Retirement plan

DOWNEAST MACHINE AND ENGINEERING, INC. EMPLOYEE STOCK OWNERSHIP PLAN

Name: DOWNEAST MACHINE AND ENGINEERING, INC. - DOWNEAST MACHINE AND ENGINEERING, INC. EMPLOYEE STOCK OWNERSHIP PLAN (2023) Form 5500
Creator: DOWNEAST MACHINE AND ENGINEERING, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, DOWNEAST MACHINE AND ENGINEERING, INC. EMPLOYEE STOCK OWNERSHIP PLAN, DOWNEAST MACHINE AND ENGINEERING, INC.

DOWNEAST MACHINE AND ENGINEERING, INC.EIN 01-0316051Plan #002PY 2023

26 MAPLE STREET - MECHANIC FALLS, ME 04256207-345-8111

Other plans on this EIN

1 filing

#001Retirement-$2.5M assets

Prospect flagsHigh feesLow employer contributionLow fidelity bond

How to read this page

Total assets (EOY)

$3.2M

+21.7% from 2022

Total participants

-11.4% from 2022

Average account balance

$81,019

+28.0% from 2022

Annual return

22.57%

-33.61 pp from 2022

Benchmarks

See 14,456 peers

Peer group

Industry33 - Manufacturing

Plan typeDefined contribution

Participants25-99

Cohort14,456 peers

Snapshot2023

Free accounts unlock saves, downloads, and 3-year history.

Analytics

Total assets (EOY)

Plan-year ending balance

$2.97M

Not enough data

1 years with asset history on file

Average account balance

Total assets / participants with a balance (line 6g)

$71K

Not enough data

1 years with per-participant data

Participants with account balance

Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.

Not enough data

1 years with headcount on file

Eligible Participants and Participation

Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.

100.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$5K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$123

Not enough data

1 years with per-participant contribution data

Asset flow

BOY + contributions + return - distributions = EOY

Year

Annual return

Diverging bars; negative years highlighted

-5.27%

Not enough data

1 years with return on file

Admin fee / account holder

Total admin expenses / participants with a balance (line 6g)

$644

Not enough data

1 years with admin cost on file

Asset composition

Cash / stocks / bonds / mutual funds / real estate / loans over time

Not enough data

0 years with F_SCH_H allocation on file

Free accounts unlock saves, downloads, and 3-year history.

Service providers

Providers data not reported

Schedule C was not filed on this plan's most recent Form 5500, so no compensated service providers are available to display.

Plan features & details

Pension benefit codes2I2P2Q3I

Plan features

2I
Stock bonus
Stock bonus plan.
2P
Leveraged ESOP
Employee stock ownership plan that acquires employer securities with borrowed money or other debt-financing techniques.
2Q
ESOP maintained by an S corporation
The employer maintaining this ESOP is an S corporation.
3I
Employer securities investment required
Plan requiring that all or part of employer contributions be invested and held at least for a limited period in employer securities.

Opportunity flags

3 tripped

OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.
OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
ComplianceLow fidelity bond
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).

Expense breakdown

Schedule H Part II

Admin total

$30K

$910 / participant

Other / not subdivided$30K100.0%

% of EOY assets

0.951%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

No opinion code on file for this filing.

Auditor firm: (not reported)
Auditor EIN: -
Audit fees: (not subdivided)
Opinion code: -

Metric

This plan

Peer set

Industry

Size

Avg account balance

$81,019

$80,9920%

$96,534-16.1%

$75,173+7.8%

Participation rate

100.0%

71.8%+28.2pp

76.0%+24.0pp

67.2%+32.8pp

Annual return

22.57%

27.05%-4.5pp

25.88%-3.3pp

160.72%-138.2pp

Employer contribution / active EE

$153

$2,283-93.3%

$2,965-94.8%

$2,671-94.3%

Participant deferral / active EE

$3,929-100.0%

$4,851-100.0%

$4,126-100.0%

Admin fee / account holder

$770

$6,717-88.5%

$8,253-90.7%

$5,651-86.4%

DOWNEAST MACHINE AND ENGINEERING, INC. EMPLOYEE STOCK OWNERSHIP PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

DOWNEAST MACHINE AND ENGINEERING, INC. EMPLOYEE STOCK OWNERSHIP PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion