Retirement plan

HFS 401(K) SAVINGS PLAN

Name: HALLMARK FINANCIAL SERVICES, INC - HFS 401(K) SAVINGS PLAN (2022) Form 5500
Creator: HALLMARK FINANCIAL SERVICES, INC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, HFS 401(K) SAVINGS PLAN, HALLMARK FINANCIAL SERVICES, INC

HALLMARK FINANCIAL SERVICES, INCEIN 87-0447375Plan #001PY 2022

5420 LYNDON B. JOHNSOM FREEWAY, SUITE 1100 - DALLAS, TX 752402345800-866-0047hallmarkgrp.comLinkedIn201-500 employeesinsurance

Prospect flagsLow employer contributionCorrective distributions

How to read this page

Total assets (EOY)

$33.9M

-15.7% from 2021

Total participants

614

+3.2% from 2021

Average account balance

$56,288

-18.8% from 2021

Annual return

-16.36%

-35.51 pp from 2021

Benchmarks

See 1,529 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants250-999

Cohort1,529 peers

Snapshot2022

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

Analytics

Total assets (EOY)

Plan-year ending balance

$29.72M

Not enough data

1 years with asset history on file

Average account balance

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

$67K

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.

443

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.

93.3%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.79M

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

+16.46%

Not enough data

1 years with return on file

Admin fee / account holder

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

$160

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
THE VANGUARD GROUP, INC.6 years Service code 15 · EIN 23-1945930	Recordkeeping	$83,778
THE VANGUARD GROUP, INC.2 years Filed as: VANGUARD ADVISERS INC. Service code 26 · EIN 23-2811930	Advisory (Participants)	$7,630

Plan features & details

Pension benefit codes2E2F2G2J2K2S3D3H

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.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
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

2 tripped

OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$90K

$214 / participant

Other / not subdivided$90K100.0%

% of EOY assets

0.265%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: GRANT THORNTON LLP
Auditor EIN: 366055558
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$56,288

$86,897-35.2%

$151,639-62.9%

$64,819-13.2%

Participation rate

97.1%

87.3%+9.9pp

87.5%+9.6pp

71.5%+25.7pp

Annual return

-16.36%

-3.57%-12.8pp

3.34%-19.7pp

32.84%-49.2pp

Employer contribution / active EE

$394

$4,010-90.2%

$6,165-93.6%

$2,507-84.3%

Participant deferral / active EE

$7,448

$6,690+11.3%

$8,363-11.0%

$4,311+72.8%

Admin fee / account holder

$149

$153-2.6%

$11,613-98.7%

$188-20.7%

Provider

Service type

Compensation

THE VANGUARD GROUP, INC.6 years

Service code 15 · EIN 23-1945930

Recordkeeping

$83,778

THE VANGUARD GROUP, INC.2 years

Filed as: VANGUARD ADVISERS INC.

Service code 26 · EIN 23-2811930

Advisory (Participants)

$7,630

HFS 401(K) SAVINGS PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

HFS 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