Retirement plan

MILFORD BOAT WORKS, INC. 401(K) PROFIT SHARING PLAN

Name: MILFORD BOAT WORKS, INC. - MILFORD BOAT WORKS, INC. 401(K) PROFIT SHARING PLAN (2020) Form 5500
Creator: MILFORD BOAT WORKS, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, MILFORD BOAT WORKS, INC. 401(K) PROFIT SHARING PLAN, MILFORD BOAT WORKS, INC.

MILFORD BOAT WORKS, INC.EIN 06-0615213Plan #001PY 2020

ONE HIGH STREET - MILFORD, CT 06460203-877-1475milfordboatworks.comLinkedIn1-10 employeesmaritime

Prospect flagsHigh feesLow employer contribution

How to read this page

Total assets (EOY)

$1.5M

-17.6% from 2019

Total participants

0.0% from 2019

Average account balance

$95,913

-12.4% from 2019

Annual return

9.80%

-5.51 pp from 2019

Benchmarks

See 6,938 peers

Peer group

Industry48 - Transportation and Warehousing

Plan typeDefined contribution

Participants<25

Cohort6,938 peers

Snapshot2020

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

Analytics

Total assets (EOY)

Plan-year ending balance

$763K

Not enough data

1 years with asset history on file

Average account balance

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

$40K

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.

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.

105.6%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$63K

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

+7.62%

Not enough data

1 years with return on file

Admin fee / account holder

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

$23013

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

0 years with F_SCH_H allocation on file

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

Service providers

Providers data not reported

Schedule C was not filed on this plan's most recent Form 5500, so no compensated service providers are available to display.

Plan features & details

Pension benefit codes2E2F2G2J3D

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.
3D
Pre-approved pension plan
A master prototype or volume submitter plan that is the subject of a favorable opinion or advisory letter from the IRS.

Opportunity flags

2 tripped

OpportunityLow employer contribution
Employer 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.)

Expense breakdown

Schedule H Part II

Admin total

$598K

$33249 / participant

Other / not subdivided$598K100.0%

% of EOY assets

38.999%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

No opinion code on file for this filing.

Auditor firm: (not reported)
Auditor EIN: -
Audit fees: (not subdivided)
Opinion code: -

Metric

This plan

Peer set

Industry

Size

Avg account balance

$95,913

$102,638-6.6%

$81,991+17.0%

$158,966-39.7%

Participation rate

72.2%

75.5%-3.3pp

69.3%+3.0pp

82.0%-9.7pp

Annual return

9.80%

61.05%-51.3pp

41.31%-31.5pp

302.95%-293.1pp

Employer contribution / active EE

$3,241-100.0%

$2,498-100.0%

$4,762-100.0%

Participant deferral / active EE

$4,956

$4,649+6.6%

$3,722+33.1%

$5,983-17.2%

Admin fee / account holder

$37,405

$8,237+354.1%

$5,665+560.3%

$11,250+232.5%

MILFORD BOAT WORKS, INC. 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

MILFORD BOAT WORKS, INC. 401(K) PROFIT SHARING 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