Plan Snapshot
- Plan Sponsor: Rapid Financial Services, LLC
- Sponsor EIN: 271333844
- Sponsor Address: 4500 EAST-WEST HIGHWAY, 6TH FLOOR, BETHESDA, MD, 20814
- Plan Type: 401(k)
- Plan Number: 001
- Total Participants: 231
- Total Assets: $25.0M
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. |
|---|---|---|---|---|
| 2025 | 231 | $25.0M | $0 | $0 |
| 2024 | 175 | $19.9M | $696,964 | $1.8M |
| 2023 | 177 | $16.6M | $714,272 | $1.8M |
| 2022 | 289 | $14.8M | $823,506 | $2.2M |
| 2019 | 178 | $8.4M | $417,996 | $1.2M |
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 |
|---|---|---|---|---|
| PRINCIPAL LIFE INSURANCE COMPANY | Recordkeeper | $91,234 | — | $91,234 |
| S B H U LIFE AGENCY INC | Other Service Provider | — | $40,633 | $40,633 |
| COASTAL PENSION SERVICES | Recordkeeper | — | $9,962 | $9,962 |
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $141,829
- Estimated Expense Ratio: 0.567% 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 |
|---|---|---|---|---|---|
| 2025 | $1,458,195 | — | $91,335 | — | — |
| 2024 | $154,205 | — | — | — | — |
| 2023 | $132,083 | — | $132,083 | — | — |
| 2022 | $114,753 | — | $114,753 | — | — |
| 2019 | $50,630 | — | $50,630 | — | — |