Retirement plan

MITEK SYSTEMS, INC. 401(K) SAVINGS PLAN

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

MITEK SYSTEMS, INC.EIN 87-0418827Plan #001PY 2024

770 FIRST AVENUE, SUITE 425 - SAN DIEGO, CA 92101619-269-6800miteksystems.comLinkedIn501-1000 employeescomputer & network security

Prospect flagsCorrective distributions

How to read this page

Total assets (EOY)

$26.4M

+21.3% from 2023

Total participants

258

+7.9% from 2023

Average account balance

$116,859

+13.3% from 2023

Annual return

16.32%

-4.73 pp from 2023

Benchmarks

See 6,280 peers

Peer group

Industry54 - Professional, Scientific, and Technical Services

Plan typeDefined contribution

Participants100-249

Cohort6,280 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$26.41M

Not enough data

1 years with asset history on file

Average account balance

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

$117K

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.

226

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.

81.7%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$3.08M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$18K

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

+16.32%

Not enough data

1 years with return on file

Admin fee / account holder

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

$203

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 2 by compensation

Provider	Service type	Compensation
WELLS FARGO BANK, N.A.5 years Filed as: WELLS FARGO ADVISORS Service code 27 · EIN 36-4019175	Advisory (Plan)	$67,302
FIDELITY INVESTMENTS INSTITUTIONAL7 years Service code 37 · EIN 04-2647786	Loan Processing	-$21,450

Plan features & details

Pension benefit codes2F2G2J2K2E3D

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.
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

1 tripped

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

Expense breakdown

Schedule H Part II

Admin total

$46K

$262 / participant

Investment mgmt$67K146.8%

% of EOY assets

0.174%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: JGD & ASSOCIATES LLP
Auditor EIN: 953132551
Audit fees: $0
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$116,859

$101,653+15.0%

$147,080-20.5%

$74,459+56.9%

Participation rate

81.7%

75.6%+6.2pp

82.2%-0.5pp

67.2%+14.5pp

Annual return

16.32%

8754.98%-8738.7pp

420.17%-403.9pp

1369.70%-1353.4pp

Employer contribution / active EE

$3,482

$3,813-8.7%

$4,933-29.4%

$2,626+32.6%

Participant deferral / active EE

$14,145

$7,304+93.7%

$8,066+75.4%

$4,350+225.2%

Admin fee / account holder

$203

$1,752-88.4%

$12,989-98.4%

$1,945-89.6%

Provider

Service type

Compensation

WELLS FARGO BANK, N.A.5 years

Filed as: WELLS FARGO ADVISORS

Service code 27 · EIN 36-4019175

Advisory (Plan)

$67,302

FIDELITY INVESTMENTS INSTITUTIONAL7 years

Service code 37 · EIN 04-2647786

Loan Processing

-$21,450

MITEK SYSTEMS, INC. 401(K) SAVINGS PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

MITEK SYSTEMS, INC. 401(K) SAVINGS 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