PlanOptica
Retirement plan

DESERET MUTUAL MASTER RETIREMENT PLAN

DESERET MUTUAL BENEFIT ADMINISTRATORSEIN 87-0440163Plan #001PY 2021
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PO BOX 45530 - SALT LAKE CITY, UT 841450530801-578-5795dmba.comLinkedIn201-500 employeesfinancial services
Other plans on this EIN
2 filings
#003Retirement-$5.44B assets#005Retirement-$1.4M assets
Prospect flagsHigh retiree %

Filing contacts

From the Form 5500, federal record
Plan sponsor signer
(name not on filing)
(801) 578-5795
Plan administrator signer
MICHAEL J. RASBAND
Signed 10/14/2022
How to read this page

Summary metrics

Total assets (EOY)
$9104.3M
-7.9% from 2016
Total participants
35,040
+1.9% from 2016
Average account balance
$0
No prior year
Annual return
16.11%
-8.88 pp from 2016

Benchmarks

See 31 peers
Peer group
Industry52 - Finance and Insurance
Plan typeDefined benefit
Participants>=10,000
Cohort31 peers
Snapshot2021
Participant deferral / active EE
$0
median $81
Employer contribution / active EE
$6,138
median $4,047
Participation rate
0.0%
median 0.0%
Avg account balance
$0
Admin fee / account holder
$0
Annual return
16.11%
median 9.49%
Overall peer rank
60th percentileavg across 6 metrics

Analytics

2015 - 2024
Total assets (EOY)
Plan-year ending balance
$7.07B
Average account balance
Total assets / participants with a balance (line 6g)
$219K
Participants with account balance
Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.
22,451
Eligible Participants and Participation
Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.
0.0%
Contributions (total)
Employer and participant dollars contributed each year
$199K
Contributions per participant
Average employer and participant contribution per enrolled participant
$19
Asset flow
BOY + contributions + return - distributions = EOY
Year
Annual return
Diverging bars; negative years highlighted
-4.15%
Admin fee / account holder
Total admin expenses / participants with a balance (line 6g)
$0
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 40 by compensation
ProviderService typeCompensation
JP MORGAN INVEST MGMT5 years
Service code 51 · EIN 13-3200244
Investment Mgmt Fees
$2,823,043
ZAZOVE ASSOCIATES LLC5 years
Service code 51 · EIN 36-3984373
Investment Mgmt Fees
$2,017,074
PRUDENTIAL INSURANCE CO5 years
Service code 51 · EIN 22-1211670
Investment Mgmt Fees
$1,020,240
SOUTHEASTERN ASSET MANAGEMENT5 years
Service code 51 · EIN 62-0951781
Investment Mgmt Fees
$1,012,833
CITY OF LONDON INVST MGMT CO LTD3 years
Service code 51
Investment Mgmt Fees
$804,538
SANDS CAPITAL MANAGEMENT3 years
Service code 51 · EIN 20-2830751
Investment Mgmt Fees
$694,919
EAGLE CAPITAL MANAGEMENT5 years
Service code 51 · EIN 22-3361201
Investment Mgmt Fees
$653,074
ARTISAN PARTNERS LIMITED PARTNERSHI7+ years
Service code 51 · EIN 30-0551775
Investment Mgmt Fees
$622,046
TIMESSQUARE CAPITAL MANAGEMENT7+ years
Service code 51 · EIN 20-1665304
Investment Mgmt Fees
$602,186
JP MORGAN CHASE BANK1 year
Service code 51
270 PARK AVENUE · NEW YORK, NY 10072
Investment Mgmt Fees
$537,790

Enrolled actuary

1 attachment
SB

DAVID PRATT WARD

DESERET MUTUAL BENEFIT ADMIN.
Enrollment #2004388
150 SOCIAL HALL AVENUE, SUITE 170
P.O. BOX 45530
SALT LAKE CITY, UT 841450530
(801) 578-5973
Signed 2022-09-26

Plan features & details

Pension benefit codes1A1E3H3J
Plan features
  • 1A
    Benefits are primarily pay related
    Benefits under the plan are primarily determined with reference to a participant's pay (e.g. final-average-pay formula).
  • 1E
    Section 401(h) arrangement
    Plan contains separate accounts under Code section 401(h) to provide employee health benefits.
  • 3H
    Controlled group member
    Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).
  • 3J
    U.S.-based Puerto Rico dual-qualified plan
    U.S.-based plan that covers residents of Puerto Rico and is qualified under both Code section 401 and section 1165 of the Internal Revenue Code of Puerto Rico.

Opportunity flags

1 tripped
  • InformationalHigh retiree %

    Retirees and beneficiaries make up 25% or more of total participants - indicates an ageing workforce or a frozen plan.

Expense breakdown

Schedule H Part II
Admin total
$27.3M
$2258 / participant
  • Investment mgmt$23M85.4%
  • Other / not subdivided$4M14.6%
% of EOY assets
0.300%
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
DELOITTE & TOUCHE LLP
Auditor EIN
133891517
Audit fees
(not subdivided)
Opinion code
Unqualified