Retirement plan
DESERET 401(K) PLAN
DESERET MUTUAL BENEFIT ADMINISTRATORSEIN 87-0440163Plan #003PY 2021
PO BOX 45530 - SALT LAKE CITY, UT 84145801-578-5795dmba.comLinkedIn201-500 employeesfinancial services
Other plans on this EIN
2 filingsProspect flagsLow returnsLow participant contribution
Filing contacts
From the Form 5500, federal recordPlan administrator signer
MICHAEL J. RASBAND
Signed 07/29/2022
Summary metrics
Total assets (EOY)
$5437.1M
-9.2% from 2016
Total participants
36,740
+0.8% from 2016
Average account balance
$150,701
-10.1% from 2016
Annual return
13.02%
-9.06 pp from 2016
Benchmarks
Peer group
Industry52 - Finance and Insurance
Plan typeDefined contribution
Participants>=10,000
Cohort82 peers
Snapshot2021
20
Participant deferral / active EE
$5,829
median $7,246
63
Employer contribution / active EE
$5,296
median $3,789
65
Participation rate
97.2%
median 96.2%
54
Avg account balance
$150,701
median $146,142
83
Admin fee / account holder
$23
median $64
14
Annual return
13.02%
median 15.69%
Overall peer rank
50of 100
50th percentileavg across 6 metrics
Analytics
2015 - 2024
Total assets (EOY)
Plan-year ending balance
$6.15B
Average account balance
Total assets / participants with a balance (line 6g)
$154K
Participants with account balance
Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.
39,798
Eligible Participants and Participation
Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.
98.5%
Contributions (total)
Employer and participant dollars contributed each year
$363.32M
Contributions per participant
Average employer and participant contribution per enrolled participant
$14K
Asset flow
BOY + contributions + return - distributions = EOY
Year
Annual return
Diverging bars; negative years highlighted
+11.71%
Admin fee / account holder
Total admin expenses / participants with a balance (line 6g)
$18
Asset composition
Cash / stocks / bonds / mutual funds / real estate / loans over time
- Mutual / pooled
- Stocks
- Bonds
- Cash
- Real estate
- Loans
Service providers
Top 1 by compensation
| Provider | Service type | Compensation |
|---|---|---|
Service code 64 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111 | Recordkeeping Fees | $777,365 |
Plan features & details
Pension benefit codes2E2F2G2J2K2S2T3H
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.
- 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.
- 3HControlled group memberPlan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).
Opportunity flags
2 tripped
- OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.
- OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
Expense breakdown
Schedule H Part II
Admin total
$814K
$35 / participant
- Contract admin$814K100.0%
% of EOY assets
0.015%
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