Plan Snapshot
- Plan Sponsor: Workhorse Technologies, INC.
- Sponsor EIN: 208529895
- Sponsor Address: 3600 PARK 42 DRIVE STE 160E, SHARONVILLE, OH, 45241
- Plan Type: 401(k)
- Total Participants: 120
- Total Assets: $9.3M
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 | 120 | $9.3M | $360,039 | $1.4M |
| 2023 | 286 | $9.2M | $1.3M | $2.1M |
| 2022 | 307 | $5.2M | $928,011 | $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 |
|---|---|---|---|---|
| JOHN HANCOCK LIFE INSURANCE COMPANY | Recordkeeper | $5,950 | $40,832 | $46,782 |
| PCA INVESTMENT ADVISORY SERVICES | Investment Advisor | $28,030 | — | $28,030 |
Verified Provider Profiles
Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:
- JOHN HANCOCK LIFE INSURANCE COMPANY — Recordkeeper
- PCA INVESTMENT ADVISORY SERVICES — Investment Advisor
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $74,812
- Estimated Expense Ratio: 0.808% 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 | $38,659 | $28,182 | $10,477 | — | — |
| 2023 | $33,295 | $28,845 | $4,450 | — | — |
| 2022 | $17,647 | $16,527 | $1,120 | — | — |