Retirement plan
L3HARRIS RETIREMENT SAVINGS PLAN
HARRIS CORPORATIONEIN 34-0276860Plan #015PY 2019
1025 WEST NASA BLVD, MAIL STOP C41I - MELBOURNE, FL 32919321-724-3554l3harris.comLinkedIn10001+ employeesdefense & space
Prospect flagsLow employer contributionFailed to provide benefitCorrective distributions
Filing contacts
From the Form 5500, federal recordPlan administrator signer
ANDREA HARTMAN
Signed 10/12/2020
Plan administrator entity
L3HARRIS CORPORATION EMPLOYEE BENEFITS COMMITTEE
EIN 340276860
Summary metrics
Total assets (EOY)
$13584.3M
-2.7% from 2016
Total participants
77,539
-34.2% from 2016
Average account balance
$178,179
+43.9% from 2016
Annual return
124.94%
+66.02 pp from 2016
Benchmarks
Peer group
Industry33 - Manufacturing
Plan typeDefined contribution
Participants>=10,000
Cohort89 peers
Snapshot2019
24
Participant deferral / active EE
$4,328
median $6,919
2
Employer contribution / active EE
$18
median $4,009
59
Participation rate
96.9%
median 94.9%
70
Avg account balance
$178,179
median $132,497
6
Admin fee / account holder
$150
median $47
98
Annual return
124.94%
median 22.32%
Overall peer rank
43of 100
43rd percentileavg across 6 metrics
Analytics
2015 - 2024
Total assets (EOY)
Plan-year ending balance
$16.32B
Average account balance
Total assets / participants with a balance (line 6g)
$222K
Participants with account balance
Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.
73,549
Eligible Participants and Participation
Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.
97.4%
Contributions (total)
Employer and participant dollars contributed each year
$537.01M
Contributions per participant
Average employer and participant contribution per enrolled participant
$13K
Asset flow
BOY + contributions + return - distributions = EOY
Year
Annual return
Diverging bars; negative years highlighted
+15.18%
Admin fee / account holder
Total admin expenses / participants with a balance (line 6g)
$49
Asset composition
Cash / stocks / bonds / mutual funds / real estate / loans over time
- Mutual / pooled
- Stocks
- Bonds
- Cash
- Real estate
- Loans
Service providers
Top 10 of 14 by compensation
| Provider | Service type | Compensation |
|---|---|---|
Service code 28 · EIN 52-0556848 | Investment Management | $2,741,230 |
Service code 21 · EIN 94-3112180 | Bank Trustee | $1,556,281 |
Service code 37 · EIN 04-2647786 | Loan Processing | $1,329,911 |
SANDS CAPTIAL MANAGEMENT2 years Service code 51 · EIN 20-2830751 | Investment Mgmt Fees | $961,719 |
STRATEGIC ADVISORS, INC.5+ years Service code 27 · EIN 04-2654524 | Advisory (Plan) | $869,472 |
Service code 37 · EIN 02-0488491 | Loan Processing | $784,893 |
NORTHERN TRUST COMPANY5+ years Service code 21 · EIN 36-1561860 | Bank Trustee | $729,506 |
BROWN ADVISORY5+ years Service code 26 · EIN 26-4560299 | Advisory (Participants) | $723,787 |
CALLAN ASSOCIATES2 years Service code 16 · EIN 94-2192581 | Consulting | $182,715 |
SIDLEY AUSTIN, LLP5+ years Service code 29 · EIN 36-4474078 | Legal | $179,446 |
Top hat statement on fileNQDC
Filed March 29, 2005 (most recent of 2 filings on file)
This is a legacy paper filing. Plan administrator and contact details are recorded in the original filing, which has not been digitised into structured fields.
Plan features & details
Pension benefit codes2F2G2J2K2R2S2T3F2E
Plan features
- 2EProfit-sharingProfit-sharing plan.
- 2FERISA section 404(c) planThis plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
- 2GTotal participant-directed account planParticipants have the opportunity to direct the investment of all of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
- 2JCode section 401(k) featureCash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan under which employees may elect to defer part of their compensation or receive these amounts in cash.
- 2KCode section 401(m) arrangementEmployee contributions are allocated to separate accounts under the plan or employer contributions are based in whole or in part on employee deferrals or contributions to the plan. Not applicable to 401(k) plans with only QNECs and/or QMACs or to 403(b)(1) 403(b)(7) or 408 arrangements.
- 2RParticipant-directed brokerage accountsParticipant-directed brokerage accounts provided as an investment option under the plan.
- 2SAutomatic enrollmentPlan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
- 2TDefault investment accountTotal or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.
- 3FLeased employeesPlan sponsor(s) received services of leased employees as defined in Code section 414(n) during the plan year.
Opportunity flags
3 tripped
- OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.
- ComplianceFailed to provide benefit
Form 5500 reported that benefits due were not provided when due.
- ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).
Expense breakdown
Schedule H Part II
Admin total
$11.5M
$270 / participant
- Investment mgmt$7M60.8%
- Other / not subdivided$4M39.2%
% of EOY assets
0.084%
all-in expense ratio
Categories reported
1 / 9
subdivided buckets used
Audit opinion
Schedule H Part III
Unqualified opinion
Auditor signed off without reservation - the cleanest possible opinion.
- Auditor firm
- BUCHBINDER TUNICK & COMPANY LLP
- Auditor EIN
- 131578842
- Audit fees
- (not subdivided)
- Opinion code
- Unqualified