Premium Velocity Auto 401(k) match, vesting and fees
What Premium Velocity Auto's 401(k) plan says about matching contributions
For the 2024 Plan year, the Plan Sponsor made Safe Harbor Contribution match in the amount of 100% of each participant’s elective deferral percentage less than or equal to 3% and 50% of each participant’s elective deferral percentage greater than 3% but less than or equal to 5%.
Quoted directly from the filing. Plan terms may have changed; check your current Summary Plan Description.
Plan features
Indented passages are quoted word for word from the audit report; plan terms may have changed since, so check your current Summary Plan Description.
| Employer match | Quoted from the filing above | Audit report, p. 26 ↗ |
| Match vesting | Vesting - All participants are immediately vested in their contributions, rollover amounts, employer contributions, and actual earnings. | Audit report, p. 26 ↗ |
| Roth contributions | Contributions - Participants may elect to make pre-tax and after tax (Roth) contributions to the Plan in an annual amount from 1% to 100% of their eligible compensation. | Audit report, p. 26 ↗ |
| Recordkeeper | The Vanguard Group, Inc. | Schedule C ↗ |
| Independent auditor | Harper and Pearson (disclaimer opinion, limited scope) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
All rows are from the plan year 2024 filing; plan features from its audit report.
How the plan compares
Plan year 2024 medians for 2,561 defined-contribution plans in other services with 100 to 499 participants.
| Premium Velocity Auto: employer contribution per participant | $1,679 | |
| Peer median | $1,803 |
| Premium Velocity Auto: average balance | $17,522 | |
| Peer median | $48,934 |
| Premium Velocity Auto: admin expenses ÷ assets | 0.14% | |
| Peer median | 0.31% |
Admin expenses are the plan's reported administrative expenses divided by its assets; they do not include fund expense ratios.
Plan history
Plan assets went from $1M at the end of plan year 2022 to $5.6M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 2,023 | $5.6M | $541K | $1,679 | 0.14% | Quoted in the audit report, p. 26 ↗ | Form 5500 ↗ |
| 2023 | 1,809 | $4.2M | $534K | $1,686 | 0.58% | Not published | Form 5500 ↗ |
| 2022 | 1,034 | $1M | $270K | $1,434 | 0.13% | Not published | Form 5500 ↗ |
Common questions
Does Premium Velocity Auto match 401(k) contributions?
The audit report attached to the Premium Velocity Auto, LLC Retirement Plan's plan year 2024 Form 5500, page 26 says: “For the 2024 Plan year, the Plan Sponsor made Safe Harbor Contribution match in the amount of 100% of each participant’s elective deferral percentage less than or equal to 3% and 50% of each participant’s elective deferral percentage greater than 3% but less than or equal to 5%.” Plan terms may have changed; check your current Summary Plan Description.
When is the Premium Velocity Auto 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 26 says: “Vesting - All participants are immediately vested in their contributions, rollover amounts, employer contributions, and actual earnings.”
Who manages the Premium Velocity Auto 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is The Vanguard Group, Inc.. The plan administrator is Premium Velocity Auto, LLC.
I left Premium Velocity Auto. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Premium Velocity Auto, LLC, (832) 337-2813) or the recordkeeper, The Vanguard Group, Inc.. The Premium Velocity Auto old 401(k) page lists the contacts from every plan filing. Find an old Premium Velocity Auto 401(k)
Data from the public Form 5500 annual reports Premium Velocity Auto filed with the U.S. Department of Labor (plan years 2022 and 2023 and 2024) and, where noted, the attached independent auditor's report. Plan terms may have changed since the filing; check your current Summary Plan Description. PlanFacts is not affiliated with Premium Velocity Auto. Not financial advice. Report a correction · Methodology