Plan Snapshot
- Plan Sponsor: Drake Enterprises, Ltd
- Sponsor EIN: 561494243
- Sponsor Address: 213 FRANKLIN PLAZA DR, FRANKLIN, NC, 287343207
- Plan Type: 401(k)
- Total Participants: 105
- Total Assets: $9.4M
Key Plan Design Features
- Auto-Enrollment: Yes
- Auto-Escalation: No
- Allows Roth Contributions: Yes
- Participant Loans: No
- Participant-Directed Investments: Yes
- ERISA Section 404(c) Fiduciary Safe Harbor: Yes
Plan Financials by Year
| Year | Participants | Total Assets | Employer Contrib. | Employee Contrib. |
|---|---|---|---|---|
| 2024 | 105 | $9.4M | $201,890 | $319,292 |
| 2023 | 114 | $9.5M | $219,967 | $408,062 |
| 2022 | 134 | $9.0M | $215,717 | $401,815 |
Service Providers (Schedule C)
Vendors paid $5,000 or more for services to the plan, ranked by total compensation (direct + indirect fees).
| Provider Name | Role | Direct Compensation | Indirect Compensation | Total Fees |
|---|---|---|---|---|
| PRINCIPAL LIFE INSURANCE COMPANY | Recordkeeper | $47,736 | — | $47,736 |
| PRINCIPAL SECURITIES INC | Other Service Provider | — | $10,098 | $10,098 |
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $57,834
- Estimated Expense Ratio: 0.613% of plan assets
Historical Administrative Expenses
Breakdown of administrative expense categories reported on Form 5500 filings.
| Year | Total Admin Expenses | Investment Mgmt Fees | Contract Admin Fees | IQPA Audit Fees | Professional Fees |
|---|---|---|---|---|---|
| 2024 | $47,736 | — | $47,736 | — | — |
| 2023 | $44,217 | — | $44,217 | — | — |
| 2022 | $42,577 | — | $42,577 | — | — |