Recordkeeping fees per participant
not reported
Not reported on this filing.
Employers › Prove Identity
Prove Identity 401(k)
- Information
- New York, NY
- EIN 26-2231809
- 1 plan with Schedule H financials
- Plan year 2024
- Prove Identity, Inc.
- filed as Payfone, Inc.
Administrative expenses excluding investment management, per participant · Prove 401(k) Plan · plan year 2024
$441.00
Higher than 95% of the 24,371 plans $10 to 50M that report it.
Source
= $124,363 / 282
derived, admin_expenses (2i(12)) minus invst_mgmt_fees (2i(5)), floored at 0; filing 20251007170741NAL0005098561001, received 2025-10-07
participants_with_balance: Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20251007170741NAL0005098561001, received 2025-10-07
Percentiles compare this plan with the Schedule H plans $10 to 50M in assets of the same plan year, excluding final filings; shown only where at least 50 comparable plans report the figure. Plan year 2024-01-01 to 2024-12-31, filing received 2025-10-07.
Cost and contributions
Administrative expenses per participant
$441.00
Higher than 89% of the 25,098 plans $10 to 50M that report it.
Source
= $124,363 / 282
Schedule H, line 2i(12) total administrative expenses; TOT_ADMIN_EXPENSES_AMT pos 109; filing 20251007170741NAL0005098561001, received 2025-10-07
participants_with_balance: Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20251007170741NAL0005098561001, received 2025-10-07
Administrative expenses as a share of assets
0.527%
Higher than 84% of the 25,132 plans $10 to 50M that report it.
Source
= $124,363 / $23,615,853
Schedule H, line 2i(12) total administrative expenses; TOT_ADMIN_EXPENSES_AMT pos 109; filing 20251007170741NAL0005098561001, received 2025-10-07
assets_eoy: Schedule H, Part I line 1f col (b); TOT_ASSETS_EOY_AMT pos 61; filing 20251007170741NAL0005098561001, received 2025-10-07
Employer contributions per participant
$5,810
Higher than 94% of the 24,050 plans $10 to 50M that report it.
Source
= $1,638,490 / 282
Schedule H, Part II line 2a(1)(A); EMPLR_CONTRIB_INCOME_AMT pos 68; filing 20251007170741NAL0005098561001, received 2025-10-07
participants_with_balance: Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20251007170741NAL0005098561001, received 2025-10-07
Employer share of total contributions
26.8%
Higher than 46% of the 24,084 plans $10 to 50M that report it.
Source
= $1,638,490 / $6,108,974
Schedule H, Part II line 2a(1)(A); EMPLR_CONTRIB_INCOME_AMT pos 68; filing 20251007170741NAL0005098561001, received 2025-10-07
total_contrib: Schedule H, line 2a(3); TOT_CONTRIB_AMT pos 72; filing 20251007170741NAL0005098561001, received 2025-10-07
Plan terms, as stated in Prove Identity, Inc.'s SEC filings
Plan terms are not published in public filings.
Plan features
2E profit-sharing · 2F ERISA 404(c) plan · 2G fully participant-directed · 2J 401(k) feature · 2T default investment (QDIA) · 3D IRS pre-approved plan · Form 5500, line 8a; TYPE_PENSION_BNFT_CODE pos 81; filing 20251007170741NAL0005098561001, received 2025-10-07
Full record, Prove 401(k) Plan
| Field | Value | Source |
|---|---|---|
| Plan sponsor | PAYFONE, INC. | Form 5500, Part II line 2a; SPONSOR_DFE_NAME pos 19; filing 20251007170741NAL0005098561001, received 2025-10-07 |
| Plan name | PROVE 401(K) PLAN | Form 5500, line 1a; PLAN_NAME pos 16; filing 20251007170741NAL0005098561001, received 2025-10-07 |
| Sponsor EIN / plan number | 26-2231809 / 001 | Form 5500, line 2b; SPONS_DFE_EIN pos 44; filing 20251007170741NAL0005098561001, received 2025-10-07 |
| Plan type | single-employer | Form 5500, Part I line A; TYPE_PLAN_ENTITY_CD pos 4; filing 20251007170741NAL0005098561001, received 2025-10-07 |
| Sponsor location | NEW YORK, NY | Form 5500, line 2a; SPONS_DFE_MAIL_US_STATE pos 25; filing 20251007170741NAL0005098561001, received 2025-10-07 |
| Industry (business code) | 517000, Information | Form 5500, line 2d; BUSINESS_CODE pos 46; filing 20251007170741NAL0005098561001, received 2025-10-07 |
| Plan year | 2024-01-01 to 2024-12-31 | Form 5500, Part I plan year; FORM_PLAN_YEAR_BEGIN_DATE pos 2; filing 20251007170741NAL0005098561001, received 2025-10-07 |
| Filing received | 2025-10-07 | Form 5500, EFAST2 receipt date; DATE_RECEIVED pos 102; filing 20251007170741NAL0005098561001, received 2025-10-07 |
| Final filing | no | Form 5500, Part I line B; FINAL_FILING_IND pos 8; filing 20251007170741NAL0005098561001, received 2025-10-07 |
| Amended filing | no | Form 5500, Part I line B; AMENDED_IND pos 7; filing 20251007170741NAL0005098561001, received 2025-10-07 |
| Participants, beginning of year | 348 | Form 5500, line 5; TOT_PARTCP_BOY_CNT pos 71; filing 20251007170741NAL0005098561001, received 2025-10-07 |
