Retirement plan

TULLY GROUP EMPLOYEE SAVINGS AND PROTECTION PLAN

Name: TULLY CONSTRUCTION CO., INC. - TULLY GROUP EMPLOYEE SAVINGS AND PROTECTION PLAN (2023) Form 5500
Creator: TULLY CONSTRUCTION CO., INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, TULLY GROUP EMPLOYEE SAVINGS AND PROTECTION PLAN, TULLY CONSTRUCTION CO., INC.

TULLY CONSTRUCTION CO., INC.EIN 11-2493726Plan #001PY 2023

127-50 NORTHERN BLVD. - FLUSHING, NY 11368718-446-7000tullyconstruction.comLinkedIn1-10 employees

Prospect flagsHigh feesCorrective distributions

How to read this page

Total assets (EOY)

$46.8M

+19.3% from 2022

Total participants

1,140

+1.3% from 2022

Average account balance

$50,597

+21.6% from 2022

Annual return

15.72%

+29.23 pp from 2022

Benchmarks

See 1,502 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants250-999

Cohort1,502 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$53.87M

Not enough data

1 years with asset history on file

Average account balance

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

$47K

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.

1,139

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.

18.9%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$5.44M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$6K

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

+13.16%

Not enough data

1 years with return on file

Admin fee / account holder

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

$285

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 3 by compensation

Provider	Service type	Compensation
PCS RETIREMENT, LLC2 years Service code 13 · EIN 46-4091337	Contract Administrator	$172,130
NRL WEALTH CREATION STRATEGIES, LLC2 years Service code 27 17 LUMBER ROAD, SUITE 11 · ROSLYN, NY 11576	Advisory (Plan)	$120,933
ASSETMARK RETIREMENT SERVICES, INC.2 years Filed as: ASSETMARK, INC. Service code 28 · EIN 86-0898056	Investment Management	$0

Plan features & details

Pension benefit codes2F2G2J2K2S2T3D3H

Plan features

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.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
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.
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.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

Opportunity flags

2 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$293K

$308 / participant

Investment mgmt$121K41.3%
Contract admin$172K58.7%

% of EOY assets

0.627%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: COHNREZNICK LLP
Auditor EIN: 221478099
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$50,597

$93,010-45.6%

$96,520-47.6%

$74,440-32.0%

Participation rate

77.3%

71.6%+5.8pp

74.3%+3.0pp

70.7%+6.6pp

Annual return

15.72%

37.50%-21.8pp

35.72%-20.0pp

34.37%-18.6pp

Employer contribution / active EE

$1,050

$3,427-69.4%

$3,739-71.9%

$2,638-60.2%

Participant deferral / active EE

$4,149

$3,971+4.5%

$4,879-15.0%

$4,529-8.4%

Admin fee / account holder

$317

$633-49.9%

$6,733-95.3%

$348-8.8%

Provider

Service type

Compensation

PCS RETIREMENT, LLC2 years

Service code 13 · EIN 46-4091337

Contract Administrator

$172,130

NRL WEALTH CREATION STRATEGIES, LLC2 years

Service code 27

17 LUMBER ROAD, SUITE 11 · ROSLYN, NY 11576

Advisory (Plan)

$120,933

ASSETMARK RETIREMENT SERVICES, INC.2 years

Filed as: ASSETMARK, INC.

Service code 28 · EIN 86-0898056

Investment Management

TULLY GROUP EMPLOYEE SAVINGS AND PROTECTION PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

TULLY GROUP EMPLOYEE SAVINGS AND PROTECTION 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