Retirement plan

FARAH AND FARAH, P.A. 401(K) SAVINGS PLAN

Name: FARAH & FARAH, P.A. - FARAH AND FARAH, P.A. 401(K) SAVINGS PLAN (2024) Form 5500
Creator: FARAH & FARAH, P.A.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, FARAH AND FARAH, P.A. 401(K) SAVINGS PLAN, FARAH & FARAH, P.A.

FARAH & FARAH, P.A.EIN 59-2596163Plan #001PY 2024

10 WEST ADAMS STREET - JACKSONVILLE, FL 32202904-862-2618

Prospect flagsLow participationFailed to provide benefit

How to read this page

Total assets (EOY)

$22.4M

+18.7% from 2023

Total participants

474

+10.5% from 2023

Average account balance

$76,294

+2.9% from 2023

Annual return

16.42%

-2.92 pp from 2023

Benchmarks

See 3,298 peers

Peer group

Industry54 - Professional, Scientific, and Technical Services

Plan typeDefined contribution

Participants250-999

Cohort3,298 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$22.35M

Not enough data

1 years with asset history on file

Average account balance

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

$76K

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.

293

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.

56.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$2.94M

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

+16.42%

Not enough data

1 years with return on file

Admin fee / account holder

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

$48

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 3 by compensation

Provider	Service type	Compensation
JW COLE ADVISORS INC4 years Service code 27 · EIN 65-1040717 4301 ANCHOR PLAZA PKWY ST · TAMPA, FL 33634	Advisory (Plan)	$68,791
BDO USA, LLP8 years Service code 13 · EIN 13-5381590 PO BOX 642743 · PITTSBURGH, PA 15264	Contract Administrator	$26,563
GREAT-WEST LIFE & ANNUITY INSURANCE3 years Filed as: EMPOWER ADVISORY GROUP, LLC Service code 28 · EIN 84-0532243 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Investment Management	$5,206

Plan features & details

Pension benefit codes2E2F2G2J2K2T3D

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.
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 participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
ComplianceFailed to provide benefit
Form 5500 reported that benefits due were not provided when due.

Expense breakdown

Schedule H Part II

Admin total

$14K

$34 / participant

Recordkeeping$14K100.0%

% of EOY assets

0.063%

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: PIVOT CPAS
Auditor EIN: 200708248
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$76,294

$106,230-28.2%

$147,080-48.1%

$77,736-1.9%

Participation rate

56.0%

78.4%-22.4pp

82.2%-26.2pp

70.6%-14.6pp

Annual return

16.42%

56.91%-40.5pp

420.17%-403.7pp

31.26%-14.8pp

Employer contribution / active EE

$2,403

$4,072-41.0%

$4,933-51.3%

$2,728-11.9%

Participant deferral / active EE

$4,758

$8,001-40.5%

$8,066-41.0%

$4,651+2.3%

Admin fee / account holder

$48

$338-85.8%

$12,989-99.6%

$433-88.9%

Provider

Service type

Compensation

JW COLE ADVISORS INC4 years

Service code 27 · EIN 65-1040717

4301 ANCHOR PLAZA PKWY ST · TAMPA, FL 33634

Advisory (Plan)

$68,791

BDO USA, LLP8 years

Service code 13 · EIN 13-5381590

PO BOX 642743 · PITTSBURGH, PA 15264

Contract Administrator

$26,563

GREAT-WEST LIFE & ANNUITY INSURANCE3 years

Filed as: EMPOWER ADVISORY GROUP, LLC

Service code 28 · EIN 84-0532243

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Investment Management

$5,206

FARAH AND FARAH, P.A. 401(K) SAVINGS PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

FARAH AND FARAH, P.A. 401(K) SAVINGS 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