Retirement plan

IMPOWER, INC. 401(K) PLAN

Name: IMPOWER, INC. - IMPOWER, INC. 401(K) PLAN (2020) Form 5500
Creator: IMPOWER, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, IMPOWER, INC. 401(K) PLAN, IMPOWER, INC.

IMPOWER, INC.EIN 65-0439778Plan #001PY 2020

111 W. MAGNOLIA AVENUE - LONGWOOD, FL 32750407-215-0095

Prospect flagsHigh retiree %Low participationLow assets / participantFailed to transmit contributions

Top hat statement on fileNQDC

Filed July 15, 1

This is a legacy paper filing. Plan administrator and contact details are recorded in the original filing, which has not been digitised into structured fields.

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Total assets (EOY)

$2M

+14.1% from 2019

Total participants

216

+8.5% from 2019

Average account balance

$12,225

+5.0% from 2019

Annual return

12.91%

-4.22 pp from 2019

Benchmarks

See 5,416 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants100-249

Cohort5,416 peers

Snapshot2020

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Analytics

Total assets (EOY)

Plan-year ending balance

$3.24M

Not enough data

1 years with asset history on file

Average account balance

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

$24K

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.

136

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.

89.7%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$303K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$3K

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

+14.71%

Not enough data

1 years with return on file

Admin fee / account holder

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

$302

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

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Service providers

Top 4 by compensation

Provider	Service type	Compensation
TRANSAMERICA RETIREMENT SOLUTIONS5+ years Filed as: TRANSAMERICA FINANCIAL LIFE INS CO Service code 15 · EIN 36-6071399	Recordkeeping	$9,142
MERRILL LYNCH PIERCE FENNER & SMITH4 years Filed as: MERRILL LYNCH Service code 27 · EIN 13-2808480	Advisory (Plan)	$6,669
PRINCIPAL LIFE INSURANCE COMPANY1 year Filed as: PRINCIPAL LIFE INSURANCE CO Service code 13 · EIN 42-0127290	Contract Administrator	$6,133
FIRST PARTY ADMINISTRATOR, LLC5+ years Service code 15 · EIN 46-2023154	Recordkeeping	$1,525

Plan features & details

Pension benefit codes2E2J2K2F2G3D2T

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

4 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
OpportunityLow assets / participant
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
InformationalHigh retiree %
Retirees and beneficiaries make up 25% or more of total participants - indicates an ageing workforce or a frozen plan.

Expense breakdown

Schedule H Part II

Admin total

$24K

$151 / participant

Investment mgmt$7243.1%
Contract admin$22K93.8%
Other / not subdivided$7243.1%

% of EOY assets

1.173%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Disclaimer opinion

The auditor declined to give an opinion. This is usually a 103(a)(3)(C) limited-scope election.

Auditor firm: WITHUMSMITH & BROWN, P.C.
Auditor EIN: 222027092
Audit fees: (not subdivided)
Opinion code: Disclaimer

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$12,225

$58,879-79.2%

$178,490-93.2%

$73,488-83.4%

Participation rate

66.7%

66.2%+0.4pp

81.9%-15.3pp

70.7%-4.0pp

Annual return

12.91%

24.86%-12.0pp

151.07%-138.2pp

28.51%-15.6pp

Employer contribution / active EE

$2,236-100.0%

$5,011-100.0%

$2,270-100.0%

Participant deferral / active EE

$1,163

$2,567-54.7%

$5,202-77.7%

$3,740-68.9%

Admin fee / account holder

$143

$400-64.2%

$13,984-99.0%

$513-72.0%

Provider

Service type

Compensation

TRANSAMERICA RETIREMENT SOLUTIONS5+ years

Filed as: TRANSAMERICA FINANCIAL LIFE INS CO

Service code 15 · EIN 36-6071399

Recordkeeping

$9,142

MERRILL LYNCH PIERCE FENNER & SMITH4 years

Filed as: MERRILL LYNCH

Service code 27 · EIN 13-2808480

Advisory (Plan)

$6,669

PRINCIPAL LIFE INSURANCE COMPANY1 year

Filed as: PRINCIPAL LIFE INSURANCE CO

Service code 13 · EIN 42-0127290

Contract Administrator

$6,133

FIRST PARTY ADMINISTRATOR, LLC5+ years

Service code 15 · EIN 46-2023154

Recordkeeping

$1,525

IMPOWER, INC. 401(K) PLAN

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

IMPOWER, INC. 401(K) PLAN

Top hat statement on fileNQDC

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