Retirement plan

WORCESTER ELEVATOR COMPANY, INC. UNION 401(K) / PROFIT SHARING PLAN

Name: WORCESTER ELEVATOR COMPANY, INC. - WORCESTER ELEVATOR COMPANY, INC. UNION 401(K) / PROFIT SHARING PLAN (2024) Form 5500
Creator: WORCESTER ELEVATOR COMPANY, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, WORCESTER ELEVATOR COMPANY, INC. UNION 401(K) / PROFIT SHARING PLAN, WORCESTER ELEVATOR COMPANY, INC.

WORCESTER ELEVATOR COMPANY, INC.EIN 04-2670962Plan #002PY 2024

2 - 4 SOUTHBRIDGE STREET - AUBURN, MA 01501508-752-2001worcesterelevator.comLinkedIn11-50 employeesfacilities services

Other plans on this EIN

1 filing

#001Retirement-$5.5M assets

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$1.4M

+19.6% from 2023

Total participants

+33.3% from 2023

Average account balance

$127,952

-13.0% from 2023

Annual return

14.61%

-0.80 pp from 2023

Benchmarks

See 22,959 peers

Peer group

Industry33 - Manufacturing

Plan typeDefined contribution

Participants<25

Cohort22,959 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$1.41M

Not enough data

1 years with asset history on file

Average account balance

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

$128K

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.

110.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$83K

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

+14.61%

Not enough data

1 years with return on file

Admin fee / account holder

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

$2544

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 codes2E2G2J3D2F2T

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.
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

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

$28K

$2798 / participant

Other / not subdivided$28K100.0%

% of EOY assets

1.988%

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

$127,952

$117,895+8.5%

$102,460+24.9%

$145,897-12.3%

Participation rate

90.0%

78.6%+11.4pp

76.5%+13.5pp

80.3%+9.7pp

Annual return

14.61%

31.92%-17.3pp

29.47%-14.9pp

552.29%-537.7pp

Employer contribution / active EE

$3,619-100.0%

$3,025-100.0%

$4,663-100.0%

Participant deferral / active EE

$8,272

$5,736+44.2%

$5,056+63.6%

$6,689+23.7%

Admin fee / account holder

$2,544

$13,353-80.9%

$9,460-73.1%

$13,390-81.0%

WORCESTER ELEVATOR COMPANY, INC. UNION 401(K) / PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

WORCESTER ELEVATOR COMPANY, INC. UNION 401(K) / PROFIT SHARING 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