Retirement plan

MORRIS & GARRITANO INSURANCE AGENCY, INC. 401K PROFIT SHARING PLAN

Name: MORRIS & GARRITANO INSURANCE AGENCY, INC. - MORRIS & GARRITANO INSURANCE AGENCY, INC. 401K PROFIT SHARING PLAN (2020) Form 5500
Creator: MORRIS & GARRITANO INSURANCE AGENCY, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, MORRIS & GARRITANO INSURANCE AGENCY, INC. 401K PROFIT SHARING PLAN, MORRIS & GARRITANO INSURANCE AGENCY, INC.

MORRIS & GARRITANO INSURANCE AGENCY, INC.EIN 95-2304670Plan #002PY 2020

1122 LAUREL LANE, P.O. DRAWER 1189 - SAN LUIS OBISPO, CA 93401805-543-6887

Prospect flagsLow employer contribution

How to read this page

Total assets (EOY)

$13.7M

+19.3% from 2019

Total participants

133

+8.1% from 2019

Average account balance

$132,714

+17.0% from 2019

Annual return

15.44%

-4.84 pp from 2019

Benchmarks

See 2,211 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants100-249

Cohort2,211 peers

Snapshot2020

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

Analytics

Total assets (EOY)

Plan-year ending balance

$17.30M

Not enough data

1 years with asset history on file

Average account balance

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

$147K

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.

118

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.

68.7%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.12M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$8K

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

+15.20%

Not enough data

1 years with return on file

Admin fee / account holder

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

$304

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 3 by compensation

Provider	Service type	Compensation
CALIBER AUDIT & ATTEST1 year Service code 10 · EIN 26-2350873	Accounting	$9,500
HICKS PENSION SERVICES4 years Service code 14 · EIN 77-0155091	Plan Administrator	$6,670
MASSACHUSETTS MUTUAL LIFE INS. CO.2 years Filed as: MASS MUTUAL RETIREMENT SERVICES,LLC Service code 15 · EIN 26-1589907	Recordkeeping	$1,500

Plan features & details

Pension benefit codes2E2F2J2K3D

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).
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

OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II

Admin total

$3K

$22 / participant

Other / not subdivided$3K100.0%

% of EOY assets

0.020%

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: CALIBER AUDIT & ATTEST, LLP
Auditor EIN: 262350873
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$132,714

$136,307-2.6%

$177,848-25.4%

$73,497+80.6%

Participation rate

75.6%

86.1%-10.5pp

87.7%-12.1pp

70.7%+4.9pp

Annual return

15.44%

18.68%-3.2pp

48.33%-32.9pp

28.51%-13.1pp

Employer contribution / active EE

$1,304

$3,712-64.9%

$5,919-78.0%

$2,270-42.5%

Participant deferral / active EE

$4,428

$5,829-24.0%

$7,714-42.6%

$3,740+18.4%

Admin fee / account holder

$26

$596-95.6%

$12,431-99.8%

$513-94.9%

Provider

Service type

Compensation

CALIBER AUDIT & ATTEST1 year

Service code 10 · EIN 26-2350873

Accounting

$9,500

HICKS PENSION SERVICES4 years

Service code 14 · EIN 77-0155091

Plan Administrator

$6,670

MASSACHUSETTS MUTUAL LIFE INS. CO.2 years

Filed as: MASS MUTUAL RETIREMENT SERVICES,LLC

Service code 15 · EIN 26-1589907

Recordkeeping

$1,500

MORRIS & GARRITANO INSURANCE AGENCY, INC. 401K PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

MORRIS & GARRITANO INSURANCE AGENCY, INC. 401K PROFIT SHARING 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