Retirement plan

KITTY HAWK KITES, INC. 401K PROFIT SHARING PLAN

Name: KITTY HAWK KITES, INC. - KITTY HAWK KITES, INC. 401K PROFIT SHARING PLAN (2019) Form 5500
Creator: KITTY HAWK KITES, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, KITTY HAWK KITES, INC. 401K PROFIT SHARING PLAN, KITTY HAWK KITES, INC.

KITTY HAWK KITES, INC.EIN 56-1676554Plan #001PY 2019

P O BOX 1839 - NAGS HEAD, NC 27959252-441-1719

Prospect flagsLow returnsHigh feesFailed to transmit contributionsCorrective distributions

How to read this page

Total assets (EOY)

$2.7M

+21.3% from 2018

Total participants

-13.1% from 2018

Average account balance

$31,322

+41.2% from 2018

Annual return

16.08%

+22.46 pp from 2018

Benchmarks

See 2,039 peers

Peer group

Industry45 - Retail Trade

Plan typeDefined contribution

Participants25-99

Cohort2,039 peers

Snapshot2019

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

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Analytics

Total assets (EOY)

Plan-year ending balance

$4.58M

Not enough data

1 years with asset history on file

Average account balance

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

$48K

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.

169.6%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$325K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$6K

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

+10.84%

Not enough data

1 years with return on file

Admin fee / account holder

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

$2490

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

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Service providers

Top 3 by compensation

Provider	Service type	Compensation
SHARRARD, MCGEE & CO., P.A.2 years Filed as: SHARRARD MGGEE & CO Service code 10 · EIN 56-1146197	Accounting	$20,945
MVP PLAN ADMINISTRATORS, INC.4 years Service code 13 · EIN 56-2263714	Contract Administrator	$12,370
HUTCHINS & HAAKE LLC5+ years Filed as: HUTCHINS ALLEN & COMPANY Service code 26 4720 N. CROATAN HWY · KITTY HAWK, NE 27949	Advisory (Participants)	$11,338

Plan features & details

Pension benefit codes2A2E2J2K3D3H

Plan features

2A
Age/service weighted or new comparability plan
Age/service weighted plan where allocations are based on age service or age and service; or new comparability or similar plan where allocations are based on participant classifications consisting entirely or predominantly of highly compensated employees or the plan provides an additional allocation rate on compensation above a specified threshold that exceeds the permitted disparity limits of Code section 401(l).
2E
Profit-sharing
Profit-sharing plan.
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.
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

4 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).
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$45K

$876 / participant

Investment mgmt$11K25.4%
Contract admin$12K27.7%
Other / not subdivided$21K46.9%

% of EOY assets

1.677%

all-in expense ratio

Categories reported

2 / 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: SHARRARD, MCGEE & CO, PA
Auditor EIN: 561146197
Audit fees: (not subdivided)
Opinion code: Unqualified

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$31,322

$58,523-46.5%

$99,443-68.5%

$72,985-57.1%

Participation rate

98.0%

64.6%+33.4pp

73.8%+24.2pp

69.5%+28.6pp

Annual return

16.08%

28.51%-12.4pp

30.72%-14.6pp

81.00%-64.9pp

Employer contribution / active EE

$3,431

$1,512+127.0%

$2,540+35.1%

$2,440+40.6%

Participant deferral / active EE

$1,741

$2,606-33.2%

$3,619-51.9%

$3,607-51.7%

Admin fee / account holder

$525

$4,102-87.2%

$6,250-91.6%

$5,124-89.7%

Provider

Service type

Compensation

SHARRARD, MCGEE & CO., P.A.2 years

Filed as: SHARRARD MGGEE & CO

Service code 10 · EIN 56-1146197

Accounting

$20,945

MVP PLAN ADMINISTRATORS, INC.4 years

Service code 13 · EIN 56-2263714

Contract Administrator

$12,370

HUTCHINS & HAAKE LLC5+ years

Filed as: HUTCHINS ALLEN & COMPANY

Service code 26

4720 N. CROATAN HWY · KITTY HAWK, NE 27949

Advisory (Participants)

$11,338

KITTY HAWK KITES, INC. 401K PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

KITTY HAWK KITES, INC. 401K PROFIT SHARING 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