Retirement plan

IRON WORKERS' LOCALS NO. 15 & 424 ANNUITY PLAN

Name: BOARD OF TRUSTEES IRON WORKERS' LOCALS NO.15 & 424 - IRON WORKERS' LOCALS NO. 15 & 424 ANNUITY PLAN (2019) Form 5500
Creator: BOARD OF TRUSTEES IRON WORKERS' LOCALS NO.15 & 424
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, IRON WORKERS' LOCALS NO. 15 & 424 ANNUITY PLAN, BOARD OF TRUSTEES IRON WORKERS' LOCALS NO.15 & 424

BOARD OF TRUSTEES IRON WORKERS' LOCALS NO.15 & 424dba ANNUITY FUNDEIN 06-1074625Plan #002PY 2019

321 RESEARCH PARKWAY SUITE 210 - MERIDEN, CT 064508340203-238-1204LinkedIn1-10 employeesconstruction

Prospect flagsLow returnsHigh feesLow participant contribution

How to read this page

Total assets (EOY)

$70.8M

+2.6% from 2018

Total participants

1,255

+0.3% from 2018

Average account balance

$65,242

+4.3% from 2018

Annual return

6.15%

-0.66 pp from 2018

Benchmarks

See 440 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants1,000-4,999

Cohort440 peers

Snapshot2019

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

Analytics

Total assets (EOY)

Plan-year ending balance

$79.65M

Not enough data

1 years with asset history on file

Average account balance

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

$71K

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.

1,116

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.

18.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$4.81M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$2K

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

+8.00%

Not enough data

1 years with return on file

Admin fee / account holder

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

$228

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 10 of 17 by compensation

Provider	Service type	Compensation
NEPC, LLC4+ years Service code 27 · EIN 26-1429809	Advisory (Plan)	$45,000
REID & RIEGE, P.C.2 years Filed as: REID & REIGE Service code 29 · EIN 06-0867204	Legal	$35,562
EMPLOYEE K4+ years Filed as: EMPLOYEE Service code 29 · EIN 06-1074625	Legal	$34,043
R.M. CHEVERIE & ASSOCIATES2 years Service code 29 · EIN 06-1335139	Legal	$28,576
NOVAK FRANCELLA LLC2 years Filed as: NOVAK FRANCELLA, LLC Service code 10 · EIN 61-1436956	Accounting	$28,064
BENESYS, INC.1 year Filed as: INNOVATIVE SOFTWARE SOLUTIONS, INC. Service code 49	Other Services	$22,414
STANDARD DATA4+ years Service code 15 · EIN 13-1945595	Recordkeeping	$7,032
MASSACHUSETTS MUTUAL LIFE INS. CO.2 years Service code 52 · EIN 04-1590850	Indirect Investment Fees	$320
DODGE & COX2 years Filed as: DODGE AND COX Service code 28 · EIN 94-6067274	Investment Management	$0
EATON VANCE2 years Service code 28 · EIN 04-6039283	Investment Management	$0

Plan features & details

Pension benefit codes2E2F2G2J2T

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.
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 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

$327K

$279 / participant

Investment mgmt$45K13.7%
Other / not subdivided$282K86.3%

% of EOY assets

0.462%

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: NOVAK FRANCELLA, LLC
Auditor EIN: 611436956
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$65,242

$66,051-1.2%

$92,915-29.8%

$77,775-16.1%

Participation rate

85.5%

81.0%+4.5pp

76.0%+9.5pp

73.2%+12.3pp

Annual return

6.15%

20.69%-14.5pp

109.45%-103.3pp

32.58%-26.4pp

Employer contribution / active EE

$3,723

$3,426+8.7%

$3,653+1.9%

$2,504+48.7%

Participant deferral / active EE

$34

$3,013-98.9%

$4,238-99.2%

$3,966-99.1%

Admin fee / account holder

$302

$148+104.1%

$5,796-94.8%

$100+201.5%

Provider

Service type

Compensation

NEPC, LLC4+ years

Service code 27 · EIN 26-1429809

Advisory (Plan)

$45,000

REID & RIEGE, P.C.2 years

Filed as: REID & REIGE

Service code 29 · EIN 06-0867204

Legal

$35,562

EMPLOYEE K4+ years

Filed as: EMPLOYEE

Service code 29 · EIN 06-1074625

Legal

$34,043

R.M. CHEVERIE & ASSOCIATES2 years

Service code 29 · EIN 06-1335139

Legal

$28,576

NOVAK FRANCELLA LLC2 years

Filed as: NOVAK FRANCELLA, LLC

Service code 10 · EIN 61-1436956

Accounting

$28,064

BENESYS, INC.1 year

Filed as: INNOVATIVE SOFTWARE SOLUTIONS, INC.

Service code 49

Other Services

$22,414

STANDARD DATA4+ years

Service code 15 · EIN 13-1945595

Recordkeeping

$7,032

MASSACHUSETTS MUTUAL LIFE INS. CO.2 years

Service code 52 · EIN 04-1590850

Indirect Investment Fees

$320

DODGE & COX2 years

Filed as: DODGE AND COX

Service code 28 · EIN 94-6067274

Investment Management

EATON VANCE2 years

Service code 28 · EIN 04-6039283

Investment Management

IRON WORKERS' LOCALS NO. 15 & 424 ANNUITY PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

IRON WORKERS' LOCALS NO. 15 & 424 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