Plan Snapshot
- Plan Sponsor: Somic America, INC.
- Sponsor EIN: 270424674
- Sponsor Address: 6 BAKER BLVD., BREWER, ME, 04412
- Plan Type: 401(k)
- Total Participants: 562
- Total Assets: $25.9M
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 | 562 | $25.9M | $2.5M | $1.8M |
| 2023 | 544 | $20.8M | $1.0M | $1.7M |
| 2022 | 548 | $16.9M | $858,322 | $1.4M |
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 |
|---|---|---|---|---|
| FIDELITY INVESTMENTS INSTITUTIONAL | Recordkeeper | $56,270 | — | $56,270 |
| GLOBAL RETIREMENT PARTNERS LLC | Investment Advisor | $24,000 | — | $24,000 |
| STRATEGIC ADVISORS, INC. | Investment Advisor | $6,075 | — | $6,075 |
Verified Provider Profiles
Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:
- FIDELITY INVESTMENTS INSTITUTIONAL — Recordkeeper
- GLOBAL RETIREMENT PARTNERS LLC — Investment Advisor
- STRATEGIC ADVISORS, INC. — Investment Advisor
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $86,345
- Estimated Expense Ratio: 0.333% 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 | $86,274 | $30,075 | — | — | — |
| 2023 | $76,740 | $29,007 | — | — | — |
| 2022 | $72,432 | $3,023 | — | — | — |