Iowa › Finance and insurance › 1,000 to 4,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Higginbotham PEP
Sponsored by The Finway Group, West Des Moines, IA
Form 5500 information is as filed by the plan administrator with the Department of Labor and may be amended. Figures reflect the plan year shown, not current balances. Form 5500 contains no individual account balances. Look up the original filing at EFAST2.
Higginbotham PEP is a 401(k) plan sponsored by The Finway Group of West Des Moines, Iowa. For the plan year ending 31 Dec 2024 it reported 2,481 participants, 2,481 of them active, and net assets of $24.8M. It is a multiple-employer plan covering the employees of more than one employer.
Net assets came to $10,012 per participant, well below the $50,295 median for defined contribution plans with 1,000 to 4,999 participants and well below the $92,294 median for defined contribution plans in finance and insurance. The figure is an average across everyone in the plan, including former employees with small balances; Form 5500 holds no individual account data.
The employer contributed $944K during the year, or $380 per active participant against a same-size median of $2,045; participants contributed $5.6M and $1.4M arrived as rollovers and other contributions. Benefits paid out totalled $3.1M.
The filing reports no service provider compensation on Schedule C. That is common where fees are paid by the employer or taken from investment returns, neither of which appears there. Administrative expenses charged to the plan were $245K.
The independent accountant's opinion on the financial statements was unmodified (unqualified), from an audit whose scope was limited under ERISA section 103(a)(3)(C) to exclude investment information certified by a bank or insurer.
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DC plans |
|---|---|---|---|---|
| Net assets per participant | $10,012 | $50,295 | $92,294 | $53,102 |
| Employer contributions per active participant | $380 | $2,045 | $3,564 | $2,175 |
| Schedule C compensation per participant | — | $82.08 | $137 | $123 |
| Schedule C compensation, share of net assets | — | 0.17% | 0.17% | 0.26% |
| Administrative expenses per participant | $98.75 | $82.20 | $130 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 1,000 to 4,999 participants (10,207 plans), finance and insurance (4,391) and all US plans (63,460). Fee medians cover plans that report an amount.
Trend by plan year
| Plan year | Participants | Net assets | Per participant | Employer contributions | Participant contributions | Schedule C compensation |
|---|---|---|---|---|---|---|
| 2024 | 2,481 | $24.8M | $10,012 | $944K | $5.6M | $0 |
| 2023 | 2,754 | — | — | — | — | — |
Years in which the plan filed the full Form 5500 with 100 or more participants, from 2009. Plan year is the year in which the plan year began.
Statement for the year
- Net assets, beginning of year$16,514,756
- Employer contributions$943,588
- Participant contributions$5,570,776
- Rollovers and other contributions$1,447,371
- Total contributions$7,961,735
- Total income, including investment results$10,036,150
- Benefits paid$3,058,903
- Administrative expenses$244,990
- Total expenses$3,317,141
- Net income$6,719,009
- Net transfers$1,604,848
- Net assets, end of year$24,838,613
Participants
- Active participants2,481
- Retired or separated, receiving benefits0
- Retired or separated, entitled to future benefits0
- Participants with account balances2,481
- Total participants, end of year2,481
Fees and service providers
No service provider organisations are listed on Schedule C for this plan year.
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. Individuals named on Schedule C (plan employees, individual trustees) are never shown and their compensation is excluded. Eligible indirect compensation disclosed by formula carries no dollar amount. See how to read Schedule C fees.
Administrative expenses on Schedule H
- Contract administrator fees$239,372
- Recordkeeping fees$5,618
- Total administrative expenses$244,990
Investment structure
Assets at year end by Schedule H category. The form shows the kind of vehicle holding the money, not the funds on the menu.
- Master trust investment accounts$24.6M · 99.1%
- Participant loans$213K · 0.9%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmBDO USA, P.C.
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $1,000,000
- Blackout period during the yearYes
These are the plan administrator's own answers on Schedule H, Part IV. A reported late transmittal is the filer's disclosure of a timing lapse, usually corrected through the Department of Labor's voluntary program; the amount is the total involved, not a loss.
