Benchmarking SP 401(K) Plan in Sterling Heights, MI against all plans
Of the 89 plans in the Great Lakes area that have at least $127,445 in net income, SP 401(K) Plan in Sterling Heights, MI is one of just 6 that are not covered by a fidelity bond.
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Peers
SP 401(K) Plan in Sterling Heights, MI ($127,445), with Arcadia Care 401(K) Retirement Plan in Lincolnwood, IL ($134,370), Oak Brook Hills Resort Financial Freedom 401(K) Plan in Oak Brook, IL ($152,735), Community Healthnet Inc. 401(K) Plan in Gary, IN ($163,262), and Rensko Holdings, LLC Retirement Savings Plan in Westerville, OH ($206,114), and 1 other.
Taking Action
Read the article A Unique Way to Get Others to Improve to understand the reasoning underlying such benchmarking insights.
References
- net income. Higher values are better. Net income, Line 2k from Schedule H, equals total income (Line 2d) minus total expenses (Line 2j), all from Schedule H. Except where noted, all data come from the 25-July-2024 updates to the year-2022 5500 Forms and Schedule H from the public websites at the Department of Labor, Employee Benefits Security Administration.
- covered by a fidelity bond. A 'yes' value is good. Line 4e from Schedule H. A plan is covered by a fidelity bond only if the plan itself (as opposed to the plan sponsor or administrator) is a named insured under a fidelity bond from an approved surety covering plan officials and that protects the plan from losses due to fraud or dishonesty as described in 29 CFR Part 2580. Generally, every plan official of an employee benefit plan who ‘‘handles’’ funds or other property of such plan must be bonded. Generally, a person shall be deemed to be ‘‘handling’’ funds or other property of a plan, so as to require bonding, whenever his or her duties or activities with respect to given funds are such that there is a risk that such funds could be lost in the event of fraud or dishonesty on the part of such person, acting either alone or in collusion with others. Except where noted, all data come from the 25-July-2024 updates to the year-2022 5500 Forms and Schedule H from the public websites at the Department of Labor, Employee Benefits Security Administration.
- in region. The 9 regions with their corresponding states or other geographic entities are: New England (CT ME MA NH RI VT), Mid Atlantic (DE DC MD NJ NY PA), Great Lakes (IL IN MI OH WI), Plains (IA KS MN MO NE ND SD), Southeast (AL AR FL GA KY LA MS NC SC TN VA WV), Southwest (AZ NM OK TX), Rocky Mountains (CO ID MT UT WY), Far West (AK CA HI NV OR WA), and Outlying Areas (VI PR GU AS MP). Except where noted, all data come from the 25-July-2024 updates to the year-2022 5500 Forms and Schedule H from the public websites at the Department of Labor, Employee Benefits Security Administration.