Plan Snapshot
- Plan Sponsor: Init Innovations In Transportation, INC.
- Sponsor EIN: 541930353
- Sponsor Address: 424 NETWORK STATION, CHESAPEAKE, VA, 23320
- Plan Type: 401(k)
- Total Participants: 150
- Total Assets: $16.3M
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 | 150 | $16.3M | $513,402 | $1.2M |
| 2023 | 129 | $13.1M | $442,431 | $1.0M |
| 2022 | 121 | $10.0M | $407,690 | $967,167 |
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 |
|---|---|---|---|---|
| MERRILL LYNCH RETIREMENT & BENEFIT | NONE | $27,811 | — | $27,811 |
| ASCENSUS LLC | NONE | $16,351 | — | $16,351 |
| FORVIS MAZARS, LLP | Auditor | — | — | $0 |
Verified Provider Profiles
Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:
- FORVIS MAZARS, LLP — Auditor
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $44,162
- Estimated Expense Ratio: 0.270% 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 | $44,162 | $27,811 | $16,351 | — | — |
| 2023 | $34,782 | $15,544 | $19,238 | — | — |
| 2022 | $32,137 | $15,656 | $16,481 | — | — |