Retirement plan

SOUTH MOTORS OF DADE COUNTY 401(K) PLAN

Name: SOUTH MOTORS OF DADE COUNTY - SOUTH MOTORS OF DADE COUNTY 401(K) PLAN (2024) Form 5500
Creator: SOUTH MOTORS OF DADE COUNTY
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SOUTH MOTORS OF DADE COUNTY 401(K) PLAN, SOUTH MOTORS OF DADE COUNTY

SOUTH MOTORS OF DADE COUNTYEIN 59-0788556Plan #001PY 2024

18010 SO. DIXIE HWY - MIAMI, FL 33157305-256-2317LinkedIn1001-5000 employeesretail

Prospect flagsLow returnsHigh feesLow participationLow employer contributionFailed to transmit contributionsCorrective distributionsWind-down / frozen

How to read this page

Total assets (EOY)

$7.6M

-45.2% from 2023

Total participants

113

-87.6% from 2023

Average account balance

$75,493

+14.0% from 2023

Annual return

6.93%

-5.49 pp from 2023

Benchmarks

See 22,293 peers

Peer group

Industry44 - Retail Trade

Plan typeDefined contribution

Participants<25

Cohort22,293 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$7.62M

Not enough data

1 years with asset history on file

Average account balance

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

$75K

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.

101

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.

20.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$232K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$15K

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

+6.93%

Not enough data

1 years with return on file

Admin fee / account holder

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

$420

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 4 by compensation

Provider	Service type	Compensation
GREAT-WEST LIFE & ANNUITY INSURANCE3 years Filed as: EMPOWER ANNUITY INSURANCE COMPANY O Service code 64 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$25,387
NATIONAL AUTOMOBILE DEALERS ASSOCIA1 year Service code 99 8400 WESTPARK DR · MCLEAN, VA 22102	Other Fees	$13,424
CAPFINANCIAL PARTNERS LLC1 year Filed as: CAPFINANCIAL PARTNERS LLC DBA CAPTR Service code 99 4208 SIX FORKS RD STE 1700 · RALEIGH, NC 27609	Other Fees	$2,237
NORTHEAST RETIREMENT SERVICES, INC.1 year Service code 13 12 GILL ST STE 2600 · WOBURN, MA 01801	Contract Administrator	$1,398

Plan features & details

Pension benefit codes2E2F2G2J2K2T3B3D

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.
3B
Plan covering self-employed individuals
Plan covering self-employed individuals.
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

7 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.
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).
InformationalWind-down / frozen
Plan appears closed to new enrollment or frozen - balance-holders far exceed active participants, or the plan reports active distributions with no inflows. Exclude from peer benchmarks.

Expense breakdown

Schedule H Part II

Admin total

$42K

$2830 / participant

Recordkeeping$25K59.8%
Contract admin$1K3.3%
Other / not subdivided$16K36.9%

% of EOY assets

0.557%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: TEMPLETON & COMPANY, LLP
Auditor EIN: 141918990
Audit fees: $0
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$75,493

$111,830-32.5%

$93,696-19.4%

$145,884-48.3%

Participation rate

20.0%

74.2%-54.2pp

68.7%-48.7pp

80.3%-60.3pp

Annual return

6.93%

204.08%-197.1pp

133.74%-126.8pp

551.85%-544.9pp

Employer contribution / active EE

$3,093-100.0%

$2,422-100.0%

$4,662-100.0%

Participant deferral / active EE

$15,460

$4,920+214.2%

$4,417+250.0%

$6,690+131.1%

Admin fee / account holder

$420

$10,249-95.9%

$8,287-94.9%

$13,392-96.9%

Provider

Service type

Compensation

GREAT-WEST LIFE & ANNUITY INSURANCE3 years

Filed as: EMPOWER ANNUITY INSURANCE COMPANY O

Service code 64

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$25,387

NATIONAL AUTOMOBILE DEALERS ASSOCIA1 year

Service code 99

8400 WESTPARK DR · MCLEAN, VA 22102

Other Fees

$13,424

CAPFINANCIAL PARTNERS LLC1 year

Filed as: CAPFINANCIAL PARTNERS LLC DBA CAPTR

Service code 99

4208 SIX FORKS RD STE 1700 · RALEIGH, NC 27609

Other Fees

$2,237

NORTHEAST RETIREMENT SERVICES, INC.1 year

Service code 13

12 GILL ST STE 2600 · WOBURN, MA 01801

Contract Administrator

$1,398

SOUTH MOTORS OF DADE COUNTY 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SOUTH MOTORS OF DADE COUNTY 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