Retirement plan

MCGINNIS LOCHRIDGE LLP SAVINGS PLUS PLAN

Name: MCGINNIS LOCHRIDGE LLP - MCGINNIS LOCHRIDGE LLP SAVINGS PLUS PLAN (2023) Form 5500
Creator: MCGINNIS LOCHRIDGE LLP
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, MCGINNIS LOCHRIDGE LLP SAVINGS PLUS PLAN, MCGINNIS LOCHRIDGE LLP

MCGINNIS LOCHRIDGE LLPEIN 74-1196349Plan #002PY 2023

1111 WEST 6TH ST BLDG B SUITE 400 - AUSTIN, TX 78703512-495-6000mcginnislaw.comLinkedIn51-200 employeeslaw practice

Prospect flagsLow returnsHigh feesHigh assets / participantCorrective distributions

How to read this page

Total assets (EOY)

$57.9M

+16.5% from 2022

Total participants

194

+3.2% from 2022

Average account balance

$325,381

+15.8% from 2022

Annual return

14.35%

+26.78 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

$64.58M

Not enough data

1 years with asset history on file

Average account balance

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

$342K

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.

189

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.

94.9%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$3.62M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$26K

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

+12.05%

Not enough data

1 years with return on file

Admin fee / account holder

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

$783

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

See the 10-year trajectory. $4.99 for your first month.

Solo adds 10-year history, peer benchmarks, provider and welfare analytics, saves, and exports. Then $34.99 a month.

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Service providers

Top 6 by compensation

Provider	Service type	Compensation
CHARLES SCHWAB & CO., INC.5 years Filed as: SCHWAB RETIREMENT PLAN SERVICES,INC Service code 15 · EIN 34-1479833	Recordkeeping	$63,864
TERRY MCDANIEL & COMPANY8 years Service code 26 · EIN 74-2362799	Advisory (Participants)	$24,988
CROWE LLP1 year Service code 10 · EIN 35-0921680	Accounting	$18,900
B&T CAPITAL MANAGEMENT INC4 years Service code 26 · EIN 04-3688515	Advisory (Participants)	$17,689
HIGHTOWER ADVISORS LLC3 years Service code 26 · EIN 36-4500709	Advisory (Participants)	$8,021
CHARLES SCHWAB & CO., INC.6 years Service code 33 · EIN 94-1737782	Other investment fees and expenses; S...	$129

Plan features & details

Pension benefit codes2A2E2F2G2J2R2S2T3B

Plan features

2A
Age/service weighted or new comparability plan
Age/service weighted plan where allocations are based on age service or age and service; or new comparability or similar plan where allocations are based on participant classifications consisting entirely or predominantly of highly compensated employees or the plan provides an additional allocation rate on compensation above a specified threshold that exceeds the permitted disparity limits of Code section 401(l).
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.
2R
Participant-directed brokerage accounts
Participant-directed brokerage accounts provided as an investment option under the plan.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
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.
3B
Plan covering self-employed individuals
Plan covering self-employed individuals.

Opportunity flags

4 tripped

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.
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).
InformationalHigh assets / participant
Assets per participant exceed $250,000 - top-decile high-value plan.

Expense breakdown

Schedule H Part II

Admin total

$133K

$1051 / participant

Recordkeeping$64K47.9%
Investment mgmt$51K38.0%
Contract admin$19K14.2%

% of EOY assets

0.230%

all-in expense ratio

Categories reported

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

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$325,381

$91,407+256.0%

$135,903+139.4%

$71,457+355.4%

Participation rate

87.4%

75.7%+11.8pp

81.9%+5.5pp

67.9%+19.5pp

Annual return

14.35%

29.90%-15.5pp

68.23%-53.9pp

28.85%-14.5pp

Employer contribution / active EE

$15,367

$3,703+314.9%

$4,856+216.5%

$2,588+493.9%

Participant deferral / active EE

$11,960

$7,092+68.6%

$7,758+54.2%

$4,289+178.9%

Admin fee / account holder

$750

$1,266-40.8%

$10,762-93.0%

$1,587-52.8%

Provider

Service type

Compensation

CHARLES SCHWAB & CO., INC.5 years

Filed as: SCHWAB RETIREMENT PLAN SERVICES,INC

Service code 15 · EIN 34-1479833

Recordkeeping

$63,864

TERRY MCDANIEL & COMPANY8 years

Service code 26 · EIN 74-2362799

Advisory (Participants)

$24,988

CROWE LLP1 year

Service code 10 · EIN 35-0921680

Accounting

$18,900

B&T CAPITAL MANAGEMENT INC4 years

Service code 26 · EIN 04-3688515

Advisory (Participants)

$17,689

HIGHTOWER ADVISORS LLC3 years

Service code 26 · EIN 36-4500709

Advisory (Participants)

$8,021

CHARLES SCHWAB & CO., INC.6 years

Service code 33 · EIN 94-1737782

Other investment fees and expenses; S...

$129

MCGINNIS LOCHRIDGE LLP SAVINGS PLUS PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

MCGINNIS LOCHRIDGE LLP SAVINGS PLUS 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