Retirement plan

SALVAGE MANAGEMENT COMPANY, INC. 401(K) PROFIT SHARING PLAN

Name: SALVAGE MANAGEMENT COMPANY, INC. - SALVAGE MANAGEMENT COMPANY, INC. 401(K) PROFIT SHARING PLAN (2024) Form 5500
Creator: SALVAGE MANAGEMENT COMPANY, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SALVAGE MANAGEMENT COMPANY, INC. 401(K) PROFIT SHARING PLAN, SALVAGE MANAGEMENT COMPANY, INC.

SALVAGE MANAGEMENT COMPANY, INC.EIN 65-0966593Plan #001PY 2024

605 SIMONTON ST UNIT B - KEY WEST, FL 330400000305-294-6995LinkedIn11-50 employeeshuman resources

Prospect flagsHigh feesLow participationLow fidelity bond

How to read this page

Total assets (EOY)

$1.5M

+14.2% from 2023

Total participants

-7.9% from 2023

Average account balance

$70,379

+14.2% from 2023

Annual return

10.54%

-4.52 pp from 2023

Benchmarks

See 5,410 peers

Peer group

Industry56 - Administrative and Support and Waste Management and Remediation Services

Plan typeDefined contribution

Participants25-99

Cohort5,410 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$1.55M

Not enough data

1 years with asset history on file

Average account balance

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

$70K

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.

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.

78.6%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$164K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$6K

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

+10.54%

Not enough data

1 years with return on file

Admin fee / account holder

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

$5566

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

0 years with F_SCH_H allocation on file

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

Service providers

Providers data not reported

Schedule C was not filed on this plan's most recent Form 5500, so no compensated service providers are available to display.

Plan features & details

Pension benefit codes2E2F2G2J3D

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.
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

3 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.)
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

$122K

$4373 / participant

Other / not subdivided$122K100.0%

% of EOY assets

7.909%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

No opinion code on file for this filing.

Auditor firm: (not reported)
Auditor EIN: -
Audit fees: (not subdivided)
Opinion code: -

Metric

This plan

Peer set

Industry

Size

Avg account balance

$70,379

$57,140+23.2%

$85,240-17.4%

$80,959-13.1%

Participation rate

53.6%

56.4%-2.8pp

67.5%-14.0pp

67.7%-14.1pp

Annual return

10.54%

21.71%-11.2pp

66.75%-56.2pp

35.67%-25.1pp

Employer contribution / active EE

$1,905

$1,802+5.7%

$2,735-30.4%

$2,757-30.9%

Participant deferral / active EE

$3,966

$3,115+27.3%

$4,527-12.4%

$4,300-7.8%

Admin fee / account holder

$5,566

$4,992+11.5%

$6,165-9.7%

$6,925-19.6%

SALVAGE MANAGEMENT COMPANY, INC. 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SALVAGE MANAGEMENT COMPANY, INC. 401(K) PROFIT SHARING 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