What is the Penn Parking, Inc. 401(k) match?

In 2022, employer contributions to the Penn Parking, Inc. plan averaged $327 per active participant, below the $1,114 median for plans of similar size. Public filings report contribution dollars, not the match formula; the formula is in the plan's summary plan description.

What is the average account balance in the Penn Parking, Inc. 401(k)?

The average participant account balance was $38,816 for plan year 2022, based on 40 accounts.

Penn Parking, Inc.401(k)

Name: Penn Parking, Inc. 401(k) plan: Form 5500 data
Creator: U.S. Department of Labor

PENN PARKING 401(K) RETIREMENT SAVINGS PLAN · HANOVER, MD · plan year 2022

Employer contribution per participant · 2022

$327

Penn Parking, Inc.'s 2022 Form 5500 did not separately report plan administrative expenses, which is common where recordkeeping is paid through investment revenue-sharing or a master trust. The plan held $1,552,630 across 40 participant accounts, with employer contributions averaging $327 per active participant. See methodology for what Form 5500 does and doesn't capture.

The plan sits in the $1M–$10M size bracket, benchmarked here against 30,021 comparable plans and shown alongside other other services employers. By assets it is among the smaller plans on file in Maryland (1,556th of 1,671), and 2,955th of 3,341 in other services. In 2022, employees put in $2.02 for every $1.00 the employer contributed.

Plan summary
Net assets, end of year$1,552,630
Participants with balances40
Active participants130
Employer contributions$42,512
Employee contributions$85,963
Employer contribution per active participant$327
Average account balance$38,816
Benefits paid to participants$6,695
Plan auditUnmodified (clean) audit opinion
AuditorROSEN, SAPPERSTEIN & FRIEDLANDER, L

The Penn Parking, Inc. 401(k) match · 2022

Employer contribution per active participant$327

Median for plans this size$1,114

Penn Parking, Inc.'s 2022 employer contribution ran below the $1,114 median for plans its size, in the bottom quarter of its peers. Filings report dollars actually contributed, not the match formula; the formula itself (for example, 50% of the first 6% of pay) lives in the plan's summary plan description from HR.

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Source: U.S. Department of Labor, Form 5500 series, EIN 521712158 · Verify on EFAST2 · Amounts are as reported by the plan sponsor for the plan year shown.