Plan characteristics
2AAge/service weighted or new comparability or similar plan2EProfit-sharing plan2JCode section 401(k) feature2KCode section 401(m) arrangement2FERISA section 404(c) plan2GTotal participant-directed account plan2WMultiple-employer pension plan that is a pooled employer plan3DPre-approved pension plan
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 524290: Other Insurance Related Activities (including third-party administration of Insurance and pension funds).
Other plans of The Finway Group
| Plan | Participants | Net assets |
|---|---|---|
| The Architect Retirement PEP | 6,773 | $146M |
| Mai Epic Retirement Plan | 1,910 | — |
| Mypath to Retire 401(k) Plan | 964 | $20.3M |
| Retiremint PEP | 954 | $12.7M |
| The Dentists' Guild Retirement Program PEP | 690 | — |
| The Artisan 401(k) PEP | 605 | — |
| Fiduciary Freedom Retirement Plan | 504 | — |
| Vista Plan PEP | 430 | $23.9M |
Similar plans in Iowa
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Athene Savings & Retirement Plan | Apollo Management Holdings, LP | 2,577 | $352M | $136,401 |
| Wellmark, Inc. Savings and Investment Plan | Wellmark, Inc. | 2,314 | $468M | $202,222 |
| Excelwise Pooled Employer Plan | Administrative Group, LLC DBA Transamerica Fiduciary Services | 2,866 | $55.9M | $19,498 |
| Mai Epic Retirement Plan | The Finway Group, LLC | 1,910 | — | — |
| Employers Mutual Casualty Company 401(k) Savings Plan | Emc Insurance Companies | 2,956 | $555M | $187,761 |
| Cottingham and Butler Insurance Services, Inc. Profit Sharing & Savings Plan | Cottingham and Butler Insurance Services, Inc. | 1,634 | $214M | $130,923 |
Defined contribution plans in finance and insurance closest in size.
Questions and answers
How big is Higginbotham PEP?
2,481 participants at the end of the plan year ending 31 Dec 2024, of whom 2,481 were active employees, with net assets of $24,838,613. Among defined contribution plans that places it in the 1,000 to 4,999 participants band, which held 10,207 plans in plan year 2024.
What does The Finway Group contribute per participant?
The filing reports $943,588 in employer contributions for the year, which is $380 per active participant; the median for plans of the same type and size was $2,045 in plan year 2024. Form 5500 reports the total only. It does not state the match formula, and the per-participant figure is an average, not any one person's contribution.
What fees does the plan pay and how do they compare?
Schedule C reports no provider compensation for the year. Administrative expenses on Schedule H were $244,990. Investment costs deducted inside mutual funds and other pooled vehicles are not itemised on Form 5500, so these figures are a floor rather than a full cost.
Who runs the plan?
The sponsor is The Finway Group. The financial statements were audited by BDO USA, P.C.. Form 5500 also names the plan administrator's signer and other individuals; this site publishes organisations only.
Was the audit opinion unqualified?
The filing reports an unmodified (unqualified) opinion from a limited-scope audit, in which the accountant did not audit investment information certified by a bank or insurance company. Unmodified (formerly "unqualified") is the standard clean opinion.
How current is this, and does it show my balance?
This is the Form 5500 for the plan year 1 Jan 2024 to 31 Dec 2024, received by the Department of Labor on 15 Oct 2025. Filings are due seven months after the plan year ends, or nine and a half with an extension, so the public record always runs a year or more behind. It contains plan-level totals only: no individual balances, contributions or names of participants exist in the data.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files (Form 5500, Schedule H, Schedule C) for plan years 2009 to 2025, public domain, with filings received through 24 Aug 2026. This page shows the latest filing on record for EIN 42-1468222, plan 011, received 15 Oct 2025; an amended filing replaces it at the next build. Medians and percentiles are computed by this site; see the methodology. Report an error through corrections.