Retirement plan

DRS BURROW WELCHEL & CULP PA 401(K) PROFIT SHARING PLAN & TRUST

Name: DRS BURROW WELCHEL & CULP PA - DRS BURROW WELCHEL & CULP PA 401(K) PROFIT SHARING PLAN & TRUST (2024) Form 5500
Creator: DRS BURROW WELCHEL & CULP PA
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, DRS BURROW WELCHEL & CULP PA 401(K) PROFIT SHARING PLAN & TRUST, DRS BURROW WELCHEL & CULP PA

DRS BURROW WELCHEL & CULP PAEIN 56-0991477Plan #001PY 2024

2711 RANDOLPH RD STE 600 - CHARLOTTE, NC 282072027704-791-3795

Prospect flagsLow participationLow employer contribution

How to read this page

Total assets (EOY)

$3.8M

-22.8% from 2023

Total participants

222

-19.9% from 2023

Average account balance

$34,123

+3.9% from 2023

Annual return

12.59%

-307.83 pp from 2023

Benchmarks

See 5,993 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants100-249

Cohort5,993 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$3.75M

Not enough data

1 years with asset history on file

Average account balance

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

$34K

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.

110

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.

41.4%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$436K

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

+12.59%

Not enough data

1 years with return on file

Admin fee / account holder

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

$243

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

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

Service providers

Top 2 by compensation

Provider	Service type	Compensation
WEALTH MANAGEMENT SYSTEMS INC1 year Filed as: WEALTH ENHANCEMENT ADVISORY SERVICE Service code 26 · EIN 41-2016508 505 N HWY 169 · PLYMOUTH, MN 55441	Advisory (Participants)	$14,461
PAYCHEX, INC.1 year Service code 15 · EIN 16-1124166 911 PANORAMA TRAIL S · ROCHESTER, NY 14625	Recordkeeping	$11,684

Plan features & details

Pension benefit codes2E2F2G2K3H2J2T3D

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

2 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.

Expense breakdown

Schedule H Part II

Admin total

$27K

$140 / participant

Trustee / custodial$8603.2%
Investment mgmt$14K54.1%
Contract admin$11K42.7%

% of EOY assets

0.713%

all-in expense ratio

Categories reported

3 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: BETHKE CPA LLC
Auditor EIN: 421591506
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$34,123

$55,470-38.5%

$155,556-78.1%

$74,478-54.2%

Participation rate

41.4%

61.9%-20.5pp

78.2%-36.9pp

67.2%-25.9pp

Annual return

12.59%

269.80%-257.2pp

64.84%-52.2pp

1370.56%-1358.0pp

Employer contribution / active EE

$2,267-100.0%

$4,675-100.0%

$2,626-100.0%

Participant deferral / active EE

$2,285

$2,838-19.5%

$5,631-59.4%

$4,350-47.5%

Admin fee / account holder

$243

$1,744-86.1%

$15,885-98.5%

$1,946-87.5%

Provider

Service type

Compensation

WEALTH MANAGEMENT SYSTEMS INC1 year

Filed as: WEALTH ENHANCEMENT ADVISORY SERVICE

Service code 26 · EIN 41-2016508

505 N HWY 169 · PLYMOUTH, MN 55441

Advisory (Participants)

$14,461

PAYCHEX, INC.1 year

Service code 15 · EIN 16-1124166

911 PANORAMA TRAIL S · ROCHESTER, NY 14625

Recordkeeping

$11,684

DRS BURROW WELCHEL & CULP PA 401(K) PROFIT SHARING PLAN & TRUST

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

DRS BURROW WELCHEL & CULP PA 401(K) PROFIT SHARING PLAN & TRUST

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