Retirement plan

PAYMASTER, INC. MULTIPLE EMPLOYER 401(K) PLAN

Name: PAYMASTER, INC. - PAYMASTER, INC. MULTIPLE EMPLOYER 401(K) PLAN (2023) Form 5500
Creator: PAYMASTER, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, PAYMASTER, INC. MULTIPLE EMPLOYER 401(K) PLAN, PAYMASTER, INC.

PAYMASTER, INC.EIN 65-0580656Plan #001PY 2023

1880 NORTH CONGRESS AVENUE, SUITE 222 - BOYNTON BEACH, FL 33426561-735-9969

Prospect flagsLow returnsHigh feesLow participationFailed to transmit contributions

How to read this page

Total assets (EOY)

$21M

+13.0% from 2022

Total participants

424

-29.1% from 2022

Average account balance

$69,313

+43.6% from 2022

Annual return

6.93%

+33.82 pp from 2022

Benchmarks

See 6,236 peers

Peer group

Industry54 - Professional, Scientific, and Technical Services

Plan typeDefined contribution

Participants100-249

Cohort6,236 peers

Snapshot2023

See peer percentile detail. $4.99 for your first month.

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Analytics

Total assets (EOY)

Plan-year ending balance

$24.75M

Not enough data

1 years with asset history on file

Average account balance

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

$50K

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.

497

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

$2.51M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$4K

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

+16.23%

Not enough data

1 years with return on file

Admin fee / account holder

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

$395

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 5 by compensation

Provider	Service type	Compensation
SLAVIC INTEGRATED ADMINISTRATION9+ years Service code 15 · EIN 65-0608221	Recordkeeping	$87,907
KOVACK SECURITIES INC6 years Filed as: KOVACK ADVISORS INC. Service code 26 6451 N. FEDERAL HIGHWAY · FT. LAUDERDALE, FL 33308	Advisory (Participants)	$33,586
PAYMASTER, INC. MULTIPLE EMPLOYER 44 years Service code 14 · EIN 65-0580656	Plan Administrator	$23,914
SLAVIC INTEGRATED ADMINISTRATION4 years Filed as: SLAVIC MUTUAL FUND MANAGEMENT CORP Service code 28 · EIN 59-2749576	Investment Management	$21,189
WEINSTEIN ZUGMAN, LLC1 year Filed as: WEINSTEIN ZUGMAN Service code 10 · EIN 20-0453834	Accounting	$11,978

Plan features & details

Pension benefit codes2E2F2G2J2K2T2V3D

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.
OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
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

$179K

$842 / participant

Investment mgmt$55K30.7%
Contract admin$112K62.6%
Other / not subdivided$12K6.7%

% of EOY assets

0.850%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

The auditor signed off without reservation. This is the cleanest opinion.

Auditor firm: WEINSTEIN ZUGMAN
Auditor EIN: 200453834
Audit fees: $11,978
Opinion code: Unqualified

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$69,313

$91,407-24.2%

$135,903-49.0%

$71,457-3.0%

Participation rate

42.9%

75.7%-32.7pp

81.9%-39.0pp

67.9%-25.0pp

Annual return

6.93%

29.90%-23.0pp

68.23%-61.3pp

28.85%-21.9pp

Employer contribution / active EE

$3,244

$3,703-12.4%

$4,856-33.2%

$2,588+25.4%

Participant deferral / active EE

$7,740

$7,092+9.1%

$7,758-0.2%

$4,289+80.5%

Admin fee / account holder

$589

$1,266-53.4%

$10,762-94.5%

$1,587-62.9%

Provider

Service type

Compensation

SLAVIC INTEGRATED ADMINISTRATION9+ years

Service code 15 · EIN 65-0608221

Recordkeeping

$87,907

KOVACK SECURITIES INC6 years

Filed as: KOVACK ADVISORS INC.

Service code 26

6451 N. FEDERAL HIGHWAY · FT. LAUDERDALE, FL 33308

Advisory (Participants)

$33,586

PAYMASTER, INC. MULTIPLE EMPLOYER 44 years

Service code 14 · EIN 65-0580656

Plan Administrator

$23,914

SLAVIC INTEGRATED ADMINISTRATION4 years

Filed as: SLAVIC MUTUAL FUND MANAGEMENT CORP

Service code 28 · EIN 59-2749576

Investment Management

$21,189

WEINSTEIN ZUGMAN, LLC1 year

Filed as: WEINSTEIN ZUGMAN

Service code 10 · EIN 20-0453834

Accounting

$11,978

PAYMASTER, INC. MULTIPLE EMPLOYER 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

PAYMASTER, INC. MULTIPLE EMPLOYER 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