Retirement plan

NOVA TECHNOLOGIES CBA PLAN

Name: NOVA TECHNOLOGIES, AN EMPLOYEE OWNED ENGINEERING COMPANY - NOVA TECHNOLOGIES CBA PLAN (2024) Form 5500
Creator: NOVA TECHNOLOGIES, AN EMPLOYEE OWNED ENGINEERING COMPANY
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, NOVA TECHNOLOGIES CBA PLAN, NOVA TECHNOLOGIES, AN EMPLOYEE OWNED ENGINEERING COMPANY

NOVA TECHNOLOGIES, AN EMPLOYEE OWNED ENGINEERING COMPANYEIN 59-3425094Plan #002PY 2024

429 SOUTH TYNDALL PARKWAY, SUITE S - PANAMA CITY, FL 32404850-914-0002LinkedIn51-200 employeesmechanical or industrial engineering

Other plans on this EIN

1 filing

#001Retirement-$13.5M assets

Prospect flagsHigh feesFailed to transmit contributions

How to read this page

Total assets (EOY)

$32.9M

+26.2% from 2023

Total participants

261

+2.4% from 2023

Average account balance

$134,310

+26.2% from 2023

Annual return

17.78%

-7.13 pp from 2023

Benchmarks

See 6,280 peers

Peer group

Industry54 - Professional, Scientific, and Technical Services

Plan typeDefined contribution

Participants100-249

Cohort6,280 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$32.91M

Not enough data

1 years with asset history on file

Average account balance

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

$134K

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.

245

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.

92.9%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$6.08M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$27K

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

+17.78%

Not enough data

1 years with return on file

Admin fee / account holder

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

$429

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
MERRILL LYNCH PIERCE FENNER & SMITH5+ years Filed as: MERRILL LYNCH Service code 17 · EIN 13-5674085	Pension Consulting	$71,309
GREAT-WEST LIFE & ANNUITY INSURANCE3 years Filed as: EMPOWER ANNUITY INSURANCE COMPANY Service code 64	Recordkeeping Fees	$23,259
MARTIN, MARTIN, RANDALL & ASSOCIATE5+ years Filed as: MARTIN MARTIN RANDALL & ASSOCIATES Service code 13 · EIN 64-0765749	Contract Administrator	$13,545
GREAT-WEST LIFE & ANNUITY INSURANCE2 years Filed as: EMPOWER ADVISORY GROUP, LLC Service code 28	Investment Management	$3,037

Plan features & details

Pension benefit codes2E2F2G2J2K

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.

Opportunity flags

2 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).

Expense breakdown

Schedule H Part II

Admin total

$105K

$469 / participant

Recordkeeping$105K100.0%

% of EOY assets

0.319%

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: FRAZIER & DEETER, LLC
Auditor EIN: 394469485
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$134,310

$101,653+32.1%

$147,080-8.7%

$74,459+80.4%

Participation rate

92.9%

75.6%+17.3pp

82.2%+10.7pp

67.2%+25.6pp

Annual return

17.78%

8754.98%-8737.2pp

420.17%-402.4pp

1369.70%-1351.9pp

Employer contribution / active EE

$9,515

$3,813+149.5%

$4,933+92.9%

$2,626+262.4%

Participant deferral / active EE

$17,644

$7,304+141.6%

$8,066+118.7%

$4,350+305.6%

Admin fee / account holder

$429

$1,752-75.5%

$12,989-96.7%

$1,945-77.9%

Provider

Service type

Compensation

MERRILL LYNCH PIERCE FENNER & SMITH5+ years

Filed as: MERRILL LYNCH

Service code 17 · EIN 13-5674085

Pension Consulting

$71,309

GREAT-WEST LIFE & ANNUITY INSURANCE3 years

Filed as: EMPOWER ANNUITY INSURANCE COMPANY

Service code 64

Recordkeeping Fees

$23,259

MARTIN, MARTIN, RANDALL & ASSOCIATE5+ years

Filed as: MARTIN MARTIN RANDALL & ASSOCIATES

Service code 13 · EIN 64-0765749

Contract Administrator

$13,545

GREAT-WEST LIFE & ANNUITY INSURANCE2 years

Filed as: EMPOWER ADVISORY GROUP, LLC

Service code 28

Investment Management

$3,037

NOVA TECHNOLOGIES CBA PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

NOVA TECHNOLOGIES CBA 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