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 (2024) 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 2024

321 RESEARCH PKWY STE 110 - MERIDEN, CT 064508340800-446-8646

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$73.2M

+10.9% from 2023

Total participants

903

+1.5% from 2023

Average account balance

$81,083

+9.3% from 2023

Annual return

12.30%

+9.57 pp from 2023

Benchmarks

See 1,563 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants250-999

Cohort1,563 peers

Snapshot2024

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 6 by compensation

Provider	Service type	Compensation
TRANSAMERICA RETIREMENT SOLUTIONS1 year Filed as: TRANSAMERICA RETIRMENT SOLUTIONS Service code 12 · EIN 13-3689044	Recordkeeping and information managem...	$111,128
REID & RIEGE, P.C.2 years Filed as: REID AND RIEGE PC Service code 29 1 FINANCIAL PLAZA 21ST FLOOR · HARTFORD, CT 06103	Legal	$75,682
KRAKOW & SOURIS2 years Filed as: KRAKOW SOURIS AND LANDRY LLC Service code 29 90 CANAL STREET 4TH FLOOR · BOSTON, MA 02214	Legal	$38,298
LAPIER DILLON AND ASSOCIATES PC4 years Service code 10 · EIN 32-0048525	Accounting	$22,429
THE SEGAL COMPANY1 year Filed as: SEGAL ROITMAN LLP Service code 29 111 DEVONSHIRE STREET · BOSTON, MA 02109	Legal	$11,238
NATIONAL FINANCIAL SERVICES9+ 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

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

$356K

$434 / participant

Investment mgmt$192K53.9%
Legal$87K24.4%
Contract admin$33K9.1%
Other / not subdivided$45K12.5%

% of EOY assets

0.486%

all-in expense ratio

Categories reported

3 / 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: $22,429
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$81,083

$82,979-2.3%

$102,383-20.8%

$77,714+4.3%

Participation rate

100.0%

71.5%+28.5pp

74.5%+25.5pp

70.6%+29.4pp

Annual return

12.30%

19.11%-6.8pp

24.94%-12.6pp

31.26%-19.0pp

Employer contribution / active EE

$5,251

$3,554+47.8%

$3,870+35.7%

$2,727+92.6%

Participant deferral / active EE

$4,109-100.0%

$5,060-100.0%

$4,649-100.0%

Admin fee / account holder

$394

$639-38.3%

$8,391-95.3%

$433-9.0%

Provider

Service type

Compensation

TRANSAMERICA RETIREMENT SOLUTIONS1 year

Filed as: TRANSAMERICA RETIRMENT SOLUTIONS

Service code 12 · EIN 13-3689044

Recordkeeping and information managem...

$111,128

REID & RIEGE, P.C.2 years

Filed as: REID AND RIEGE PC

Service code 29

1 FINANCIAL PLAZA 21ST FLOOR · HARTFORD, CT 06103

Legal

$75,682

KRAKOW & SOURIS2 years

Filed as: KRAKOW SOURIS AND LANDRY LLC

Service code 29

90 CANAL STREET 4TH FLOOR · BOSTON, MA 02214

Legal

$38,298

LAPIER DILLON AND ASSOCIATES PC4 years

Service code 10 · EIN 32-0048525

Accounting

$22,429

THE SEGAL COMPANY1 year

Filed as: SEGAL ROITMAN LLP

Service code 29

111 DEVONSHIRE STREET · BOSTON, MA 02109

Legal

$11,238

NATIONAL FINANCIAL SERVICES9+ 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