Retirement plan

HFS 401(K) PROFIT SHARING PLAN

Name: BK WEALTH MANAGEMENT LLC DBA HADDAD FINANCIAL SERVICES - HFS 401(K) PROFIT SHARING PLAN (2022) Form 5500
Creator: BK WEALTH MANAGEMENT LLC DBA HADDAD FINANCIAL SERVICES
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, HFS 401(K) PROFIT SHARING PLAN, BK WEALTH MANAGEMENT LLC DBA HADDAD FINANCIAL SERVICES

BK WEALTH MANAGEMENT LLC DBA HADDAD FINANCIAL SERVICESEIN 81-3796228Plan #001PY 2022

8340 MISSION ROAD, SUITE 205 - PRAIRIE VILLAGE, KS 66206816-753-8228

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$401K

+184.3% from 2021

Total participants

-50.0% from 2021

Average account balance

$200,656

+468.7% from 2021

Annual return

138.45%

+122.15 pp from 2021

Benchmarks

See 35,209 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants<25

Cohort35,209 peers

Snapshot2022

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

Analytics

Total assets (EOY)

Plan-year ending balance

$744K

Not enough data

1 years with asset history on file

Average account balance

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

$186K

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.

100.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$93K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$23K

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

+12.82%

Not enough data

1 years with return on file

Admin fee / account holder

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

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 codes2E2F2J2R3B3D

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).
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.
3B
Plan covering self-employed individuals
Plan covering self-employed individuals.
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

1 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)

Expense breakdown

Schedule H Part II

Admin total

$3K

$1284 / participant

Other / not subdivided$3K100.0%

% of EOY assets

0.640%

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

$200,656

$167,522+19.8%

$151,639+32.3%

$134,532+49.2%

Participation rate

100.0%

88.4%+11.6pp

87.5%+12.5pp

81.2%+18.8pp

Annual return

138.45%

7.81%+130.6pp

3.34%+135.1pp

418.27%-279.8pp

Employer contribution / active EE

$22,609

$6,828+231.1%

$6,165+266.7%

$4,741+376.9%

Participant deferral / active EE

$11,052

$8,986+23.0%

$8,363+32.1%

$6,401+72.7%

Admin fee / account holder

$1,284

$13,780-90.7%

$11,613-88.9%

$11,429-88.8%

HFS 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

HFS 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