Plan Snapshot
- Plan Sponsor: Innovative Payroll Processing, INC. (Mep)
- Sponsor EIN: 203907862
- Sponsor Address: 12740 W WARREN SUITE 200, DEARBORN, MI, 48126
- Plan Type: 401(k)
- Plan Number: 001
- Total Participants: 426
- Total Assets: $6.2M
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 | 426 | $6.2M | $172,590 | $728,309 |
| 2023 | 421 | $3.8M | $402,888 | $808,259 |
| 2022 | 347 | $1.9M | $100,621 | $503,068 |
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 |
|---|---|---|---|---|
| TRANSAMERICA FINANCIAL LIFE INSURAN | Recordkeeper | $91,408 | — | $91,408 |
| BARCLAY PLANNING GROUP, LLC | Recordkeeper | $7,296 | $102 | $7,398 |
Verified Provider Profiles
Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:
- TRANSAMERICA FINANCIAL LIFE INSURAN — Recordkeeper
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $98,806
- Estimated Expense Ratio: 1.591% 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 | $98,704 | — | $98,704 | — | — |
| 2023 | $53,801 | — | $53,801 | — | — |
| 2022 | $60,609 | — | — | — | — |