| Active participants | 254 | Form 5500, line 6a(2); TOT_ACTIVE_PARTCP_CNT pos 72; filing 20251007170741NAL0005098561001, received 2025-10-07 |
| Participants, end of year | 324 | Form 5500, line 6f; TOT_ACT_RTD_SEP_BENEF_CNT pos 77; filing 20251007170741NAL0005098561001, received 2025-10-07 |
| Participants with an account balance | 282 | Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20251007170741NAL0005098561001, received 2025-10-07 |
| Total assets, beginning of year | $18,610,288 | Schedule H, Part I line 1f col (a); TOT_ASSETS_BOY_AMT pos 30; filing 20251007170741NAL0005098561001, received 2025-10-07 |
| Total assets, end of year | $23,615,853 | Schedule H, Part I line 1f col (b); TOT_ASSETS_EOY_AMT pos 61; filing 20251007170741NAL0005098561001, received 2025-10-07 |
| Net assets, end of year | $23,615,853 | Schedule H, line 1l col (b); NET_ASSETS_EOY_AMT pos 67; filing 20251007170741NAL0005098561001, received 2025-10-07 |
| Total income | $9,058,040 | Schedule H, Part II line 2d; TOT_INCOME_AMT pos 97; filing 20251007170741NAL0005098561001, received 2025-10-07 |
| Net income | $5,005,565 | Schedule H, line 2k; NET_INCOME_AMT pos 111; filing 20251007170741NAL0005098561001, received 2025-10-07 |
| Employer contributions | $1,638,490 | Schedule H, Part II line 2a(1)(A); EMPLR_CONTRIB_INCOME_AMT pos 68; filing 20251007170741NAL0005098561001, received 2025-10-07 |
| Participant contributions | $3,409,043 | Schedule H, line 2a(1)(B); PARTICIPANT_CONTRIB_AMT pos 69; filing 20251007170741NAL0005098561001, received 2025-10-07 |
| Other contributions (incl. rollovers) | $1,061,441 | Schedule H, line 2a(1)(C); OTH_CONTRIB_RCVD_AMT pos 70; filing 20251007170741NAL0005098561001, received 2025-10-07 |
| Total contributions | $6,108,974 | Schedule H, line 2a(3); TOT_CONTRIB_AMT pos 72; filing 20251007170741NAL0005098561001, received 2025-10-07 |
| Benefit payments | $3,918,258 | Schedule H, line 2e(4); TOT_DISTRIB_BNFT_AMT pos 101; filing 20251007170741NAL0005098561001, received 2025-10-07 |
| Total expenses (incl. benefit payments) | $4,052,475 | Schedule H, line 2j; TOT_EXPENSES_AMT pos 110; filing 20251007170741NAL0005098561001, received 2025-10-07 |
| Total administrative expenses | $124,363 | Schedule H, line 2i(12) total administrative expenses; TOT_ADMIN_EXPENSES_AMT pos 109; filing 20251007170741NAL0005098561001, received 2025-10-07 |
| Contract administrator fees | $124,363 | Schedule H, line 2i(2); CONTRACT_ADMIN_FEES_AMT pos 106; filing 20251007170741NAL0005098561001, received 2025-10-07 |
| Administrative expenses excluding investment management | $124,363 | derived, admin_expenses (2i(12)) minus invst_mgmt_fees (2i(5)), floored at 0; filing 20251007170741NAL0005098561001, received 2025-10-07 |
| Held in common/collective trusts | $13,658,791 | Schedule H, line 1c(9) col (b); INT_COMMON_TR_EOY_AMT pos 51; filing 20251007170741NAL0005098561001, received 2025-10-07 |
| Held in mutual funds | $7,792,273 | Schedule H, line 1c(13) col (b); INT_REG_INVST_CO_EOY_AMT pos 55; filing 20251007170741NAL0005098561001, received 2025-10-07 |
| Independent auditor | PLANTE & MORAN, PLLC | Schedule H, Part III line 3a; ACCOUNTANT_FIRM_NAME pos 116; filing 20251007170741NAL0005098561001, received 2025-10-07 |
Position = column in the DOL layout for form year 2024. Filing 20251007170741NAL0005098561001, received 2025-10-07.
Service providers paid directly by the plan
| Provider | Relationship | Service codes | Direct compensation | Indirect |
|---|---|---|---|---|
| PRINCIPAL LIFE INSURANCE COMPANYrecordkeeper | CONTRACT ADMINISTRATOR | 13 Contract administrator; 37 Participant loan processing; 50 Direct payment from the plan; 64 Recordkeeping fees | $124,363 | yes |
| ALERA INVESTMENT ADVISORS, LLC | INVESTMENT ADVISORY | 27 Investment advisory (plan); 99 Other fees | $0 | yes |
Schedule C Part I line 2: name (a), service codes (b), relationship (c), direct compensation paid by the plan (d), indirect compensation received (e). Filing 20251007170741NAL0005098561001, received 2025-10-07.
What changed since the 2023 plan year
| Figure | 2023 | 2024 | Change |
|---|---|---|---|
| Total assets | $18,610,288 | $23,615,853 | 26.9% |
| Participants with a balance | 287 | 282 | -1.7% |
| Administrative expenses | $104,782 | $124,363 | 18.7% |
| Recordkeeping fees per participant | not reported | not reported | |
| Employer contributions | $1,799,745 | $1,638,490 | -9.0% |
Prior filing 20241015103239NAL0016153443001, received 2024-10-15; the plan years are contiguous.
Alerts, claims and corrections
Sponsor name as filed: PAYFONE, INC.; SEC registrant: Prove Identity, Inc. (CIK 1437377, matched by EIN).