Retirement plan

PROMISE FUND OF FLORIDA, INC. 401(K) PLAN

Name: PROMISE FUND OF FLORIDA, INC. - PROMISE FUND OF FLORIDA, INC. 401(K) PLAN (2024) Form 5500
Creator: PROMISE FUND OF FLORIDA, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, PROMISE FUND OF FLORIDA, INC. 401(K) PLAN, PROMISE FUND OF FLORIDA, INC.

PROMISE FUND OF FLORIDA, INC.EIN 83-0535519Plan #001PY 2024

477 S ROSEMARY AVENUE, SUITE 226 - WEST PALM BEACH, FL 33401561-542-6080

Prospect flagsHigh feesLow fidelity bond

How to read this page

Total assets (EOY)

$229K

+69.7% from 2023

Total participants

+30.8% from 2023

Average account balance

$15,275

+13.1% from 2023

Annual return

12.12%

-16.48 pp from 2023

Benchmarks

See 49,898 peers

Peer group

Industry81 - Other Services (except Public Administration)

Plan typeDefined contribution

Participants<25

Cohort49,898 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$229K

Not enough data

1 years with asset history on file

Average account balance

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

$15K

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.

107.1%

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

$7K

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

+12.12%

Not enough data

1 years with return on file

Admin fee / account holder

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

$1046

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 codes2F2G2H2S2T3D

Plan features

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.
2H
Partial participant-directed account plan
Participants have the opportunity to direct the investment of a portion of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
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.

Opportunity flags

2 tripped

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

$16K

$1121 / participant

Other / not subdivided$16K100.0%

% of EOY assets

6.849%

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

$15,275

$88,778-82.8%

$81,844-81.3%

$145,884-89.5%

Participation rate

85.7%

75.1%+10.6pp

72.4%+13.3pp

80.3%+5.4pp

Annual return

12.12%

1033.03%-1020.9pp

778.87%-766.8pp

551.85%-539.7pp

Employer contribution / active EE

$2,219

$3,087-28.1%

$2,916-23.9%

$4,662-52.4%

Participant deferral / active EE

$4,408

$4,648-5.2%

$4,323+2.0%

$6,690-34.1%

Admin fee / account holder

$1,046

$8,430-87.6%

$7,355-85.8%

$13,392-92.2%

PROMISE FUND OF FLORIDA, INC. 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

PROMISE FUND OF FLORIDA, INC. 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