Plan Snapshot
- Plan Sponsor: Hopeway Foundation
- Sponsor EIN: 464510365
- Sponsor Address: 1717 SHARON ROAD WEST, CHARLOTTE, NC, 282105663
- Plan Type: 401(k)
- Total Participants: 151
- Total Assets: $6.0M
Key Plan Design Features
- Auto-Enrollment: No
- 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 | 151 | $6.0M | $341,936 | $763,965 |
| 2023 | 134 | $4.5M | $314,255 | $623,270 |
| 2022 | 116 | $3.0M | $228,368 | $534,341 |
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 | $41,164 | — | $41,164 |
| FIRST CITIZENS BANK AND TRUST COMPA | Investment Advisor | $7,639 | $5 | $7,644 |
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $48,808
- Estimated Expense Ratio: 0.817% 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 | $48,807 | $7,642 | $41,165 | — | — |
| 2023 | — | — | — | — | — |
| 2022 | — | — | — | — | — |