Retirement plan

SHEET METAL WORKERS UNION LOCAL 38 PROFIT SHARING FUND

Name: SHEET METAL WORKERS UNION LOCAL 38 PROFIT SHARING FUND - SHEET METAL WORKERS UNION LOCAL 38 PROFIT SHARING FUND (2015) Form 5500
Creator: SHEET METAL WORKERS UNION LOCAL 38 PROFIT SHARING FUND
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SHEET METAL WORKERS UNION LOCAL 38 PROFIT SHARING FUND, SHEET METAL WORKERS UNION LOCAL 38 PROFIT SHARING FUND

SHEET METAL WORKERS UNION LOCAL 38 PROFIT SHARING FUNDEIN 13-3319782Plan #001PY 2015

38 STARR RIDGE ROAD - BREWSTER, NY 105094503845-278-9633

Prospect flagsHigh feesLow participant contributionLoss discovered

How to read this page

Total assets (EOY)

$135.2M

No prior year

Total participants

1,200

No prior year

Average account balance

$124,854

No prior year

Annual return

1.86%

No prior year

Benchmarks

See 1,335 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants250-999

Cohort1,335 peers

Snapshot2015

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Analytics

Total assets (EOY)

Plan-year ending balance

$213.54M

Not enough data

1 years with asset history on file

Average account balance

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

$181K

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.

1,179

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.

75.9%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$7.64M

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

+9.62%

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

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Service providers

Top 9 by compensation

Provider	Service type	Compensation
O'SULLIVAN ASSOCIATES1+ years Filed as: SULLIVAN, WARD, ASHER & PATTON, PC Service code 29 · EIN 38-1880608	Legal	$48,660
ANNE MARIE IORILLO1+ years Service code 30 · EIN 13-3319782	Employee (plan)	$41,039
PLANTE & MORAN, PLLC1+ years Service code 10 · EIN 38-1357951	Accounting	$38,829
MORGAN STANLEY SMITH BARNEY1+ years Filed as: MORGAN STANLEY SMITH BARNEY, LLC Service code 27 · EIN 26-4310632	Advisory (Plan)	$35,000
SCHULTHEIS & PANETTIERI, LLP1+ years Service code 10 · EIN 13-1577780	Accounting	$25,000
NOVAK FRANCELLA LLC1+ years Filed as: NOVAK FRANCELLA, LLC Service code 10 · EIN 61-1436956	Accounting	$21,059
YUCATECH, INC1+ years Service code 49 · EIN 20-2390560	Other Services	$10,746
CALIBRE CPA GROUP PLLC1+ years Filed as: CALIBRE CPA GROUP, PLLC Service code 10 · EIN 47-0900880	Accounting	$5,670
MASSACHUSETTS MUTUAL LIFE INS. CO.1+ years Filed as: MASSACHUSETTS MUTUAL LIFE INS CO Service code 52 · EIN 04-1590850	Indirect Investment Fees	$225

Reportable transactions (Schedule G)

3 rows

Counterparties on defaulted loans (Part 1), defaulted leases (Part 2), and non-exempt prohibited transactions (Part 3). Presence of any row warrants fiduciary review.

Category	Counterparty	Relationship / Terms	Address	Amount
Part 1 Loan in default	Counterparty name	Party in interest Five-year promissory note	1234 Example Ave City, ST 00000	$XXX,XXX
Part 1 Loan in default	Counterparty name	Party in interest Five-year promissory note	1234 Example Ave City, ST 00000	$XXX,XXX
Part 1 Loan in default	Counterparty name	Party in interest Five-year promissory note	1234 Example Ave City, ST 00000	$XXX,XXX

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Plan features & details

Pension benefit codes2E2F2G2J2K2T

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.
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.)
ComplianceLoss discovered
Plan reported the discovery of a loss from fraud or dishonesty.

Expense breakdown

Schedule H Part II

Admin total

$368K

$409 / participant

Investment mgmt$35K9.5%
Contract admin$2250.1%
Other / not subdivided$333K90.4%

% of EOY assets

0.272%

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: SCHULTHEIS & PANETTIERI, LLP
Auditor EIN: 131577780
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$124,854

$68,413+82.5%

$123,105+1.4%

$55,191+126.2%

Participation rate

87.0%

84.5%+2.5pp

86.8%+0.2pp

69.2%+17.8pp

Annual return

1.86%

6.30%-4.4pp

13.22%-11.4pp

10.78%-8.9pp

Employer contribution / active EE

$5,253

$3,050+72.2%

$5,151+2.0%

$1,899+176.6%

Participant deferral / active EE

$175

$4,490-96.1%

$6,229-97.2%

$3,046-94.3%

Admin fee / account holder

$340

$88+286.9%

$9,014-96.2%

$91+274.2%

Provider

Service type

Compensation

O'SULLIVAN ASSOCIATES1+ years

Filed as: SULLIVAN, WARD, ASHER & PATTON, PC

Service code 29 · EIN 38-1880608

Legal

$48,660

ANNE MARIE IORILLO1+ years

Service code 30 · EIN 13-3319782

Employee (plan)

$41,039

PLANTE & MORAN, PLLC1+ years

Service code 10 · EIN 38-1357951

Accounting

$38,829

MORGAN STANLEY SMITH BARNEY1+ years

Filed as: MORGAN STANLEY SMITH BARNEY, LLC

Service code 27 · EIN 26-4310632

Advisory (Plan)

$35,000

SCHULTHEIS & PANETTIERI, LLP1+ years

Service code 10 · EIN 13-1577780

Accounting

$25,000

NOVAK FRANCELLA LLC1+ years

Filed as: NOVAK FRANCELLA, LLC

Service code 10 · EIN 61-1436956

Accounting

$21,059

YUCATECH, INC1+ years

Service code 49 · EIN 20-2390560

Other Services

$10,746

CALIBRE CPA GROUP PLLC1+ years

Filed as: CALIBRE CPA GROUP, PLLC

Service code 10 · EIN 47-0900880

Accounting

$5,670

MASSACHUSETTS MUTUAL LIFE INS. CO.1+ years

Filed as: MASSACHUSETTS MUTUAL LIFE INS CO

Service code 52 · EIN 04-1590850

Indirect Investment Fees

$225

SHEET METAL WORKERS UNION LOCAL 38 PROFIT SHARING FUND

Summary metrics

Benchmarksi

Analytics

Service providersi

Reportable transactions (Schedule G)

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SHEET METAL WORKERS UNION LOCAL 38 PROFIT SHARING FUND

Summary metrics

Benchmarksi

Analytics

Service providersi

Reportable transactions (Schedule G)

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