Plan Snapshot
- Plan Sponsor: Galvan Industries, INC.
- Sponsor EIN: 560788307
- Sponsor Address: P.O. BOX 369, HARRISBURG, NC, 28075
- Plan Type: 401(k)
- Total Participants: 89
- Total Assets: $9.9M
Key Plan Design Features
- Auto-Enrollment: Yes
- Auto-Escalation: No
- Allows Roth Contributions: No
- 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 | 89 | $9.9M | $309,940 | $417,228 |
| 2023 | 82 | $8.5M | $246,761 | $374,333 |
| 2022 | 157 | $7.2M | $289,293 | $357,254 |
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 |
|---|---|---|---|---|
| VOYA RETIREMENT INSURANCE & ANNUITY | Other Service Provider | $40,828 | $17 | $40,845 |
| WEALTH ENHANCEMENT ADVISORY SERVICE | Other Service Provider | — | $22,783 | $22,783 |
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $63,628
- Estimated Expense Ratio: 0.645% 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 | $40,828 | — | $39,778 | — | — |
| 2023 | $38,149 | — | — | — | — |
| 2022 | — | — | — | — | — |