Retirement plan

MASSACHUSETTS DEFINED CONTRIBUTION CORE PLAN

Name: COMMONWEALTH OF MASSACHUSETTS OFFICE OF THE TREASURER & RECEIVER GENER - MASSACHUSETTS DEFINED CONTRIBUTION CORE PLAN (2023) Form 5500
Creator: COMMONWEALTH OF MASSACHUSETTS OFFICE OF THE TREASURER & RECEIVER GENER
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, MASSACHUSETTS DEFINED CONTRIBUTION CORE PLAN, COMMONWEALTH OF MASSACHUSETTS OFFICE OF THE TREASURER & RECEIVER GENER

COMMONWEALTH OF MASSACHUSETTS OFFICE OF THE TREASURER & RECEIVER GENEREIN 04-6002284Plan #333PY 2023

ONE ASHBURTON PLACE, 12TH FLOOR - BOSTON, MA 02108617-367-3900

Prospect flagsLow assets / participantFailed to transmit contributionsCorrective distributions

How to read this page

Total assets (EOY)

$31M

+63.9% from 2022

Total participants

2,322

+47.4% from 2022

Average account balance

$17,221

+23.2% from 2022

Annual return

24.47%

+33.05 pp from 2022

Benchmarks

See 8,000 peers

Peer group

Industryany (size+type match)

Plan typeDefined contribution

Participants1,000-4,999

Cohort8,000 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$44.71M

Not enough data

1 years with asset history on file

Average account balance

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

$19K

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.

2,298

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.

80.5%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$11.12M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$5K

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

+18.57%

Not enough data

1 years with return on file

Admin fee / account holder

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

$37

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 2 by compensation

Provider	Service type	Compensation
GREAT-WEST LIFE & ANNUITY INSURANCE2 years Filed as: EMPOWER ANNUITY INSURANCE COMPANY Service code 64 OF AMERICA · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$36,055
GREAT-WEST LIFE & ANNUITY INSURANCE2 years Filed as: EMPOWER ADVISORY GROUP, LLC Service code 28 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Investment Management	$20,924

Plan features & details

Pension benefit codes2F2G2J2K2S2T2U

Plan features

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.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
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

3 tripped

OpportunityLow assets / participant
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$57K

$30 / participant

Recordkeeping$36K63.3%
Investment mgmt$21K36.7%

% of EOY assets

0.184%

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: CLIFTONLARSONALLEN, LLP
Auditor EIN: 410746749
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$17,221

$80,169-78.5%

$70,160-75.5%

$80,169-78.5%

Participation rate

73.1%

72.9%+0.1pp

78.8%-5.8pp

72.9%+0.1pp

Annual return

24.47%

40.39%-15.9pp

19.08%+5.4pp

40.39%-15.9pp

Employer contribution / active EE

$1,339

$2,978-55.1%

$4,285-68.8%

$2,978-55.1%

Participant deferral / active EE

$3,211

$5,016-36.0%

$5,394-40.5%

$5,016-36.0%

Admin fee / account holder

$32

$145-78.2%

$4,582-99.3%

$145-78.2%

Provider

Service type

Compensation

GREAT-WEST LIFE & ANNUITY INSURANCE2 years

Filed as: EMPOWER ANNUITY INSURANCE COMPANY

Service code 64

OF AMERICA · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$36,055

GREAT-WEST LIFE & ANNUITY INSURANCE2 years

Filed as: EMPOWER ADVISORY GROUP, LLC

Service code 28

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Investment Management

$20,924

MASSACHUSETTS DEFINED CONTRIBUTION CORE PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

MASSACHUSETTS DEFINED CONTRIBUTION CORE 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