Retirement plan

FLORIDA INSURANCE CENTER INC. 401(K) PROFIT SHARING PLAN

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

FLORIDA INSURANCE CENTER INC.EIN 59-1725442Plan #001PY 2024

414 N. ALEXANDER ST. - PLANT CITY, FL 33563813-754-3651LinkedIn11-50 employeesinsurance

Prospect flagsHigh feesLow fidelity bond

How to read this page

Total assets (EOY)

$1.8M

+9.8% from 2023

Total participants

+21.7% from 2023

Average account balance

$70,550

-16.6% from 2023

Annual return

11.47%

-11.54 pp from 2023

Benchmarks

See 37,126 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants<25

Cohort37,126 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$1.76M

Not enough data

1 years with asset history on file

Average account balance

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

$71K

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.

108.7%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$169K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$7K

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

+11.47%

Not enough data

1 years with return on file

Admin fee / account holder

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

$7883

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 codes2E2F2G2J3D2T

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.
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

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).

Expense breakdown

Schedule H Part II

Admin total

$197K

$8568 / participant

Other / not subdivided$197K100.0%

% of EOY assets

11.173%

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

$70,550

$201,344-65.0%

$184,243-61.7%

$145,877-51.6%

Participation rate

87.0%

87.5%-0.5pp

86.8%+0.1pp

80.3%+6.7pp

Annual return

11.47%

29.01%-17.5pp

28.82%-17.3pp

551.28%-539.8pp

Employer contribution / active EE

$2,901

$7,022-58.7%

$6,427-54.9%

$4,663-37.8%

Participant deferral / active EE

$4,454

$9,807-54.6%

$9,132-51.2%

$6,691-33.4%

Admin fee / account holder

$7,883

$16,382-51.9%

$13,914-43.3%

$13,402-41.2%

FLORIDA INSURANCE CENTER INC. 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

FLORIDA INSURANCE CENTER INC. 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