Plan Snapshot
- Plan Sponsor: Paymax Services, INC.
- Sponsor EIN: 341816901
- Sponsor Address: 629 EUCLID AVENUE SUITE 1300, CLEVELAND, OH, 44114
- Plan Type: 401(k)
- Total Participants: 155
- Total Assets: $8.6M
Key Plan Design Features
- Auto-Enrollment: Yes
- 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 | 155 | $8.6M | $259,768 | $814,295 |
| 2023 | 131 | $8.0M | $163,855 | $682,839 |
| 2022 | 130 | $6.3M | $98,768 | $662,654 |
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 |
|---|---|---|---|---|
| VOYA RETIREMENT INSURANCE & ANNUITY | Other Service Provider | $24,242 | $3 | $24,245 |
| GLOBAL RETIREMENT PARTNERS LLC | Investment Advisor | $482 | $18,607 | $19,089 |
Verified Provider Profiles
Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:
- GLOBAL RETIREMENT PARTNERS LLC — Investment Advisor
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $43,334
- Estimated Expense Ratio: 0.501% 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 | $24,758 | $621 | $23,687 | — | — |
| 2023 | $80,865 | — | $80,865 | — | — |
| 2022 | $66,705 | — | $66,705 | — | — |