Retirement plan

403(B) THRIFT PLAN FOR EMPLOYEES OF INNOVATION WORKS, INC.

Name: INNOVATION WORKS, INC. - 403(B) THRIFT PLAN FOR EMPLOYEES OF INNOVATION WORKS, INC. (2023) Form 5500
Creator: INNOVATION WORKS, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, 403(B) THRIFT PLAN FOR EMPLOYEES OF INNOVATION WORKS, INC., INNOVATION WORKS, INC.

INNOVATION WORKS, INC.EIN 82-3417166Plan #001PY 2023

1400 GREENMOUNT AVE STE B01 - BALTIMORE, MD 212025684410-428-9867iwbmore.orgLinkedIn11-50 employeescivic & social organization

Prospect flagsHigh feesLow assets / participantLow fidelity bond

How to read this page

Total assets (EOY)

$155K

+111.2% from 2022

Total participants

+33.3% from 2022

Average account balance

$11,938

+78.7% from 2022

Annual return

28.05%

+49.60 pp from 2022

Benchmarks

See 108,045 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants<25

Cohort108,045 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$280K

Not enough data

1 years with asset history on file

Average account balance

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

$16K

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.

106.3%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$68K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$4K

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

+17.69%

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 codes2G3D2J2E2T

Plan features

2E
Profit-sharing
Profit-sharing plan.
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.
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

3 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
OpportunityLow assets / participant
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
ComplianceLow fidelity bond
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).

Expense breakdown

Schedule H Part II

Admin total

$10K

$805 / participant

Other / not subdivided$10K100.0%

% of EOY assets

6.743%

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

$11,938

$175,257-93.2%

$149,717-92.0%

$139,456-91.4%

Participation rate

76.9%

83.4%-6.5pp

78.8%-1.9pp

80.3%-3.4pp

Annual return

28.05%

166.70%-138.7pp

134.41%-106.4pp

373.45%-345.4pp

Employer contribution / active EE

$1,175

$5,477-78.6%

$4,820-75.6%

$4,753-75.3%

Participant deferral / active EE

$4,329

$6,521-33.6%

$5,682-23.8%

$6,711-35.5%

Admin fee / account holder

$805

$16,156-95.0%

$13,213-93.9%

$11,407-92.9%

403(B) THRIFT PLAN FOR EMPLOYEES OF INNOVATION WORKS, INC.

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

403(B) THRIFT PLAN FOR EMPLOYEES OF INNOVATION WORKS, INC.

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