Retirement plan

LOCAL 550 ANNUITY PLAN

Name: SPRINKLER FITTERS AND APPRENTICES LOCAL UNION NO. 550 - LOCAL 550 ANNUITY PLAN (2023) Form 5500
Creator: SPRINKLER FITTERS AND APPRENTICES LOCAL UNION NO. 550
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, LOCAL 550 ANNUITY PLAN, SPRINKLER FITTERS AND APPRENTICES LOCAL UNION NO. 550

SPRINKLER FITTERS AND APPRENTICES LOCAL UNION NO. 550EIN 04-1859910Plan #001PY 2023

46 ROCKLAND STREET - BOSTON, MA 02132617-323-0474sprinklerfitters550.orgLinkedIn51-200 employees

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$150.1M

+25.4% from 2022

Total participants

834

+0.5% from 2022

Average account balance

$198,225

+25.6% from 2022

Annual return

20.26%

+39.43 pp from 2022

Benchmarks

See 1,011 peers

Peer group

Industry81 - Other Services (except Public Administration)

Plan typeDefined contribution

Participants250-999

Cohort1,011 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$172.93M

Not enough data

1 years with asset history on file

Average account balance

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

$229K

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.

755

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.

89.5%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$13.96M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$18K

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

+15.31%

Not enough data

1 years with return on file

Admin fee / account holder

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

$418

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 4 by compensation

Provider	Service type	Compensation
SPRINKLER FITTERS AND APPRENTICES9+ years Service code 99 · EIN 04-1859910	Other Fees	$65,000
THE ANGELL PENSION GROUP, INC.4 years Filed as: THE ANGELL PENSION GROUP INC. Service code 13 · EIN 04-2530412	Contract Administrator	$39,687
GLOBAL RETIREMENT PARTNERS LLC3 years Service code 27 · EIN 47-1411118	Advisory (Plan)	$36,000
GOULET SALVIDIO & ASSOCIATES PC1 year Filed as: GOULET, SALVIDIO ASSOCIATES, PC Service code 10 · EIN 04-2623065	Accounting	$24,750

Plan features & details

Pension benefit codes2E2F2G2T

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.
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

1 tripped

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

$264K

$337 / participant

Trustee / custodial$6K2.4%
Investment mgmt$36K13.6%
Other trustee fees$4K1.7%
Contract admin$70K26.4%
Other / not subdivided$148K55.9%

% of EOY assets

0.176%

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: GOULET, SALVIDIO & ASSOCIATES, P.C.
Auditor EIN: 042623065
Audit fees: $24,750
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$198,225

$52,188+279.8%

$86,617+128.9%

$74,440+166.3%

Participation rate

90.2%

66.3%+23.8pp

71.7%+18.5pp

70.7%+19.4pp

Annual return

20.26%

44.46%-24.2pp

591.91%-571.7pp

34.37%-14.1pp

Employer contribution / active EE

$16,599

$2,282+627.4%

$3,023+449.0%

$2,638+529.3%

Participant deferral / active EE

$3,383-100.0%

$4,437-100.0%

$4,529-100.0%

Admin fee / account holder

$349

$319+9.4%

$5,613-93.8%

$348+0.2%

Provider

Service type

Compensation

SPRINKLER FITTERS AND APPRENTICES9+ years

Service code 99 · EIN 04-1859910

Other Fees

$65,000

THE ANGELL PENSION GROUP, INC.4 years

Filed as: THE ANGELL PENSION GROUP INC.

Service code 13 · EIN 04-2530412

Contract Administrator

$39,687

GLOBAL RETIREMENT PARTNERS LLC3 years

Service code 27 · EIN 47-1411118

Advisory (Plan)

$36,000

GOULET SALVIDIO & ASSOCIATES PC1 year

Filed as: GOULET, SALVIDIO ASSOCIATES, PC

Service code 10 · EIN 04-2623065

Accounting

$24,750

LOCAL 550 ANNUITY PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

LOCAL 550 ANNUITY 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