Plan Snapshot
- Plan Sponsor: Profac, INC. Dba Merritt Woodwork
- Sponsor EIN: 341107300
- Sponsor Address: 7198 INDUSTRIAL PARK BLVD, MENTOR, OH, 44060
- Plan Type: 401(k)
- Total Participants: 123
- Total Assets: $6.6M
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. |
|---|---|---|---|---|
| 2023 | 123 | $6.6M | $189,618 | $450,650 |
| 2022 | 127 | $5.3M | $181,528 | $425,244 |
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 |
|---|---|---|---|---|
| SYMPHONY FINANCIAL SERVICES | SERVICE PROVIDER | — | $45,840 | $45,840 |
| TRINITY PENSION CONSULTANTS | OTHER SERVICES | — | $5,538 | $5,538 |
| BARNES WENDLING CPAS, INC. | Auditor | — | — | $0 |
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $51,378
- Estimated Expense Ratio: 0.780% 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 |
|---|---|---|---|---|---|
| 2023 | $20,432 | — | $20,432 | — | — |
| 2022 | $11,943 | $2,289 | $3,154 | — | $6,500 |