Retirement plan

PERFORMANCE MODALITIES, INC. 401(K) PROFIT SHARING PLAN AND TRUST

Name: PERFORMANCE MODALITIES, INC. - PERFORMANCE MODALITIES, INC. 401(K) PROFIT SHARING PLAN AND TRUST (2022) Form 5500
Creator: PERFORMANCE MODALITIES, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, PERFORMANCE MODALITIES, INC. 401(K) PROFIT SHARING PLAN AND TRUST, PERFORMANCE MODALITIES, INC.

PERFORMANCE MODALITIES, INC.EIN 91-1607760Plan #001PY 2022

19625 62ND AVE S A101 - KENT, WA 98032253-852-0078LinkedIn1-10 employeesmedical devices

Prospect flagsHigh retiree %Low returnsFailed to transmit contributions

How to read this page

Total assets (EOY)

$3M

-20.0% from 2021

Total participants

237

+52.9% from 2021

Average account balance

$14,682

-59.2% from 2021

Annual return

-19.44%

-39.92 pp from 2021

Benchmarks

See 5,350 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants100-249

Cohort5,350 peers

Snapshot2022

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

Analytics

Total assets (EOY)

Plan-year ending balance

$5.84M

Not enough data

1 years with asset history on file

Average account balance

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

$22K

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.

263

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.

88.7%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.05M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$5K

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

+21.36%

Not enough data

1 years with return on file

Admin fee / account holder

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

$301

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
JOHN HANCOCK LIFE INSURANCE COMPANY4 years Service code 15 · EIN 01-0233346	Recordkeeping	$28,877
HUNNEX AND SHOEMAKER, INC.6 years Service code 14 · EIN 91-1072394	Plan Administrator	$5,264

Plan features & details

Pension benefit codes2F2G2J2K3D

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.
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

3 tripped

OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
InformationalHigh retiree %
Retirees and beneficiaries make up 25% or more of total participants - indicates an ageing workforce or a frozen plan.

Expense breakdown

Schedule H Part II

Admin total

$34K

$215 / participant

Investment mgmt$5K15.4%
Contract admin$29K84.6%

% of EOY assets

1.129%

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: CLIFTONLARSONALLEN, LLP
Auditor EIN: 411074674
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$14,682

$65,083-77.4%

$143,788-89.8%

$66,930-78.1%

Participation rate

80.5%

65.2%+15.3pp

80.3%+0.2pp

69.8%+10.7pp

Annual return

-19.44%

-11.13%-8.3pp

-0.03%-19.4pp

1.57%-21.0pp

Employer contribution / active EE

$1,217

$2,361-48.5%

$4,952-75.4%

$2,545-52.2%

Participant deferral / active EE

$2,561

$2,920-12.3%

$5,638-54.6%

$4,238-39.6%

Admin fee / account holder

$166

$502-67.0%

$14,675-98.9%

$593-72.1%

Provider

Service type

Compensation

JOHN HANCOCK LIFE INSURANCE COMPANY4 years

Service code 15 · EIN 01-0233346

Recordkeeping

$28,877

HUNNEX AND SHOEMAKER, INC.6 years

Service code 14 · EIN 91-1072394

Plan Administrator

$5,264

PERFORMANCE MODALITIES, INC. 401(K) PROFIT SHARING PLAN AND TRUST

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

PERFORMANCE MODALITIES, INC. 401(K) PROFIT SHARING PLAN AND TRUST

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