Retirement plan

PROFIT SHARING & 401(K) RETIREMENT PLAN LOCAL 567

Name: BOARD DIRECTORS OF PROFIT SHARING & 401(K) RETIREMENT PLAN LOCAL 567 - PROFIT SHARING & 401(K) RETIREMENT PLAN LOCAL 567 (2024) Form 5500
Creator: BOARD DIRECTORS OF PROFIT SHARING & 401(K) RETIREMENT PLAN LOCAL 567
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, PROFIT SHARING & 401(K) RETIREMENT PLAN LOCAL 567, BOARD DIRECTORS OF PROFIT SHARING & 401(K) RETIREMENT PLAN LOCAL 567

BOARD DIRECTORS OF PROFIT SHARING & 401(K) RETIREMENT PLAN LOCAL 567EIN 01-0439781Plan #002PY 2024

238 GODDARD ROAD - LEWISTON, ME 042401000207-786-9770

Prospect flagsHigh feesLow participant contribution

How to read this page

Total assets (EOY)

$70M

+18.6% from 2023

Total participants

521

+9.5% from 2023

Average account balance

$134,319

+8.4% from 2023

Annual return

20.29%

+26.90 pp from 2023

Benchmarks

See 1,563 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants250-999

Cohort1,563 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$72.51M

Not enough data

1 years with asset history on file

Average account balance

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

$135K

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.

538

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

$3.51M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$8K

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

+7.26%

Not enough data

1 years with return on file

Admin fee / account holder

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

$518

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

1 years with F_SCH_H allocation on file

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

Service providers

Top 6 by compensation

Provider	Service type	Compensation
KIMBERELY KEENAN5 years Service code 15 · EIN 01-0439781	Recordkeeping	$112,718
NOVAK FRANCELLA LLC4 years Filed as: NOVAK FRANCELLA, LLC Service code 10 · EIN 61-1436956	Accounting	$28,197
MEKETA INVESTMENT GROUP1 year Service code 28 80 UNIVERSITY AVE · WESTWOOD, MA 02090	Investment Management	$18,266
BAIRD INSURANCE SERVICES INC1 year Filed as: JENSEN BAIRD GARDNER & HENRY Service code 29 10 FREE STREET · PORTLAND, ME 04101	Legal	$12,352
PENSION FUND EVALUATIONS, INC.5 years Filed as: PENSION FUND EVALUATION, INC. Service code 27 · EIN 11-2503982	Advisory (Plan)	$6,325
GREAT-WEST LIFE & ANNUITY INSURANCE2 years Filed as: EMPOWER ANNUITY INS. CO. Service code 64 8515 EAST ORCHARD RD. · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$0

Plan features & details

Pension benefit codes2C2E2F2G2J2T

Plan features

2C
Money purchase plan
Money purchase pension plan other than a target benefit plan.
2E
Profit-sharing
Profit-sharing plan.
2F
ERISA section 404(c) plan
This plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
2G
Total participant-directed account plan
Participants 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.
2J
Code section 401(k) feature
Cash 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.
2T
Default investment account
Total or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.

Opportunity flags

2 tripped

OpportunityLow participant contribution
Participant 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.)

Expense breakdown

Schedule H Part II

Admin total

$228K

$506 / participant

Recordkeeping$13K5.9%
Trustee / custodial$2K1.0%
Investment mgmt$26K11.3%
Legal$12K5.4%
Salaries / allowances$113K49.4%
Other / not subdivided$61K26.9%

% of EOY assets

0.326%

all-in expense ratio

Categories reported

5 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: NOVAK FRANCELLA, LLC
Auditor EIN: 611436956
Audit fees: $15,500
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$134,319

$82,979+61.9%

$102,412+31.2%

$77,736+72.8%

Participation rate

100.0%

71.5%+28.5pp

74.5%+25.5pp

70.6%+29.4pp

Annual return

20.29%

19.11%+1.2pp

24.94%-4.7pp

31.26%-11.0pp

Employer contribution / active EE

$6,879

$3,554+93.6%

$3,870+77.8%

$2,728+152.2%

Participant deferral / active EE

$217

$4,109-94.7%

$5,060-95.7%

$4,651-95.3%

Admin fee / account holder

$438

$639-31.4%

$8,388-94.8%

$433+1.0%

Provider

Service type

Compensation

KIMBERELY KEENAN5 years

Service code 15 · EIN 01-0439781

Recordkeeping

$112,718

NOVAK FRANCELLA LLC4 years

Filed as: NOVAK FRANCELLA, LLC

Service code 10 · EIN 61-1436956

Accounting

$28,197

MEKETA INVESTMENT GROUP1 year

Service code 28

80 UNIVERSITY AVE · WESTWOOD, MA 02090

Investment Management

$18,266

BAIRD INSURANCE SERVICES INC1 year

Filed as: JENSEN BAIRD GARDNER & HENRY

Service code 29

10 FREE STREET · PORTLAND, ME 04101

Legal

$12,352

PENSION FUND EVALUATIONS, INC.5 years

Filed as: PENSION FUND EVALUATION, INC.

Service code 27 · EIN 11-2503982

Advisory (Plan)

$6,325

GREAT-WEST LIFE & ANNUITY INSURANCE2 years

Filed as: EMPOWER ANNUITY INS. CO.

Service code 64

8515 EAST ORCHARD RD. · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

PROFIT SHARING & 401(K) RETIREMENT PLAN LOCAL 567

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

PROFIT SHARING & 401(K) RETIREMENT PLAN LOCAL 567

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