Retirement plan

THE INTERNATIONAL BROTHERHOOD OF ELECTRICAL WORKERS LOCAL 7 ANNUITY PLAN

Name: INTERNATIONAL BROTHERHOOD OF ELEC WORKERS UNION LOCAL 7 - THE INTERNATIONAL BROTHERHOOD OF ELECTRICAL WORKERS LOCAL 7 ANNUITY PLAN (2023) Form 5500
Creator: INTERNATIONAL BROTHERHOOD OF ELEC WORKERS UNION LOCAL 7
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, THE INTERNATIONAL BROTHERHOOD OF ELECTRICAL WORKERS LOCAL 7 ANNUITY PLAN, INTERNATIONAL BROTHERHOOD OF ELEC WORKERS UNION LOCAL 7

INTERNATIONAL BROTHERHOOD OF ELEC WORKERS UNION LOCAL 7EIN 04-2733497Plan #002PY 2023

95 LIBERTY ST - SPRINGFIELD, MA 011031046800-446-8646

Prospect flagsLow returnsHigh fees

How to read this page

Total assets (EOY)

$66M

+0.4% from 2022

Total participants

890

+3.0% from 2022

Average account balance

$74,161

-2.5% from 2022

Annual return

2.72%

+7.83 pp from 2022

Benchmarks

See 1,502 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants250-999

Cohort1,502 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$78.17M

Not enough data

1 years with asset history on file

Average account balance

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

$85K

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.

915

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

$4.60M

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

+7.78%

Not enough data

1 years with return on file

Admin fee / account holder

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

$306

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 7 by compensation

Provider	Service type	Compensation
TRANSAMERICA RETIREMENT SOLUTIONS8+ years Service code 12 · EIN 13-3680044	Recordkeeping and information managem...	$116,161
IBEW-NECA SERVICE CENTER1 year Filed as: IBEW LOCAL ANNUITY PLAN Service code 14 · EIN 04-2733497	Plan Administrator	$78,619
ZENITH AMERICAN SOLUTIONS7 years Service code 12 8 FAIRFIELD BOULEVARD · WALLINGFORD, CT 06492	Claims processing	$33,768
REID & RIEGE, P.C.1 year Filed as: REID AND RIEGE PC Service code 29 1 FINANCIAL PLAZA 21ST FLOOR · HARTFORD, CT 06103	Legal	$17,586
LAPIER DILLON AND ASSOCIATES PC1 year Filed as: LAPIER, DILLON AND ASSOCIATES PC Service code 10 · EIN 32-0048525	Accounting	$14,811
KRAKOW & SOURIS1 year Filed as: KRAKOW SOURIS AND LANDRY LLC Service code 29 90 CANAL STREET 4TH FLOOR · BOSTON, MA 02214	Legal	$8,667
NATIONAL FINANCIAL SERVICES8+ years Service code 33 · EIN 04-3523567	Securities brokerage; Securities brok...	$0

Plan features & details

Pension benefit codes2E2F2G2J2T

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.

Opportunity flags

2 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II

Admin total

$297K

$369 / participant

Investment mgmt$199K67.0%
Contract admin$34K11.4%
Other / not subdivided$64K21.6%

% of EOY assets

0.449%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: LAPIER DILLON AND ASSOCIATES PC
Auditor EIN: 320048525
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$74,161

$93,010-20.3%

$96,515-23.2%

$74,460-0.4%

Participation rate

100.0%

71.6%+28.4pp

74.3%+25.7pp

70.7%+29.3pp

Annual return

2.72%

37.50%-34.8pp

35.73%-33.0pp

34.38%-31.7pp

Employer contribution / active EE

$5,060

$3,427+47.6%

$3,740+35.3%

$2,638+91.8%

Participant deferral / active EE

$3,971-100.0%

$4,880-100.0%

$4,530-100.0%

Admin fee / account holder

$333

$633-47.4%

$6,735-95.1%

$348-4.2%

Provider

Service type

Compensation

TRANSAMERICA RETIREMENT SOLUTIONS8+ years

Service code 12 · EIN 13-3680044

Recordkeeping and information managem...

$116,161

IBEW-NECA SERVICE CENTER1 year

Filed as: IBEW LOCAL ANNUITY PLAN

Service code 14 · EIN 04-2733497

Plan Administrator

$78,619

ZENITH AMERICAN SOLUTIONS7 years

Service code 12

8 FAIRFIELD BOULEVARD · WALLINGFORD, CT 06492

Claims processing

$33,768

REID & RIEGE, P.C.1 year

Filed as: REID AND RIEGE PC

Service code 29

1 FINANCIAL PLAZA 21ST FLOOR · HARTFORD, CT 06103

Legal

$17,586

LAPIER DILLON AND ASSOCIATES PC1 year

Filed as: LAPIER, DILLON AND ASSOCIATES PC

Service code 10 · EIN 32-0048525

Accounting

$14,811

KRAKOW & SOURIS1 year

Filed as: KRAKOW SOURIS AND LANDRY LLC

Service code 29

90 CANAL STREET 4TH FLOOR · BOSTON, MA 02214

Legal

$8,667

NATIONAL FINANCIAL SERVICES8+ years

Service code 33 · EIN 04-3523567

Securities brokerage; Securities brok...

THE INTERNATIONAL BROTHERHOOD OF ELECTRICAL WORKERS LOCAL 7 ANNUITY PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

THE INTERNATIONAL BROTHERHOOD OF ELECTRICAL WORKERS LOCAL 7 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