Retirement plan

SPARTAN WEALTH MANAGEMENT 401(K) PLAN

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

SPARTAN WEALTH MANAGEMENTEIN 82-2611455Plan #001PY 2023

32600 TELEGRAPH RD, STE 200 - BINGHAM FARMS, MI 480252409248-297-6604spartanwealth.comLinkedIn11-50 employeesfinancial services

Prospect flagsHigh feesLow participation

How to read this page

Total assets (EOY)

$2.3M

+471.1% from 2022

Total participants

+109.1% from 2022

Average account balance

$143,931

+292.7% from 2022

Annual return

372.39%

+396.87 pp from 2022

Benchmarks

See 36,180 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants<25

Cohort36,180 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$3.10M

Not enough data

1 years with asset history on file

Average account balance

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

$148K

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.

80.8%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$320K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$12K

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

+28.12%

Not enough data

1 years with return on file

Admin fee / account holder

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

$12592

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 codes2E2F2G2J2R2T3D

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.
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.

Opportunity flags

2 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
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

$13K

$561 / participant

Other / not subdivided$13K100.0%

% of EOY assets

0.560%

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

$143,931

$185,856-22.6%

$170,028-15.3%

$139,456+3.2%

Participation rate

69.6%

87.8%-18.2pp

87.0%-17.4pp

80.3%-10.8pp

Annual return

372.39%

60.52%+311.9pp

53.39%+319.0pp

373.45%-1.1pp

Employer contribution / active EE

$3,440

$7,593-54.7%

$6,788-49.3%

$4,753-27.6%

Participant deferral / active EE

$14,405

$11,623+23.9%

$10,409+38.4%

$6,711+114.6%

Admin fee / account holder

$806

$15,387-94.8%

$12,820-93.7%

$11,407-92.9%

SPARTAN WEALTH MANAGEMENT 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SPARTAN WEALTH MANAGEMENT 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