Retirement plan

BEST CONTRACTING SERVICES, INC. PROFIT SHARING 401(K) PLAN

Name: BEST CONTRACTING SERVICES, INC. - BEST CONTRACTING SERVICES, INC. PROFIT SHARING 401(K) PLAN (2023) Form 5500
Creator: BEST CONTRACTING SERVICES, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, BEST CONTRACTING SERVICES, INC. PROFIT SHARING 401(K) PLAN, BEST CONTRACTING SERVICES, INC.

BEST CONTRACTING SERVICES, INC.EIN 95-3781209Plan #001PY 2023

19027 S. HAMILTON AVENUE - GARDENA, CA 90248310-328-6969bestcontracting.comLinkedIn501-1000 employeesconstruction

Prospect flagsHigh feesLow participationLow participant contribution

How to read this page

Total assets (EOY)

$5.7M

+15.9% from 2022

Total participants

147

+2.8% from 2022

Average account balance

$54,082

+18.1% from 2022

Annual return

15.77%

+32.09 pp from 2022

Benchmarks

See 3,251 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants100-249

Cohort3,251 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$7.32M

Not enough data

1 years with asset history on file

Average account balance

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

$55K

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.

133

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.

88.5%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.59M

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

+12.72%

Not enough data

1 years with return on file

Admin fee / account holder

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

$388

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
MERRILL LYNCH PIERCE FENNER & SMITH2 years Filed as: MERRILL LYNCH LIFE AGENCY, INC. Service code 27 · EIN 13-2808480	Advisory (Plan)	$8,805
TRANSAMERICA RETIREMENT SOLUTIONS1 year Filed as: TRANSAMERICA FINANCIAL LIFE INSURAN Service code 15 · EIN 36-6071399	Recordkeeping	$4,774
ASCENSUS LLC2 years Filed as: FUTUREPLAN BY ASCENSUS Service code 15 · EIN 82-3719843	Recordkeeping	$0

Plan features & details

Pension benefit codes2A2E2F2H2J3D

Plan features

2A
Age/service weighted or new comparability plan
Age/service weighted plan where allocations are based on age service or age and service; or new comparability or similar plan where allocations are based on participant classifications consisting entirely or predominantly of highly compensated employees or the plan provides an additional allocation rate on compensation above a specified threshold that exceeds the permitted disparity limits of Code section 401(l).
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).
2H
Partial participant-directed account plan
Participants have the opportunity to direct the investment of a portion 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.
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 participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.
OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)

Expense breakdown

Schedule H Part II

Admin total

$49K

$463 / participant

Recordkeeping$20K41.0%
Investment mgmt$29K59.0%

% of EOY assets

0.865%

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: POOLER CPA GROUP, LLC
Auditor EIN: 824354021
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$54,082

$76,696-29.5%

$96,515-44.0%

$71,511-24.4%

Participation rate

60.4%

66.6%-6.2pp

74.3%-14.0pp

67.9%-7.6pp

Annual return

15.77%

48.32%-32.5pp

35.73%-20.0pp

28.86%-13.1pp

Employer contribution / active EE

$3,032-100.0%

$3,740-100.0%

$2,589-100.0%

Participant deferral / active EE

$1,257

$3,770-66.7%

$4,880-74.2%

$4,291-70.7%

Admin fee / account holder

$468

$2,030-77.0%

$6,735-93.1%

$1,588-70.6%

Provider

Service type

Compensation

MERRILL LYNCH PIERCE FENNER & SMITH2 years

Filed as: MERRILL LYNCH LIFE AGENCY, INC.

Service code 27 · EIN 13-2808480

Advisory (Plan)

$8,805

TRANSAMERICA RETIREMENT SOLUTIONS1 year

Filed as: TRANSAMERICA FINANCIAL LIFE INSURAN

Service code 15 · EIN 36-6071399

Recordkeeping

$4,774

ASCENSUS LLC2 years

Filed as: FUTUREPLAN BY ASCENSUS

Service code 15 · EIN 82-3719843

Recordkeeping

BEST CONTRACTING SERVICES, INC. PROFIT SHARING 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

BEST CONTRACTING SERVICES, INC. PROFIT SHARING 401(K) 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