Filed February 25, 2021
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| Provider | Service type | Compensation |
|---|---|---|
KOVACK SECURITIES INC5 years Filed as: KOVACK ADVISORS, INC. Service code 16 6451 NORTH FEDERAL HWY. · FT. LAUDERDALE, FL 33308 | Consulting | $12,636 |
Service code 15 · EIN 16-1503696 | Recordkeeping | $10,619 |
BPAS5 years Filed as: BPAS TRUST COMPANY OF PUERTO RICO Service code 19 · EIN 66-0795542 | Securities Custodian | $3,159 |
Annual investment return is in the bottom quintile of the peer cohort.
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
Plan reported corrective distributions (failed ADP/ACP testing).
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $6,801 | $52,188-87.0% | $86,656-92.2% | $74,473-90.9% |
| Participation rate | 95.0% | 66.3%+28.6pp | 71.7%+23.3pp | 70.7%+24.2pp |
| Annual return | 11.29% | 44.46%-33.2pp | 593.09%-581.8pp | 34.36%-23.1pp |
| Employer contribution / active EE | $586 | $2,282-74.3% | $3,025-80.6% | $2,638-77.8% |
| Participant deferral / active EE | $1,091 | $3,383-67.8% | $4,439-75.4% | $4,530-75.9% |
| Admin fee / account holder | $73 | $319-77.2% | $5,619-98.7% | $347-79.1% |