Retirement plan

THE MITCH WALTERS FAMILY OF DEALERSHIPS PROFIT SHARING/401(K) PLAN

Name: FRIENDSHIP AUTOMOTIVE, INC. - THE MITCH WALTERS FAMILY OF DEALERSHIPS PROFIT SHARING/401(K) PLAN (2016) Form 5500
Creator: FRIENDSHIP AUTOMOTIVE, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, THE MITCH WALTERS FAMILY OF DEALERSHIPS PROFIT SHARING/401(K) PLAN, FRIENDSHIP AUTOMOTIVE, INC.

FRIENDSHIP AUTOMOTIVE, INC.EIN 62-1545625Plan #002PY 2016

1954 WEST STATE STREET PO BOX 1967 - BRISTOL, TN 37620423-845-3150friendshipcars.comLinkedIn201-500 employeesautomotive

Prospect flagsHigh cashLow assets / participantLow employer contributionLow fidelity bond

How to read this page

Total assets (EOY)

$3.3M

+21.1% from 2015

Total participants

260

+28.1% from 2015

Average account balance

$14,128

-9.0% from 2015

Annual return

13.09%

+9.62 pp from 2015

Benchmarks

See 2,356 peers

Peer group

Industry44 - Retail Trade

Plan typeDefined contribution

Participants100-249

Cohort2,356 peers

Snapshot2016

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

Analytics

Total assets (EOY)

Plan-year ending balance

$11.32M

Not enough data

1 years with asset history on file

Average account balance

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

$33K

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.

345

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.

57.8%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$979K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$2K

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

+19.45%

Not enough data

1 years with return on file

Admin fee / account holder

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

$213

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 2 by compensation

Provider	Service type	Compensation
PATRICK W HICKIE CPA PC1 year Service code 10 126 MARTIN LUTHER KING JR BLVD · BRISTOL, TN 37620	Accounting	$6,350
AMERICAN FUNDS2+ years Filed as: CAPITAL RESEARCH & MANAGEMENT CO. Service code 25 · EIN 95-1411037	Directed Trustee	$700

Plan features & details

Pension benefit codes2E2F2G2J2K2S2T3B3D3H

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.
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.
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.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

Opportunity flags

4 tripped

OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.
OpportunityHigh cash
More than 10% of assets are held in cash - possible menu-design or default-fund problem.
OpportunityLow assets / participant
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
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

$7K

$38 / participant

Contract admin$7K100.0%

% of EOY assets

0.214%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Disclaimer opinion

Auditor declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.

Auditor firm: PATRICK W HICKIE CPA P.C.
Auditor EIN: 621363327
Audit fees: (not subdivided)
Opinion code: Disclaimer

Metric

This plan

Peer set

Industry

Size

Avg account balance

$14,128

$42,546-66.8%

$71,796-80.3%

$55,167-74.4%

Participation rate

85.6%

59.1%+26.5pp

69.1%+16.5pp

69.0%+16.6pp

Annual return

13.09%

12.36%+0.7pp

78.04%-64.9pp

169.23%-156.1pp

Employer contribution / active EE

$159

$803-80.2%

$1,924-91.7%

$1,963-91.9%

Participant deferral / active EE

$1,174

$2,064-43.1%

$2,794-58.0%

$3,054-61.6%

Admin fee / account holder

$30

$650-95.3%

$4,815-99.4%

$504-94.0%

Provider

Service type

Compensation

PATRICK W HICKIE CPA PC1 year

Service code 10

126 MARTIN LUTHER KING JR BLVD · BRISTOL, TN 37620

Accounting

$6,350

AMERICAN FUNDS2+ years

Filed as: CAPITAL RESEARCH & MANAGEMENT CO.

Service code 25 · EIN 95-1411037

Directed Trustee

$700

THE MITCH WALTERS FAMILY OF DEALERSHIPS PROFIT SHARING/401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

THE MITCH WALTERS FAMILY OF DEALERSHIPS PROFIT SHARING/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