Retirement plan

SUMMIT CONSULTING, LLC 401(K) PROFIT SHARING PLAN

Name: SUMMIT CONSULTING,LLC - SUMMIT CONSULTING, LLC 401(K) PROFIT SHARING PLAN (2022) Form 5500
Creator: SUMMIT CONSULTING,LLC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SUMMIT CONSULTING, LLC 401(K) PROFIT SHARING PLAN, SUMMIT CONSULTING,LLC

SUMMIT CONSULTING,LLCEIN 95-4816438Plan #001PY 2022

777 6TH STREET, NW, SUITE 520 - WASHINGTON, DC 20001202-407-8300

Prospect flagsLow returnsHigh feesRecently reached 100 employees

How to read this page

Total assets (EOY)

$7.2M

-19.4% from 2021

Total participants

151

+2.7% from 2021

Average account balance

$47,812

No prior year

Annual return

-18.34%

-34.44 pp from 2021

Benchmarks

See 5,988 peers

Peer group

Industry54 - Professional, Scientific, and Technical Services

Plan typeDefined contribution

Participants100-249

Cohort5,988 peers

Snapshot2022

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

Analytics

Total assets (EOY)

Plan-year ending balance

$13.18M

Not enough data

1 years with asset history on file

Average account balance

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

$79K

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.

167

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.

99.2%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.73M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$14K

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

+28.48%

Not enough data

1 years with return on file

Admin fee / account holder

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

$551

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 5 by compensation

Provider	Service type	Compensation
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: EMPOWER ANNUITY INSURANCE COMPANY Service code 64 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$52,539
CETERA ADVISOR NETWORKS LLC2 years Service code 55 2301 ROSECRANS AVE #1500 · EL SEGUNDO, CA 90245	Other Commissions	$31,217
COASTAL PENSION SERVICES2 years Service code 13 7230 LEE DEFOREST DR STE 102 · COLUMBIA, MD 21046	Contract Administrator	$11,685
LEAFHOUSE FINANCIAL ADVISORS, LLC2 years Filed as: LEAFHOUSE FINANCIAL ADVISORS LLC Service code 99 6504 BRIDGE POINT PKWY STE 450 · AUSTIN, TX 78730	Other Fees	$3,953
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: EMPOWER ADVISORY GROUP, LLC Service code 28 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Investment Management	$2,504

Plan features & details

Pension benefit codes2E2F2G2J2K2T3D

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

3 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
InformationalRecently reached 100 employees
Sponsor crossed the 100-balance-holder threshold in the most recent filing - large-plan audit requirement now applies.

Expense breakdown

Schedule H Part II

Admin total

$70K

$658 / participant

Contract admin$70K100.0%

% of EOY assets

0.981%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: UHY LLP
Auditor EIN: 200694403
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$47,812

$84,482-43.4%

$125,363-61.9%

$66,930-28.6%

Participation rate

99.1%

76.4%+22.7pp

82.4%+16.7pp

69.8%+29.3pp

Annual return

-18.34%

-8.49%-9.8pp

572.15%-590.5pp

1.57%-19.9pp

Employer contribution / active EE

$4,237

$3,553+19.3%

$4,815-12.0%

$2,545+66.5%

Participant deferral / active EE

$9,375

$6,782+38.2%

$7,447+25.9%

$4,238+121.2%

Admin fee / account holder

$469

$685-31.5%

$10,005-95.3%

$593-21.0%

Provider

Service type

Compensation

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: EMPOWER ANNUITY INSURANCE COMPANY

Service code 64

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$52,539

CETERA ADVISOR NETWORKS LLC2 years

Service code 55

2301 ROSECRANS AVE #1500 · EL SEGUNDO, CA 90245

Other Commissions

$31,217

COASTAL PENSION SERVICES2 years

Service code 13

7230 LEE DEFOREST DR STE 102 · COLUMBIA, MD 21046

Contract Administrator

$11,685

LEAFHOUSE FINANCIAL ADVISORS, LLC2 years

Filed as: LEAFHOUSE FINANCIAL ADVISORS LLC

Service code 99

6504 BRIDGE POINT PKWY STE 450 · AUSTIN, TX 78730

Other Fees

$3,953

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: EMPOWER ADVISORY GROUP, LLC

Service code 28

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Investment Management

$2,504

SUMMIT CONSULTING, LLC 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SUMMIT CONSULTING, LLC 401(K) 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