Retirement plan

TEAMWORKS INNOVATIONS, INC. 401(K) PLAN

Name: TEAMWORKS INNOVATIONS, INC. - TEAMWORKS INNOVATIONS, INC. 401(K) PLAN (2024) Form 5500
Creator: TEAMWORKS INNOVATIONS, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, TEAMWORKS INNOVATIONS, INC. 401(K) PLAN, TEAMWORKS INNOVATIONS, INC.

TEAMWORKS INNOVATIONS, INC.EIN 81-2787532Plan #001PY 2024

122 EAST PARRISH STREET - DURHAM, NC 27701919-246-4330

Prospect flagsLow assets / participantFailed to transmit contributions

How to read this page

Total assets (EOY)

$15.8M

+71.5% from 2023

Total participants

412

+41.6% from 2023

Average account balance

$39,898

+21.4% from 2023

Annual return

42.69%

+18.28 pp from 2023

Benchmarks

See 611 peers

Peer group

Industry51 - Information

Plan typeDefined contribution

Participants250-999

Cohort611 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$15.84M

Not enough data

1 years with asset history on file

Average account balance

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

$40K

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.

397

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.

95.9%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$3.28M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$9K

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

+42.69%

Not enough data

1 years with return on file

Admin fee / account holder

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

$169

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 3 by compensation

Provider	Service type	Compensation
INTEGRATED WEALTH CONCEPTS LLC3 years Service code 27 · EIN 81-3433658	Advisory (Plan)	$57,715
PRINCIPAL LIFE INSURANCE COMPANY3 years Service code 13 · EIN 42-0127290	Contract Administrator	$7,406
ASSOCIATED PENSION CONSULTANTS1 year Service code 13 · EIN 11-3271022	Contract Administrator	$7,363

Plan features & details

Pension benefit codes2E2J2K2F2G3D

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.
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

2 tripped

OpportunityLow assets / participant
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
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

$67K

$183 / participant

Investment mgmt$58K85.8%
Contract admin$10K14.2%

% of EOY assets

0.425%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: PBMARES, LLP
Auditor EIN: 540737372
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$39,898

$90,064-55.7%

$100,392-60.3%

$77,736-48.7%

Participation rate

95.9%

81.3%+14.6pp

81.5%+14.4pp

70.6%+25.3pp

Annual return

42.69%

20.61%+22.1pp

49.45%-6.8pp

31.26%+11.4pp

Employer contribution / active EE

$1,784

$3,043-41.4%

$3,941-54.7%

$2,728-34.6%

Participant deferral / active EE

$7,133

$8,282-13.9%

$8,090-11.8%

$4,651+53.4%

Admin fee / account holder

$169

$172-1.5%

$7,904-97.9%

$433-60.9%

Provider

Service type

Compensation

INTEGRATED WEALTH CONCEPTS LLC3 years

Service code 27 · EIN 81-3433658

Advisory (Plan)

$57,715

PRINCIPAL LIFE INSURANCE COMPANY3 years

Service code 13 · EIN 42-0127290

Contract Administrator

$7,406

ASSOCIATED PENSION CONSULTANTS1 year

Service code 13 · EIN 11-3271022

Contract Administrator

$7,363

TEAMWORKS INNOVATIONS, INC. 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

TEAMWORKS INNOVATIONS, INC. 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