Retirement plan

WAYNE J. GRIFFIN ELECTRIC, INC. RETIREMENT SAVINGS PLAN

Name: WAYNE J. GRIFFIN ELECTRIC, INC - WAYNE J. GRIFFIN ELECTRIC, INC. RETIREMENT SAVINGS PLAN (2023) Form 5500
Creator: WAYNE J. GRIFFIN ELECTRIC, INC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, WAYNE J. GRIFFIN ELECTRIC, INC. RETIREMENT SAVINGS PLAN, WAYNE J. GRIFFIN ELECTRIC, INC

WAYNE J. GRIFFIN ELECTRIC, INCEIN 04-2650465Plan #001PY 2023

116 HOPPING BROOK ROAD - HOLLISTON, MA 01746508-429-8830waynejgriffinelectric.comLinkedIn1001-5000 employeesconstruction

Prospect flagsFailed to provide benefitCorrective distributions

How to read this page

Total assets (EOY)

$190.9M

+23.5% from 2022

Total participants

1,588

+4.1% from 2022

Average account balance

$152,475

+18.9% from 2022

Annual return

19.11%

+35.88 pp from 2022

Benchmarks

See 531 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants1,000-4,999

Cohort531 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$220.17M

Not enough data

1 years with asset history on file

Average account balance

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

$172K

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.

1,281

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.

81.1%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$15.08M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$12K

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

+14.82%

Not enough data

1 years with return on file

Admin fee / account holder

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

$40

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
MMA SECURITIES LLC2 years Filed as: MMA SECURITIES Service code 27 · EIN 22-3570392	Advisory (Plan)	$45,338
STRATEGIC ADVISORS, INC.2 years Service code 27 · EIN 04-2654524	Advisory (Plan)	$36,351
CITRIN COOPERMAN3 years Service code 10 · EIN 22-2428965	Accounting	$16,251
FIDELITY INVESTMENTS INSTITUTIONAL6 years Service code 37 · EIN 04-2647786	Loan Processing	-$34,788

Plan features & details

Pension benefit codes2G2J2K2T2E2F3D

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.
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

2 tripped

ComplianceFailed to provide benefit
Form 5500 reported that benefits due were not provided when due.
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$63K

$45 / participant

Investment mgmt$82K129.4%

% of EOY assets

0.033%

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: CITRIN COOPERMAN & COMPANY LLP
Auditor EIN: 222428965
Audit fees: $16,250
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$152,475

$88,479+72.3%

$96,515+58.0%

$80,157+90.2%

Participation rate

75.8%

79.9%-4.1pp

74.3%+1.5pp

72.9%+2.9pp

Annual return

19.11%

22.53%-3.4pp

35.73%-16.6pp

40.39%-21.3pp

Employer contribution / active EE

$2,352

$4,177-43.7%

$3,740-37.1%

$2,977-21.0%

Participant deferral / active EE

$7,882

$3,961+99.0%

$4,880+61.5%

$5,015+57.2%

Admin fee / account holder

$50

$211-76.1%

$6,735-99.3%

$145-65.2%

Provider

Service type

Compensation

MMA SECURITIES LLC2 years

Filed as: MMA SECURITIES

Service code 27 · EIN 22-3570392

Advisory (Plan)

$45,338

STRATEGIC ADVISORS, INC.2 years

Service code 27 · EIN 04-2654524

Advisory (Plan)

$36,351

CITRIN COOPERMAN3 years

Service code 10 · EIN 22-2428965

Accounting

$16,251

FIDELITY INVESTMENTS INSTITUTIONAL6 years

Service code 37 · EIN 04-2647786

Loan Processing

-$34,788

WAYNE J. GRIFFIN ELECTRIC, INC. RETIREMENT SAVINGS PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

WAYNE J. GRIFFIN ELECTRIC, INC. RETIREMENT SAVINGS 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