Retirement plan

PLUMBERS & PIPEFITTERS LOCAL UNION #51 ANNUITY PLAN

Name: LOCAL 51 - PLUMBERS & PIPEFITTERS LOCAL UNION #51 ANNUITY PLAN (2020) Form 5500
Creator: LOCAL 51
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, PLUMBERS & PIPEFITTERS LOCAL UNION #51 ANNUITY PLAN, LOCAL 51

LOCAL 51EIN 05-0504791Plan #002PY 2020

11 HEMINGWAY DR - EAST PROVIDENCE, RI 029152225401-943-3033ualocal51.comLinkedIn11-50 employeesprinting

Prospect flagsLow returnsHigh feesLow participationLow participant contribution

How to read this page

Total assets (EOY)

$68M

+13.1% from 2019

Total participants

1,369

+1.7% from 2019

Average account balance

$79,057

+10.8% from 2019

Annual return

11.90%

-6.74 pp from 2019

Benchmarks

See 526 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants1,000-4,999

Cohort526 peers

Snapshot2020

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

Analytics

Total assets (EOY)

Plan-year ending balance

$82.88M

Not enough data

1 years with asset history on file

Average account balance

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

$86K

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.

967

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.

62.6%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$5.19M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$4K

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

+10.90%

Not enough data

1 years with return on file

Admin fee / account holder

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

$500

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
MORGAN STANLEY SMITH BARNEY4 years Filed as: MORGAN STANLEY Service code 27 · EIN 26-4310632	Advisory (Plan)	$72,812
WARD FISHER & COMPANY1 year Filed as: WARD FISHER & COMPANY LLP Service code 10 · EIN 05-0234540	Accounting	$46,630
ZENITH AMERICAN SOLUTIONS1 year Filed as: ZENITH AMERICAN SOLUTIONS, INC. Service code 14 · EIN 52-1590516	Plan Administrator	$42,143
RODIO & URSILLO4 years Service code 29 · EIN 05-0398359	Legal	$28,725
BENESYS, INC.4 years Filed as: BENESYS INC Service code 14 · EIN 38-2383171	Plan Administrator	$17,465
ROBERT CHEVERIE4 years Filed as: ROBERT CHEVERIE & ASSOCIATES Service code 29 · EIN 06-1335139	Legal	$11,050
PRINCIPAL LIFE INSURANCE COMPANY4 years Service code 13 · EIN 42-0127290	Contract Administrator	$5,950

Plan features & details

Pension benefit codes2C2F2G2T3C

Plan features

2C
Money purchase plan
Money purchase pension plan other than a target benefit 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.
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.
3C
Plan not intended to be qualified
A plan not intended to be qualified under Code sections 401 403 or 408.

Opportunity flags

4 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.
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

$389K

$306 / participant

Investment mgmt$73K18.7%
Contract admin$6K1.5%
Other / not subdivided$310K79.7%

% of EOY assets

0.572%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Disclaimer opinion

Auditor declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.

Auditor firm: WARD FISHER & COMPANY LLP
Auditor EIN: 050234540
Audit fees: (not subdivided)
Opinion code: Disclaimer

Metric

This plan

Peer set

Industry

Size

Avg account balance

$79,057

$110,699-28.6%

$177,848-55.5%

$90,274-12.4%

Participation rate

59.9%

88.3%-28.5pp

87.7%-27.8pp

73.4%-13.5pp

Annual return

11.90%

22.79%-10.9pp

48.33%-36.4pp

53.97%-42.1pp

Employer contribution / active EE

$2,427

$4,118-41.1%

$5,919-59.0%

$2,523-3.8%

Participant deferral / active EE

$6,731-100.0%

$7,714-100.0%

$4,231-100.0%

Admin fee / account holder

$452

$90+402.0%

$12,431-96.4%

$114+296.2%

Provider

Service type

Compensation

MORGAN STANLEY SMITH BARNEY4 years

Filed as: MORGAN STANLEY

Service code 27 · EIN 26-4310632

Advisory (Plan)

$72,812

WARD FISHER & COMPANY1 year

Filed as: WARD FISHER & COMPANY LLP

Service code 10 · EIN 05-0234540

Accounting

$46,630

ZENITH AMERICAN SOLUTIONS1 year

Filed as: ZENITH AMERICAN SOLUTIONS, INC.

Service code 14 · EIN 52-1590516

Plan Administrator

$42,143

RODIO & URSILLO4 years

Service code 29 · EIN 05-0398359

Legal

$28,725

BENESYS, INC.4 years

Filed as: BENESYS INC

Service code 14 · EIN 38-2383171

Plan Administrator

$17,465

ROBERT CHEVERIE4 years

Filed as: ROBERT CHEVERIE & ASSOCIATES

Service code 29 · EIN 06-1335139

Legal

$11,050

PRINCIPAL LIFE INSURANCE COMPANY4 years

Service code 13 · EIN 42-0127290

Contract Administrator

$5,950

PLUMBERS & PIPEFITTERS LOCAL UNION #51 ANNUITY PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

PLUMBERS & PIPEFITTERS LOCAL UNION #51 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