Retirement plan

INTERNATIONAL FRESH PRODUCE ASSOCIATION 401K PLAN

Name: INTERNATIONAL FRESH PRODUCE ASSOCIATION - INTERNATIONAL FRESH PRODUCE ASSOCIATION 401K PLAN (2023) Form 5500
Creator: INTERNATIONAL FRESH PRODUCE ASSOCIATION
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, INTERNATIONAL FRESH PRODUCE ASSOCIATION 401K PLAN, INTERNATIONAL FRESH PRODUCE ASSOCIATION

INTERNATIONAL FRESH PRODUCE ASSOCIATIONEIN 87-3495767Plan #002PY 2023

PO BOX 6036 - NEWARK, DE 19714302-607-2150

Other plans on this EIN

1 filing

#003Retirement-$730K assets

Prospect flagsHigh feesFailed to transmit contributions

How to read this page

Total assets (EOY)

$27.2M

+12.1% from 2022

Total participants

139

+2.2% from 2022

Average account balance

$200,113

+8.8% from 2022

Annual return

20.09%

+15.52 pp from 2022

Benchmarks

See 9,806 peers

Peer group

Industry81 - Other Services (except Public Administration)

Plan typeDefined contribution

Participants25-99

Cohort9,806 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$29.22M

Not enough data

1 years with asset history on file

Average account balance

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

$206K

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.

142

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.

92.6%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$2.04M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$21K

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

+13.61%

Not enough data

1 years with return on file

Admin fee / account holder

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

$338

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
RAFFA WEALTH MANAGEMENT, LLC1 year Filed as: RAFFA WEALTH MANAGEMENT Service code 27 · EIN 20-3107658	Advisory (Plan)	$30,479
FIDELITY INVESTMENTS INSTITUTIONAL1 year Service code 60 · EIN 04-2647786	Sub-TA Fees	$9,871

Plan features & details

Pension benefit codes2T2E2F2G2J2K3D

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.
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.)
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).

Expense breakdown

Schedule H Part II

Admin total

$42K

$511 / participant

Recordkeeping$10K23.6%
Investment mgmt$32K76.4%

% of EOY assets

0.154%

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: MARCUM LLP
Auditor EIN: 111986323
Audit fees: $0
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$200,113

$57,330+249.1%

$86,656+130.9%

$75,177+166.2%

Participation rate

96.3%

63.2%+33.1pp

71.7%+24.6pp

67.2%+29.1pp

Annual return

20.09%

2675.40%-2655.3pp

593.09%-573.0pp

160.75%-140.7pp

Employer contribution / active EE

$16,442

$2,316+609.8%

$3,025+443.4%

$2,671+515.6%

Participant deferral / active EE

$13,901

$3,320+318.7%

$4,439+213.1%

$4,126+236.9%

Admin fee / account holder

$308

$4,115-92.5%

$5,619-94.5%

$5,651-94.5%

Provider

Service type

Compensation

RAFFA WEALTH MANAGEMENT, LLC1 year

Filed as: RAFFA WEALTH MANAGEMENT

Service code 27 · EIN 20-3107658

Advisory (Plan)

$30,479

FIDELITY INVESTMENTS INSTITUTIONAL1 year

Service code 60 · EIN 04-2647786

Sub-TA Fees

$9,871

INTERNATIONAL FRESH PRODUCE ASSOCIATION 401K PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

INTERNATIONAL FRESH PRODUCE ASSOCIATION 401K 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