Retirement plan

AMERICAN SECURITY MORTGAGE CORP. 401(K) PROFIT SHARING PLAN

Name: AMERICAN SECURITY MORTGAGE CORP. - AMERICAN SECURITY MORTGAGE CORP. 401(K) PROFIT SHARING PLAN (2024) Form 5500
Creator: AMERICAN SECURITY MORTGAGE CORP.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, AMERICAN SECURITY MORTGAGE CORP. 401(K) PROFIT SHARING PLAN, AMERICAN SECURITY MORTGAGE CORP.

AMERICAN SECURITY MORTGAGE CORP.EIN 56-2148428Plan #001PY 2024

150 PROVIDENCE ROAD, 3RD FLOOR - CHARLOTTE, NC 28207704-366-7110ncvalender.comLinkedIn1-10 employeesbanking

Prospect flagsHigh feesLow employer contribution

How to read this page

Total assets (EOY)

$15.1M

+15.5% from 2023

Total participants

190

+11.1% from 2023

Average account balance

$89,322

+12.8% from 2023

Annual return

16.80%

-1.89 pp from 2023

Benchmarks

See 2,174 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants100-249

Cohort2,174 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$15.10M

Not enough data

1 years with asset history on file

Average account balance

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

$89K

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.

169

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.

85.2%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.22M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$9K

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

+16.80%

Not enough data

1 years with return on file

Admin fee / account holder

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

$310

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
M HOLDING SECURITIES, INC.6 years Filed as: M HOLDING SECURITIES Service code 99 · EIN 91-1802259	Other Fees	$31,236
THE VANGUARD GROUP, INC.4 years Filed as: THE VANGUARD GROUP Service code 26 · EIN 23-1945930	Advisory (Participants)	$18,205

Plan features & details

Pension benefit codes2E2F2G2J2K2S2T3D

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.

Opportunity flags

2 tripped

OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.
OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)

Expense breakdown

Schedule H Part II

Admin total

$52K

$369 / participant

Recordkeeping$18K34.8%
Investment mgmt$31K59.7%
Contract admin$3K5.5%

% of EOY assets

0.347%

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: RICHEY MAY & CO
Auditor EIN: 710911208
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$89,322

$122,042-26.8%

$184,260-51.5%

$74,459+20.0%

Participation rate

85.2%

85.5%-0.3pp

86.8%-1.6pp

67.2%+18.0pp

Annual return

16.80%

19.91%-3.1pp

28.84%-12.0pp

1369.70%-1352.9pp

Employer contribution / active EE

$607

$4,537-86.6%

$6,427-90.6%

$2,626-76.9%

Participant deferral / active EE

$7,994

$7,143+11.9%

$9,133-12.5%

$4,350+83.8%

Admin fee / account holder

$310

$1,252-75.3%

$13,898-97.8%

$1,945-84.1%

Provider

Service type

Compensation

M HOLDING SECURITIES, INC.6 years

Filed as: M HOLDING SECURITIES

Service code 99 · EIN 91-1802259

Other Fees

$31,236

THE VANGUARD GROUP, INC.4 years

Filed as: THE VANGUARD GROUP

Service code 26 · EIN 23-1945930

Advisory (Participants)

$18,205

AMERICAN SECURITY MORTGAGE CORP. 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

AMERICAN SECURITY MORTGAGE CORP. 401(K) 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