Form 5500
Creator: BEARING INSURANCE GROUP, LLC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SBA DEFINED CONTRIBUTION PLAN FOR BEARING INSURANC, BEARING INSURANCE GROUP, LLC

BEARING INSURANCE GROUP, LLCEIN 54-1948974Plan #001PY 2024

4490 COX ROAD - GLEN ALLEN, VA 23060804-729-5109bearinginsurance.comLinkedIn201-500 employeesinsurance

Prospect flagsLow returnsHigh feesFailed to transmit contributions

Top hat statement on fileNQDC

Filed August 26, 2025 (most recent of 4 filings on file)

Plan administrator

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4490 Cox Road

Glen Allen, VA 23060

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Plans declared (1)

VBA NQ Plan for Bearing Deferral Plan for Sales Executives15 emp

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Total assets (EOY)

$39.8M

+8.8% from 2023

Total participants

317

+1.3% from 2023

Average account balance

$131,228

+8.4% from 2023

Annual return

12.39%

-2.40 pp from 2023

Benchmarks

See 1,550 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants250-999

Cohort1,550 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$39.76M

Not enough data

1 years with asset history on file

Average account balance

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

$131K

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.

303

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.

94.5%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$2.77M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$11K

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

+12.39%

Not enough data

1 years with return on file

Admin fee / account holder

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

$752

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 2 by compensation

Provider	Service type	Compensation
VOYA RETIREMENT INSURANCE & ANNUITY5 years Service code 26 · EIN 71-0294708	Advisory (Participants)	$134,675
VBA BENEFITS CORPORATION10+ years Service code 99 · EIN 54-1741662	Other Fees	$91,744

Plan features & details

Pension benefit codes2E2F2G2J2K2S2T3D3H

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.
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

3 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).

Expense breakdown

Schedule H Part II

Admin total

$228K

$890 / participant

Investment mgmt$92K40.6%
Contract admin$135K59.3%
Other / not subdivided$3000.1%

% of EOY assets

0.573%

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: KEITER
Auditor EIN: 541631262
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$131,228

$129,095+1.7%

$184,200-28.8%

$77,671+69.0%

Participation rate

94.5%

87.3%+7.2pp

86.8%+7.7pp

70.6%+24.0pp

Annual return

12.39%

33.29%-20.9pp

28.80%-16.4pp

31.21%-18.8pp

Employer contribution / active EE

$3,751

$4,410-14.9%

$6,424-41.6%

$2,726+37.6%

Participant deferral / active EE

$7,087

$7,300-2.9%

$9,132-22.4%

$4,648+52.5%

Admin fee / account holder

$752

$256+194.0%

$13,907-94.6%

$430+74.7%

Provider

Service type

Compensation

VOYA RETIREMENT INSURANCE & ANNUITY5 years

Service code 26 · EIN 71-0294708

Advisory (Participants)

$134,675

VBA BENEFITS CORPORATION10+ years

Service code 99 · EIN 54-1741662

Other Fees

$91,744

SBA DEFINED CONTRIBUTION PLAN FOR BEARING INSURANC

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SBA DEFINED CONTRIBUTION PLAN FOR BEARING INSURANC

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

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