Retirement plan

INTERNATIONAL BROTHERHOOD OF ELECTRICAL WORKERS LOCAL UNION NO. 99 ANNUITY PLAN

Name: IBEW LOCAL UNION NO. 99 - INTERNATIONAL BROTHERHOOD OF ELECTRICAL WORKERS LOCAL UNION NO. 99 ANNUITY PLAN (2023) Form 5500
Creator: IBEW LOCAL UNION NO. 99
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, INTERNATIONAL BROTHERHOOD OF ELECTRICAL WORKERS LOCAL UNION NO. 99 ANNUITY PLAN, IBEW LOCAL UNION NO. 99

IBEW LOCAL UNION NO. 99EIN 05-6049537Plan #002PY 2023

22 AMFLEX DRIVE - CRANSTON, RI 02921401-946-9900

Prospect flagsLow returnsHigh feesLow participationLow participant contribution

How to read this page

Total assets (EOY)

$153.3M

+3.6% from 2022

Total participants

879

-20.0% from 2022

Average account balance

$246,124

+72.7% from 2022

Annual return

3.82%

+10.16 pp from 2022

Benchmarks

See 1,521 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants250-999

Cohort1,521 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$178.67M

Not enough data

1 years with asset history on file

Average account balance

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

$145K

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.

1,230

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.

91.6%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$8.22M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$7K

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

+17.73%

Not enough data

1 years with return on file

Admin fee / account holder

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

$456

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
GREAT-WEST LIFE & ANNUITY INSURANCE2 years Filed as: EMPOWER ANNUITY INSURANCE COMPANY Service code 64 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$136,127
WARD FISHER & COMPANY6+ years Filed as: WARD FISHER & COMPANY LLP Service code 10 · EIN 05-0234540 350C CENTERVILLE ROAD · WARWICK, RI 02886	Accounting	$90,252
IBEW LOCAL UNION 996+ years Service code 15 · EIN 05-0161150 22 AMFLEX DRIVE · CRANSTON, RI 02921	Recordkeeping	$76,511
THE SEGAL COMPANY6+ years Service code 11 · EIN 14-1835864 333 WEST 34TH STREET · NEW YORK, NY 10001	Actuarial	$62,000
RODIO & URSILLO1 year Filed as: RODIO & URSILLO LTD Service code 29 · EIN 05-0398359 33 BROAD STREET · PROVIDENCE, RI 02903	Legal	$29,590
MASSACHUSETTS MUTUAL LIFE INS. CO.1 year Filed as: MASSACHUSETTS MUTUAL LIFE INSURANCE Service code 15 · EIN 04-1590850	Recordkeeping	$27,496

Plan features & details

Pension benefit codes2E2F2G2K2T

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.
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.
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

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

$445K

$642 / participant

Contract admin$398K89.3%
Other / not subdivided$48K10.7%

% of EOY assets

0.290%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

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

Metric

This plan

Peer set

Industry

Size

Avg account balance

$246,124

$100,272+145.5%

$170,043+44.7%

$74,460+230.5%

Participation rate

63.1%

87.4%-24.2pp

87.0%-23.9pp

70.7%-7.6pp

Annual return

3.82%

66.12%-62.3pp

53.40%-49.6pp

34.38%-30.6pp

Employer contribution / active EE

$8,246

$4,266+93.3%

$6,790+21.4%

$2,638+212.6%

Participant deferral / active EE

$851

$7,147-88.1%

$10,410-91.8%

$4,530-81.2%

Admin fee / account holder

$715

$235+204.6%

$12,824-94.4%

$348+105.5%

Provider

Service type

Compensation

GREAT-WEST LIFE & ANNUITY INSURANCE2 years

Filed as: EMPOWER ANNUITY INSURANCE COMPANY

Service code 64

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$136,127

WARD FISHER & COMPANY6+ years

Filed as: WARD FISHER & COMPANY LLP

Service code 10 · EIN 05-0234540

350C CENTERVILLE ROAD · WARWICK, RI 02886

Accounting

$90,252

IBEW LOCAL UNION 996+ years

Service code 15 · EIN 05-0161150

22 AMFLEX DRIVE · CRANSTON, RI 02921

Recordkeeping

$76,511

THE SEGAL COMPANY6+ years

Service code 11 · EIN 14-1835864

333 WEST 34TH STREET · NEW YORK, NY 10001

Actuarial

$62,000

RODIO & URSILLO1 year

Filed as: RODIO & URSILLO LTD

Service code 29 · EIN 05-0398359

33 BROAD STREET · PROVIDENCE, RI 02903

Legal

$29,590

MASSACHUSETTS MUTUAL LIFE INS. CO.1 year

Filed as: MASSACHUSETTS MUTUAL LIFE INSURANCE

Service code 15 · EIN 04-1590850

Recordkeeping

$27,496

INTERNATIONAL BROTHERHOOD OF ELECTRICAL WORKERS LOCAL UNION NO. 99 ANNUITY PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

INTERNATIONAL BROTHERHOOD OF ELECTRICAL WORKERS LOCAL UNION NO. 99 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