PlanOptica
Retirement plan

DESERET MUTUAL MASTER RETIREMENT PLAN

DESERET MUTUAL BENEFIT ADMINISTRATORSEIN 87-0440163Plan #001PY 2023
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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-$5.48B assets#005Retirement-$1.5M assets
Prospect flagsHigh retiree %Low employer contributionLow participant contribution

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 10/14/2024
How to read this page

Summary metrics

Total assets (EOY)
$7736.8M
-7.9% from 2016
Total participants
33,144
+1.9% from 2016
Average account balance
$0
No prior year
Annual return
4.03%
-8.88 pp from 2016

Benchmarks

See 30 peers
Peer group
Industry52 - Finance and Insurance
Plan typeDefined benefit
Participants>=10,000
Cohort30 peers
Snapshot2023
Participant deferral / active EE
$0
median $0
Employer contribution / active EE
$19
median $4,724
Participation rate
0.0%
median 0.0%
Avg account balance
$0
Admin fee / account holder
$0
Annual return
4.03%
median 9.60%
Overall peer rank
7th 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 45 by compensation
ProviderService typeCompensation
JP MORGAN INVEST MGMT7 years
Service code 51 · EIN 13-3200244
Investment Mgmt Fees
$1,702,558
PRUDENTIAL INSURANCE CO7 years
Service code 51 · EIN 22-1211670
Investment Mgmt Fees
$908,313
SCHRODER INVESTMENT MGMT NA INC7 years
Service code 51 · EIN 13-4064414
Investment Mgmt Fees
$849,069
VOYA INVESTMENT LLC3 years
Service code 51 · EIN 06-1440627
Investment Mgmt Fees
$817,914
SCOUT INVESTMENTS INC1 year
Service code 51 · EIN 43-1925734
Investment Mgmt Fees
$435,502
JP MORGAN CHASE BANK3 years
Service code 51 · EIN 13-4994650
Investment Mgmt Fees
$362,273
DESERET TRUST COMPANY8 years
Service code 19 · EIN 87-0291656
Securities Custodian
$299,861
MARKIT NORTH AMERICA INC1 year
Service code 15 · EIN 13-4153988
Recordkeeping
$297,870
FACTSET RESEARCH SYSTEMS INC4 years
Service code 15
45 GLOVER AVENUE · NORWALK, CT 06850
Recordkeeping
$289,052
SAGITEC SOLUTIONS LLC5 years
Service code 15 · EIN 20-0970684
Recordkeeping
$284,489

Enrolled actuary

1 attachment
SB

DAVID PRATT WARD

DESERET MUTUAL BENEFIT ADMIN.
Enrollment #2304388
150 SOCIAL HALL AVENUE, SUITE 170
P.O. BOX 45530
SALT LAKE CITY, UT 841450530
(801) 578-5973
Signed 2024-10-02

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

3 tripped
  • OpportunityLow participant contribution

    Participant contribution per participant is in the bottom quintile of the peer cohort.

  • OpportunityLow employer contribution

    Employer contribution per participant is in the bottom quintile of the peer cohort.

  • 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
$21.5M
$2049 / participant
  • Recordkeeping$188K0.9%
  • Trustee / custodial$386K1.8%
  • Investment mgmt$17M80.1%
  • Legal$113K0.5%
  • Other / not subdivided$4M16.7%
% of EOY assets
0.277%
all-in expense ratio
Categories reported
4 / 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
$167,944
Opinion code
Unqualified