Retirement plan

HUGHES GENERAL CONTRACTORS 401(K) RETIREMENT PLAN

Name: HUGHES GENERAL CONTRACTORS - HUGHES GENERAL CONTRACTORS 401(K) RETIREMENT PLAN (2023) Form 5500
Creator: HUGHES GENERAL CONTRACTORS
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, HUGHES GENERAL CONTRACTORS 401(K) RETIREMENT PLAN, HUGHES GENERAL CONTRACTORS

HUGHES GENERAL CONTRACTORSEIN 03-0403856Plan #001PY 2023

P. O. BOX 540700 - NORTH SALT LAKE CITY, UT 840540700801-292-1411hughesgc.comLinkedIn201-500 employeesconstruction

Prospect flagsHigh feesFailed to transmit contributionsCorrective distributions

How to read this page

Total assets (EOY)

$9.9M

+24.8% from 2022

Total participants

291

+11.1% from 2022

Average account balance

$39,742

+7.8% from 2022

Annual return

19.67%

+39.96 pp from 2022

Benchmarks

See 3,251 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants100-249

Cohort3,251 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$13.74M

Not enough data

1 years with asset history on file

Average account balance

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

$45K

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.

308

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.

87.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.64M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$6K

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

+29.92%

Not enough data

1 years with return on file

Admin fee / account holder

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

$341

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
LPL FINANCIAL5 years Filed as: LPL FINANCIAL, LLC Service code 27 4707 EXECUTIVE DR. · SAN DIEGO, CA 92121	Advisory (Plan)	$25,837
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: EMPOWER ANNUITY INSURANCE COMPANY Service code 64 · EIN 01-0233346 8515 E. ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$22,400
WC ADMINISTRATORS, LLC7 years Service code 13 6995 UNION PARK CTR #320 · MIDVALE, UT 84047	Contract Administrator	$16,463
ALDRICH WEALTH LIMITED PARTNERSHIP1 year Filed as: ALDRICH CPAS + ADVISORS Service code 10 · EIN 93-0623286 680 HAWTHORNE AVE. SE #140 · SALEM, OR 973010041	Accounting	$12,000
LEAFHOUSE FINANCIAL ADVISORS, LLC7 years Service code 99 6300 BRIDGE POINT WAY, BLDG 1, #3 · AUSTIN, TN 787305097	Other Fees	$6,890
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: EMPOWER ADVISORY GROUP, LLC Service code 28 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Investment Management	$5,454

Plan features & details

Pension benefit codes2E2F2G2J2K2S2T3D

Plan features

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.
2K
Code section 401(m) arrangement
Employee 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.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
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.
3D
Pre-approved pension plan
A master prototype or volume submitter plan that is the subject of a favorable opinion or advisory letter from the IRS.

Opportunity flags

3 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$87K

$360 / participant

Contract admin$75K86.2%
Other / not subdivided$12K13.8%

% of EOY assets

0.876%

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: ALDRICH CPAS + ADVISORS
Auditor EIN: 930623286
Audit fees: $12,000
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$39,742

$76,696-48.2%

$96,515-58.8%

$71,511-44.4%

Participation rate

82.6%

66.6%+16.0pp

74.3%+8.2pp

67.9%+14.6pp

Annual return

19.67%

48.32%-28.7pp

35.73%-16.1pp

28.86%-9.2pp

Employer contribution / active EE

$1,518

$3,032-49.9%

$3,740-59.4%

$2,589-41.4%

Participant deferral / active EE

$3,877

$3,770+2.8%

$4,880-20.6%

$4,291-9.6%

Admin fee / account holder

$348

$2,030-82.8%

$6,735-94.8%

$1,588-78.1%

Provider

Service type

Compensation

LPL FINANCIAL5 years

Filed as: LPL FINANCIAL, LLC

Service code 27

4707 EXECUTIVE DR. · SAN DIEGO, CA 92121

Advisory (Plan)

$25,837

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: EMPOWER ANNUITY INSURANCE COMPANY

Service code 64 · EIN 01-0233346

8515 E. ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$22,400

WC ADMINISTRATORS, LLC7 years

Service code 13

6995 UNION PARK CTR #320 · MIDVALE, UT 84047

Contract Administrator

$16,463

ALDRICH WEALTH LIMITED PARTNERSHIP1 year

Filed as: ALDRICH CPAS + ADVISORS

Service code 10 · EIN 93-0623286

680 HAWTHORNE AVE. SE #140 · SALEM, OR 973010041

Accounting

$12,000

LEAFHOUSE FINANCIAL ADVISORS, LLC7 years

Service code 99

6300 BRIDGE POINT WAY, BLDG 1, #3 · AUSTIN, TN 787305097

Other Fees

$6,890

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: EMPOWER ADVISORY GROUP, LLC

Service code 28

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Investment Management

$5,454

HUGHES GENERAL CONTRACTORS 401(K) RETIREMENT PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

HUGHES GENERAL CONTRACTORS 401(K) RETIREMENT 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