Retirement plan

PHIL SMITH AUTOMOTIVE GROUP 401(K) PLAN

Name: PHIL SMITH MANAGEMENT, INC. DBA PHIL SMITH AUTOMOTIVE GROUP - PHIL SMITH AUTOMOTIVE GROUP 401(K) PLAN (2021) Form 5500
Creator: PHIL SMITH MANAGEMENT, INC. DBA PHIL SMITH AUTOMOTIVE GROUP
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, PHIL SMITH AUTOMOTIVE GROUP 401(K) PLAN, PHIL SMITH MANAGEMENT, INC. DBA PHIL SMITH AUTOMOTIVE GROUP

PHIL SMITH MANAGEMENT, INC. DBA PHIL SMITH AUTOMOTIVE GROUPEIN 65-0838041Plan #001PY 2021

4250 N. FEDERAL HIGHWAY - LIGHTHOUSE POINT, FL 33064954-867-1234LinkedIn501-1000 employeesretail

Prospect flagsLow participationFailed to transmit contributionsCorrective distributions

How to read this page

Total assets (EOY)

$18.6M

+14.9% from 2020

Total participants

1,014

+3.0% from 2020

Average account balance

$43,424

-0.9% from 2020

Annual return

12.43%

-0.99 pp from 2020

Benchmarks

See 1,264 peers

Peer group

Industry44 - Retail Trade

Plan typeDefined contribution

Participants250-999

Cohort1,264 peers

Snapshot2021

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

Analytics

Total assets (EOY)

Plan-year ending balance

$19.97M

Not enough data

1 years with asset history on file

Average account balance

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

$53K

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.

375

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.

29.6%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.90M

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

+14.64%

Not enough data

1 years with return on file

Admin fee / account holder

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

$175

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
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Service code 64 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$40,106
RESOURCES INVESTMENT ADVISORS LLC1 year Service code 27 4860 COLLEGE BLVD STE 100 · LEAWOOD, KS 66211	Advisory (Plan)	$9,644

Plan features & details

Pension benefit codes2E2F2G2J2K2T3D3H

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.
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

3 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$50K

$58 / participant

Contract admin$50K100.0%

% of EOY assets

0.267%

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: CROWE, LLP
Auditor EIN: 350921680
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$43,424

$50,956-14.8%

$96,570-55.0%

$86,821-50.0%

Participation rate

31.4%

65.2%-33.8pp

69.8%-38.4pp

72.3%-40.9pp

Annual return

12.43%

21.27%-8.8pp

37.79%-25.4pp

97.94%-85.5pp

Employer contribution / active EE

$291

$1,111-73.8%

$2,357-87.7%

$2,406-87.9%

Participant deferral / active EE

$2,562

$2,954-13.3%

$3,849-33.4%

$4,132-38.0%

Admin fee / account holder

$116

$166-30.2%

$6,182-98.1%

$170-31.6%

Provider

Service type

Compensation

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Service code 64

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$40,106

RESOURCES INVESTMENT ADVISORS LLC1 year

Service code 27

4860 COLLEGE BLVD STE 100 · LEAWOOD, KS 66211

Advisory (Plan)

$9,644

PHIL SMITH AUTOMOTIVE GROUP 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

PHIL SMITH AUTOMOTIVE GROUP 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