Retirement plan

FAIRFIELD PROCESSING CORPORATION 401(K) PLAN

Name: FAIRFIELD PROCESSING CORPORATION - FAIRFIELD PROCESSING CORPORATION 401(K) PLAN (2022) Form 5500
Creator: FAIRFIELD PROCESSING CORPORATION
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, FAIRFIELD PROCESSING CORPORATION 401(K) PLAN, FAIRFIELD PROCESSING CORPORATION

FAIRFIELD PROCESSING CORPORATIONEIN 06-0642407Plan #003PY 2022

88 ROSE HILL AVENUE - DANBURY, CT 06813203-744-2090

Prospect flagsHigh feesLow participationFailed to transmit contributionsCorrective distributions

How to read this page

Total assets (EOY)

$5.9M

-17.9% from 2021

Total participants

223

+0.9% from 2021

Average account balance

$40,690

-28.0% from 2021

Annual return

-14.34%

-27.14 pp from 2021

Benchmarks

See 936 peers

Peer group

Industry31 - Manufacturing

Plan typeDefined contribution

Participants100-249

Cohort936 peers

Snapshot2022

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

Analytics

Total assets (EOY)

Plan-year ending balance

$7.09M

Not enough data

1 years with asset history on file

Average account balance

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

$54K

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.

132

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.

58.3%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$432K

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

+12.01%

Not enough data

1 years with return on file

Admin fee / account holder

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

$538

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

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Service providers

Top 6 by compensation

Provider	Service type	Compensation
ROCKEFELLER FINANCIAL LLC1 year Service code 27 · EIN 82-3226180	Advisory (Plan)	$26,019
MASSACHUSETTS MUTUAL LIFE INS. CO.5 years Filed as: MASSACHUSETTS MUTUAL LIFE INSRNC CO Service code 52 · EIN 04-1590850 1295 STATE STREET · SPRINGFIELD, MA 011110001	Indirect Investment Fees	$13,095
RESOURCES INVESTMENT ADVISORS LLC2 years Filed as: RESOURCES INVESTMENT ADVISORS, INC. Service code 12 · EIN 43-1451524 11101 SWITZER ROAD · OVERLAND PARK, KS 66210	Plan Administrator; Claims processing...	$5,936
THE BENEFIT PRACTICE1 year Service code 13 · EIN 13-4144565 1055 WASHINGTON BLVD · STAMFORD, CT 06901	Contract Administrator	$3,620
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: EMPOWER ANNUITY INSURANCE COMPANY Service code 64 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$2,203
PENSION ASSURANCE LLP2 years Filed as: THE PENSION SERVICE, INC. Service code 13 · EIN 06-0874395 127 WASHINGTON AVE · NORTH HAVEN, CT 06473	Contract Administrator	$994

Plan features & details

Pension benefit codes2E2F2G2J2K3D

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.
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.
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

4 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
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

$47K

$300 / participant

Contract admin$47K100.0%

% of EOY assets

0.798%

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: CIRONEFRIEDBERG, LLP
Auditor EIN: 061533315
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$40,690

$50,199-18.9%

$69,890-41.8%

$66,949-39.2%

Participation rate

51.3%

66.3%-15.1pp

70.5%-19.2pp

69.8%-18.6pp

Annual return

-14.34%

-13.85%-0.5pp

190.84%-205.2pp

1.57%-15.9pp

Employer contribution / active EE

$601

$1,864-67.8%

$2,560-76.5%

$2,545-76.4%

Participant deferral / active EE

$2,520

$3,112-19.0%

$3,848-34.5%

$4,239-40.6%

Admin fee / account holder

$325

$600-45.9%

$6,267-94.8%

$594-45.3%

Provider

Service type

Compensation

ROCKEFELLER FINANCIAL LLC1 year

Service code 27 · EIN 82-3226180

Advisory (Plan)

$26,019

MASSACHUSETTS MUTUAL LIFE INS. CO.5 years

Filed as: MASSACHUSETTS MUTUAL LIFE INSRNC CO

Service code 52 · EIN 04-1590850

1295 STATE STREET · SPRINGFIELD, MA 011110001

Indirect Investment Fees

$13,095

RESOURCES INVESTMENT ADVISORS LLC2 years

Filed as: RESOURCES INVESTMENT ADVISORS, INC.

Service code 12 · EIN 43-1451524

11101 SWITZER ROAD · OVERLAND PARK, KS 66210

Plan Administrator; Claims processing...

$5,936

THE BENEFIT PRACTICE1 year

Service code 13 · EIN 13-4144565

1055 WASHINGTON BLVD · STAMFORD, CT 06901

Contract Administrator

$3,620

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: EMPOWER ANNUITY INSURANCE COMPANY

Service code 64

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$2,203

PENSION ASSURANCE LLP2 years

Filed as: THE PENSION SERVICE, INC.

Service code 13 · EIN 06-0874395

127 WASHINGTON AVE · NORTH HAVEN, CT 06473

Contract Administrator

$994

FAIRFIELD PROCESSING CORPORATION 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

FAIRFIELD PROCESSING CORPORATION 401(K) 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