Retirement plan

VELOCITY CLINICAL RESEARCH 401(K) PLAN

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

VELOCITY CLINICAL RESEARCH, INCEIN 82-3171064Plan #001PY 2024

807 EAST MAIN STREET, SUITE 06-100 - DURHAM, NC 27701919-937-2458velocityclinical.comLinkedIn1001-5000 employeesbiotechnology

Prospect flagsLow assets / participantFailed to transmit contributionsCorrective distributions

How to read this page

Total assets (EOY)

$35.6M

+32.6% from 2023

Total participants

1,393

-9.4% from 2023

Average account balance

$27,330

+42.3% from 2023

Annual return

21.19%

-101.59 pp from 2023

Benchmarks

See 949 peers

Peer group

Industry54 - Professional, Scientific, and Technical Services

Plan typeDefined contribution

Participants1,000-4,999

Cohort949 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$35.58M

Not enough data

1 years with asset history on file

Average account balance

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

$27K

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.

1,302

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.

91.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$9.24M

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

+21.19%

Not enough data

1 years with return on file

Admin fee / account holder

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

$134

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
JOHN HANCOCK LIFE INSURANCE COMPANY3 years Filed as: JOHN HANCOCK Service code 15 · EIN 01-0233346	Recordkeeping	$109,813
CETERA ADVISOR NETWORKS LLC1 year Filed as: CETERA INVESTMENTS Service code 27 5001 WESTIN PARKWAY · CARY, NC 27513	Advisory (Plan)	$46,583
FIRST ALLIED INC.3 years Service code 27 2301 ROSECRANS AVE · EL SEGUNDO, CA 90245	Advisory (Plan)	$18,433

Plan features & details

Pension benefit codes2E2F2G2J2T3D3H2S

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.
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.
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

3 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).
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$175K

$172 / participant

Investment mgmt$65K37.2%
Contract admin$110K62.8%

% of EOY assets

0.491%

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: FORVIS MAZARS, LLP
Auditor EIN: 441060260
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$27,330

$122,128-77.6%

$147,080-81.4%

$199,960-86.3%

Participation rate

91.0%

78.2%+12.9pp

82.2%+8.9pp

72.0%+19.0pp

Annual return

21.19%

30.58%-9.4pp

420.17%-399.0pp

34.28%-13.1pp

Employer contribution / active EE

$3,139

$4,093-23.3%

$4,933-36.4%

$3,036+3.4%

Participant deferral / active EE

$5,953

$8,484-29.8%

$8,066-26.2%

$5,087+17.0%

Admin fee / account holder

$134

$180-25.2%

$12,989-99.0%

$269-50.1%

Provider

Service type

Compensation

JOHN HANCOCK LIFE INSURANCE COMPANY3 years

Filed as: JOHN HANCOCK

Service code 15 · EIN 01-0233346

Recordkeeping

$109,813

CETERA ADVISOR NETWORKS LLC1 year

Filed as: CETERA INVESTMENTS

Service code 27

5001 WESTIN PARKWAY · CARY, NC 27513

Advisory (Plan)

$46,583

FIRST ALLIED INC.3 years

Service code 27

2301 ROSECRANS AVE · EL SEGUNDO, CA 90245

Advisory (Plan)

$18,433

VELOCITY CLINICAL RESEARCH 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

VELOCITY CLINICAL RESEARCH 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