Plan Snapshot
- Plan Sponsor: Ocean Fleet Services, INC.
- Sponsor EIN: 823103392
- Sponsor Address: 2000 NORTHGATE COMMERCE PARKWAY, SUFFOLK, VA, 23435
- Plan Type: 401(k)
- Total Participants: 468
- Total Assets: $31.4M
Key Plan Design Features
- Auto-Enrollment: Yes
- Auto-Escalation: No
- Allows Roth Contributions: No
- 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 | 468 | $31.4M | $1.1M | $2.3M |
| 2023 | 474 | $26.7M | $998,597 | $2.1M |
| 2022 | 496 | $23.6M | $997,500 | $2.1M |
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 |
|---|---|---|---|---|
| EMPOWER ANNUITY INSURANCE COMPANY | Recordkeeper | $54,594 | — | $54,594 |
| GALLAGHER BENEFIT SERVICES INC DBA | Investment Advisor | $24,676 | — | $24,676 |
| EMPOWER ADVISORY GROUP, LLC | Investment Advisor | $22,916 | — | $22,916 |
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $102,186
- Estimated Expense Ratio: 0.325% 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 | $102,331 | $47,592 | — | — | — |
| 2023 | $83,516 | $45,698 | — | — | — |
| 2022 | $91,937 | $35,671 | $9,079 | — | — |