Retirement plan

FORMEL D USA, INC. 401(K) PROFIT SHARING PLAN

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

FORMEL D USA, INC.EIN 98-0425677Plan #002PY 2022

28411 NORTHWESTERN HWY, STE 690 - SOUTHFIELD, MI 48034248-897-4455

Prospect flagsHigh retiree %High feesLow assets / participantCorrective distributions

How to read this page

Total assets (EOY)

$1.9M

-16.1% from 2021

Total participants

366

-26.7% from 2021

Average account balance

$5,634

+10.8% from 2021

Annual return

-17.76%

-31.48 pp from 2021

Benchmarks

See 2,289 peers

Peer group

Industry42 - Wholesale Trade

Plan typeDefined contribution

Participants100-249

Cohort2,289 peers

Snapshot2022

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

Analytics

Total assets (EOY)

Plan-year ending balance

$2.85M

Not enough data

1 years with asset history on file

Average account balance

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

$20K

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.

140

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.

34.3%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$624K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$3K

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

+13.38%

Not enough data

1 years with return on file

Admin fee / account holder

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

$334

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

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Service providers

Top 2 by compensation

Provider	Service type	Compensation
AMERICAN REALTY ADVISORS2 years Filed as: AMERICAN TRUST COMPANY Service code 13 · EIN 62-0951563	Contract Administrator	$89,730
GROUP BENEFIT STRATEGIES3 years Service code 27 32 PARKWAY COMMONS WAY · GREER, SC 29650	Advisory (Plan)	$14,720

Plan features & details

Pension benefit codes3D2J2G2S2E2K2F2T

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.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
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

4 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
OpportunityLow assets / participant
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).
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

$104K

$822 / participant

Investment mgmt$15K14.1%
Contract admin$90K85.9%

% of EOY assets

5.358%

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: PLANTE & MORAN, PLLC
Auditor EIN: 381357951
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$5,634

$86,692-93.5%

$119,634-95.3%

$66,949-91.6%

Participation rate

84.3%

75.6%+8.7pp

79.3%+5.0pp

69.8%+14.4pp

Annual return

-17.76%

-8.00%-9.8pp

-14.98%-2.8pp

1.57%-19.3pp

Employer contribution / active EE

$5,197

$2,536+104.9%

$4,232+22.8%

$2,545+104.2%

Participant deferral / active EE

$2,539

$4,360-41.8%

$5,601-54.7%

$4,239-40.1%

Admin fee / account holder

$302

$755-60.0%

$10,329-97.1%

$594-49.1%

Provider

Service type

Compensation

AMERICAN REALTY ADVISORS2 years

Filed as: AMERICAN TRUST COMPANY

Service code 13 · EIN 62-0951563

Contract Administrator

$89,730

GROUP BENEFIT STRATEGIES3 years

Service code 27

32 PARKWAY COMMONS WAY · GREER, SC 29650

Advisory (Plan)

$14,720

FORMEL D USA, INC. 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

FORMEL D USA, INC. 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