# Drake Software 401(k) Plan
Source: https://planprovider.pro/companies/drake-software-llc-401k-plan

> Drake Software's 401(k) plan: 957 participants, plan year 2023 financials, providers, and benchmarks from Form 5500.

Form 5500 filing data for plan year 2023.

## Plan Snapshot

- **Plan Sponsor:** Drake Software

- **Sponsor EIN:** 261539542

- **Sponsor Address:** 235 E PALMER ST, FRANKLIN, NC, 287343049

- **Plan Type:** 401(k)

- **Total Participants:** 957

- **Total Assets:** $60.9M

## 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.|

| 2023|957|$60.9M|$3.3M|$6.7M|

| 2022|988|$29.7M|$1.5M|$2.8M|

## 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|CONTRACT ADMINISTRATOR|$486,668|—|$486,668|

| SOWELL MANAGEMENT SERVICES|INVESTMENT ADVISORY|—|$106,898|$106,898|

| CREATIVE PLANNING, INC.|INVESTMENT ADVISORY|—|$51,080|$51,080|

| CARON & BLETZER, PLLC|Auditor|—|—|$0|

### Verified Provider Profiles

Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:

- [CREATIVE PLANNING, INC.](https://planprovider.pro/provider/creative-planning) — INVESTMENT ADVISORY

- [CARON & BLETZER, PLLC](https://planprovider.pro/provider/caron-bletzer) — Auditor

## Plan Fees & Expenses

Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.

- **Total Service Provider Fees:** $644,646

- **Estimated Expense Ratio:** 1.058% 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|

| 2023|$243,335|—|$243,335|—|—|

| 2022|$136,178|—|$136,178|—|—|

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