Retirement plan

CONVERGEONE 401(K) PLAN

Name: CONVERGEONE HOLDINGS, INC. - CONVERGEONE 401(K) PLAN (2023) Form 5500
Creator: CONVERGEONE HOLDINGS, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, CONVERGEONE 401(K) PLAN, CONVERGEONE HOLDINGS, INC.

CONVERGEONE HOLDINGS, INC.EIN 81-4619427Plan #002PY 2023

10900 NESBITT AVENUE SOUTH - BLOOMINGTON, MN 55437651-383-3903LinkedIn1-10 employeestelecommunications

Prospect flagsFailed to transmit contributionsCorrective distributions

How to read this page

Total assets (EOY)

$333.8M

-13.8% from 2021

Total participants

2,852

-8.1% from 2021

Average account balance

$134,160

-7.4% from 2021

Annual return

17.78%

-0.13 pp from 2021

Benchmarks

See 309 peers

Peer group

Industry42 - Wholesale Trade

Plan typeDefined contribution

Participants1,000-4,999

Cohort309 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$348.12M

Not enough data

1 years with asset history on file

Average account balance

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

$151K

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.

2,298

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.

81.8%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$29.73M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$15K

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

+13.15%

Not enough data

1 years with return on file

Admin fee / account holder

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

$196

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 6 by compensation

Provider	Service type	Compensation
GREAT-WEST LIFE & ANNUITY INSURANCE2 years Filed as: EMPOWER ANNUITY INSURANCE COMPANY O Service code 64 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$228,538
SAGEVIEW ADVISORY GROUP, LLC4+ years Service code 27 1920 MAIN STREET · IRVINE, CA 92614	Advisory (Plan)	$169,968
RSM US LLP3 years Filed as: MCGLADREY LLP Service code 10 5155 PAYSPHERE CIRCLE · CHICAGO, IL 60674	Accounting	$27,000
TD AMERITRADE, INC.4+ years Service code 33 · EIN 82-0543156 200 S. 108TH AVENUE · OMAHA, NE 68154	Securities brokerage	$250
CHARLES SCHWAB & CO., INC.1 year Service code 33 · EIN 94-1737782	Securities brokerage	$180
INCLINE INVESTMENT ADVISORS LL1 year Service code 33 · EIN 81-4477188	Securities brokerage	$64

Plan features & details

Pension benefit codes2E2F2G2J2K2R2T3D3H

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.
2R
Participant-directed brokerage accounts
Participant-directed brokerage accounts provided as an investment option under the plan.
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.
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.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

Opportunity flags

2 tripped

ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$426K

$198 / participant

Recordkeeping$229K53.7%
Investment mgmt$170K40.0%
Other / not subdivided$27K6.3%

% of EOY assets

0.128%

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: RSM US LLP
Auditor EIN: 420714325
Audit fees: $27,000
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$134,160

$85,144+57.6%

$130,070+3.1%

$80,187+67.3%

Participation rate

83.1%

79.5%+3.6pp

78.5%+4.6pp

72.9%+10.1pp

Annual return

17.78%

23.78%-6.0pp

-137.40%+155.2pp

40.40%-22.6pp

Employer contribution / active EE

$3,178

$3,059+3.9%

$4,322-26.5%

$2,980+6.7%

Participant deferral / active EE

$12,096

$4,992+142.3%

$5,821+107.8%

$5,016+141.1%

Admin fee / account holder

$171

$392-56.3%

$10,600-98.4%

$145+18.1%

Provider

Service type

Compensation

GREAT-WEST LIFE & ANNUITY INSURANCE2 years

Filed as: EMPOWER ANNUITY INSURANCE COMPANY O

Service code 64

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$228,538

SAGEVIEW ADVISORY GROUP, LLC4+ years

Service code 27

1920 MAIN STREET · IRVINE, CA 92614

Advisory (Plan)

$169,968

RSM US LLP3 years

Filed as: MCGLADREY LLP

Service code 10

5155 PAYSPHERE CIRCLE · CHICAGO, IL 60674

Accounting

$27,000

TD AMERITRADE, INC.4+ years

Service code 33 · EIN 82-0543156

200 S. 108TH AVENUE · OMAHA, NE 68154

Securities brokerage

$250

CHARLES SCHWAB & CO., INC.1 year

Service code 33 · EIN 94-1737782

Securities brokerage

$180

INCLINE INVESTMENT ADVISORS LL1 year

Service code 33 · EIN 81-4477188

Securities brokerage

$64

CONVERGEONE 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

CONVERGEONE 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