Retirement plan

OCEAN MARINE INDUSTRIES, INC 401 K PROFIT SHARING PLAN

Name: OCEAN MARINE INDUSTRIES, INC - OCEAN MARINE INDUSTRIES, INC 401 K PROFIT SHARING PLAN (2020) Form 5500
Creator: OCEAN MARINE INDUSTRIES, INC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, OCEAN MARINE INDUSTRIES, INC 401 K PROFIT SHARING PLAN, OCEAN MARINE INDUSTRIES, INC

OCEAN MARINE INDUSTRIES, INCEIN 54-1975894Plan #001PY 2020

2810 HUDSON STREET - CHESAPEAKE, VA 23324757-382-7616oceanmarineinc.comLinkedIn1-10 employeesoil & energy

Prospect flagsLow fidelity bond

How to read this page

Total assets (EOY)

$1M

+19.4% from 2019

Total participants

0.0% from 2019

Average account balance

$149,472

+19.4% from 2019

Annual return

11.71%

-1.16 pp from 2019

Benchmarks

See 120,779 peers

Peer group

Industry54 - Professional, Scientific, and Technical Services

Plan typeDefined contribution

Participants<25

Cohort120,779 peers

Snapshot2020

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

Analytics

Total assets (EOY)

Plan-year ending balance

$1.15M

Not enough data

1 years with asset history on file

Average account balance

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

$165K

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.

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.

116.7%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$46K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$8K

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

+10.93%

Not enough data

1 years with return on file

Admin fee / account holder

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

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

0 years with F_SCH_H allocation on file

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

Service providers

Providers data not reported

Schedule C was not filed on this plan's most recent Form 5500, so no compensated service providers are available to display.

Plan features & details

Pension benefit codes3D2E2G2J2T

Plan features

2E
Profit-sharing
Profit-sharing plan.
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.
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

1 tripped

ComplianceLow fidelity bond
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).

Audit opinion

Schedule H Part III

No opinion code on file for this filing.

Auditor firm: (not reported)
Auditor EIN: -
Audit fees: (not subdivided)
Opinion code: -

Metric

This plan

Peer set

Industry

Size

Avg account balance

$149,472

$165,361-9.6%

$149,715-0.2%

$158,950-6.0%

Participation rate

100.0%

84.6%+15.4pp

82.5%+17.5pp

82.0%+18.0pp

Annual return

11.71%

348.24%-336.5pp

276.66%-265.0pp

302.91%-291.2pp

Employer contribution / active EE

$2,673

$5,103-47.6%

$4,645-42.5%

$4,762-43.9%

Participant deferral / active EE

$8,604

$7,182+19.8%

$6,842+25.7%

$5,983+43.8%

Admin fee / account holder

$10,808-100.0%

$9,310-100.0%

$11,248-100.0%

OCEAN MARINE INDUSTRIES, INC 401 K PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Audit opinioni

OCEAN MARINE INDUSTRIES, INC 401 K PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Audit opinion

Benchmarks

Service providers

Opportunity flags

Audit opinion