2023 Form 5500 filing — Power Drives, Inc. 401(K) Savings Plan
Plain-English filing summary
According to public Form 5500 filings published through the U.S. Department of Labor (DOL) Employee Benefits Security Administration (EBSA) via the EFAST2 system, this is the 2023 Form 5500 filing (EFAST2 acknowledgement 20241010112946NAL0020899569001) for Power Drives, Inc. 401(K) Savings Plan, reported by Power Drives, Inc. under EIN 16-0709428 and plan number 001. It reports 201 participants. Attached schedules in the loaded dataset include Schedule H (large plan financials), Schedule C (service provider compensation).
- EFAST2 acknowledgement
- 20241010112946NAL0020899569001
- Filing year
- 2023
- Form type
- 2
- Plan sponsor
- Power Drives, Inc.
- EIN
- 16-0709428
- Plan number
- 001
- Location
- Buffalo, NY
- Participants
- 201
- Schedules available
- Schedule H, Schedule C
- Received date
- not reported in the loaded dataset
Reported financial snapshot (2023)
- Total assets (EOY)
- $7,868,739
- Total liabilities (EOY)
- $0
- Net assets (EOY)
- $7,868,739
- Employer contributions
- $98,077
- Participant contributions
- $517,505
- Total income / additions
- $2,080,511
- Benefits paid
- $780,336
- Administrative expenses
- $46,112
- Total expenses
- $828,655
- Net increase / (decrease)
- $1,251,856
- Schedule source
- Schedule H
Reported service provider compensation (Schedule C)
| Provider | Service | Direct comp. | Indirect comp. |
|---|---|---|---|
| Fidelity Investments Institutional | RECORDKEEPER | $27,617 | $0 |
| Park Avenue Securities | ADVISOR | $17,189 | not reported in the loaded dataset |