Retirement plan

WORKSMART 401(K) PLAN

Name: WORKSMART, INC. - WORKSMART 401(K) PLAN (2024) Form 5500
Creator: WORKSMART, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, WORKSMART 401(K) PLAN, WORKSMART, INC.

WORKSMART, INC.EIN 56-2259655Plan #001PY 2024

100 MEREDITH DRIVE, STE 200 - DURHAM, NC 277135238919-484-1010worksmart.comLinkedIn51-200 employeesinformation technology and services

Prospect flagsHigh fees

Top hat statement on fileNQDC

Filed September 29, 2021

Plan administrator

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100 Meredith Drive, Suite 200

Durham, NC 27713

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Plans declared (1)

Supplemental Executive Retirement Plan1 emp

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Total assets (EOY)

$4.7M

+9.0% from 2023

Total participants

113

-12.4% from 2023

Average account balance

$41,697

+24.6% from 2023

Annual return

12.47%

-6.09 pp from 2023

Benchmarks

See 28,877 peers

Peer group

Industry54 - Professional, Scientific, and Technical Services

Plan typeDefined contribution

Participants25-99

Cohort28,877 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$4.67M

Not enough data

1 years with asset history on file

Average account balance

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

$42K

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.

112

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.

98.8%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$807K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$10K

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

+12.47%

Not enough data

1 years with return on file

Admin fee / account holder

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

$320

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
PRINCIPAL LIFE INSURANCE COMPANY3 years Service code 13 · EIN 42-0127290	Contract Administrator	$35,804
GALLAGHER FIDUCIARY ADVISORS, LLC2 years Service code 27 · EIN 36-4291971	Advisory (Plan)	$10,869

Plan features & details

Pension benefit codes2E2F2G2J2S2T3D

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.
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

1 tripped

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

$36K

$431 / participant

Contract admin$36K100.0%

% of EOY assets

0.767%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: BERNARD ROBINSON & COMPANY, LLP
Auditor EIN: 560571159
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$41,697

$102,429-59.3%

$147,096-71.7%

$80,925-48.5%

Participation rate

98.8%

75.9%+22.9pp

82.2%+16.6pp

67.7%+31.1pp

Annual return

12.47%

135.02%-122.6pp

419.75%-407.3pp

35.65%-23.2pp

Employer contribution / active EE

$2,858

$3,716-23.1%

$4,936-42.1%

$2,756+3.7%

Participant deferral / active EE

$6,866

$6,649+3.3%

$8,071-14.9%

$4,299+59.7%

Admin fee / account holder

$320

$7,957-96.0%

$13,005-97.5%

$6,940-95.4%

Provider

Service type

Compensation

PRINCIPAL LIFE INSURANCE COMPANY3 years

Service code 13 · EIN 42-0127290

Contract Administrator

$35,804

GALLAGHER FIDUCIARY ADVISORS, LLC2 years

Service code 27 · EIN 36-4291971

Advisory (Plan)

$10,869

WORKSMART 401(K) PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

WORKSMART 401(K) PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

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