Plan Snapshot
- Plan Sponsor: Innovate, INC.
- Sponsor EIN: 010700529
- Sponsor Address: 6189 COBBS ROAD, ALEXANDRIA, VA, 223101612
- Plan Type: 401(k)
- Total Participants: 76
- Total Assets: $12.5M
Key Plan Design Features
- Auto-Enrollment: Yes
- Auto-Escalation: No
- Allows Roth Contributions: Yes
- Participant Loans: Yes
- 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 | 76 | $12.5M | $299,490 | $657,799 |
| 2023 | 85 | $11.3M | $305,644 | $648,093 |
| 2022 | 120 | $9.7M | $306,296 | $690,123 |
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 |
|---|---|---|---|---|
| REGAN, SCHICKNER, & HARPER LLC | Auditor | — | — | $0 |
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 | $60,029 | — | $60,029 | — | — |
| 2023 | $59,826 | — | $59,826 | — | — |
| 2022 | $30,959 | — | $30,959 | — | — |