Plan Snapshot
- Plan Sponsor: Essence Ventures, LLC
- Sponsor EIN: 823418584
- Sponsor Address: 34 35TH STREET, BROOKLYN, NY, 11232
- Plan Type: 401(k)
- Total Participants: 163
- Total Assets: $8.3M
Key Plan Design Features
- Auto-Enrollment: Yes
- Auto-Escalation: No
- Allows Roth Contributions: No
- Participant Loans: No
- Participant-Directed Investments: No
- ERISA Section 404(c) Fiduciary Safe Harbor: Yes
Plan Financials by Year
| Year | Participants | Total Assets | Employer Contrib. | Employee Contrib. |
|---|---|---|---|---|
| 2024 | 163 | $8.3M | $726,638 | $1.1M |
| 2023 | 119 | $4.9M | $543,934 | $765,366 |
| 2022 | 92 | $3.3M | $412,573 | $584,977 |
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 |
|---|---|---|---|---|
| BELFINT, LYONS &SHUMAN, P.A. | Auditor | — | — | $0 |
Verified Provider Profiles
Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:
- BELFINT, LYONS &SHUMAN, P.A. — Auditor
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $0
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 | $88,284 | — | — | — | — |
| 2023 | $55,014 | $790 | $52,124 | — | — |
| 2022 | $43,863 | $43,863 | — | — | — |