Retirement plan

BURNS, DAY & PRESNELL, P.A. 401(K) PLAN

Name: BURNS, DAY & PRESNELL, P.A. - BURNS, DAY & PRESNELL, P.A. 401(K) PLAN (2023) Form 5500
Creator: BURNS, DAY & PRESNELL, P.A.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, BURNS, DAY & PRESNELL, P.A. 401(K) PLAN, BURNS, DAY & PRESNELL, P.A.

BURNS, DAY & PRESNELL, P.A.EIN 56-1540754Plan #002PY 2023

2626 GLENWOOD AVE, STE 560 - RALEIGH, NC 276081043919-782-1441burnsdaypresnell.comLinkedIn11-50 employeeslaw practice

Prospect flagsHigh feesHigh assets / participantLow fidelity bond

How to read this page

Total assets (EOY)

$7.6M

+17.5% from 2022

Total participants

-19.0% from 2022

Average account balance

$475,724

+39.5% from 2022

Annual return

15.75%

+31.24 pp from 2022

Benchmarks

See 139,707 peers

Peer group

Industry54 - Professional, Scientific, and Technical Services

Plan typeDefined contribution

Participants<25

Cohort139,707 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$8.82M

Not enough data

1 years with asset history on file

Average account balance

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

$588K

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.

136.4%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$274K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$25K

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

+12.95%

Not enough data

1 years with return on file

Admin fee / account holder

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

$3308

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 codes2F2G2T3D2E2J2R

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.
2R
Participant-directed brokerage accounts
Participant-directed brokerage accounts provided as an investment option under the plan.
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

3 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
ComplianceLow fidelity bond
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
InformationalHigh assets / participant
Assets per participant exceed $250,000 - top-decile high-value plan.

Expense breakdown

Schedule H Part II

Admin total

$268K

$22374 / participant

Other / not subdivided$268K100.0%

% of EOY assets

3.527%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

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

$475,724

$148,629+220.1%

$135,982+249.8%

$139,487+241.1%

Participation rate

91.7%

83.9%+7.8pp

81.9%+9.7pp

80.3%+11.3pp

Annual return

15.75%

79.33%-63.6pp

68.32%-52.6pp

373.84%-358.1pp

Employer contribution / active EE

$11,766

$5,247+124.3%

$4,859+142.1%

$4,755+147.5%

Participant deferral / active EE

$20,061

$8,102+147.6%

$7,760+158.5%

$6,713+198.9%

Admin fee / account holder

$16,780

$12,406+35.3%

$10,767+55.8%

$11,407+47.1%

BURNS, DAY & PRESNELL, P.A. 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

BURNS, DAY & PRESNELL, P.A. 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