Retirement plan

SHEET METAL WORKERS UNION LOCAL 38 PROFIT SHARING FUND

Name: BD OF TRUSTEES OF SHEET METAL WORKERS UNION L38 PROFIT SHARING FD - SHEET METAL WORKERS UNION LOCAL 38 PROFIT SHARING FUND (2020) Form 5500
Creator: BD OF TRUSTEES OF SHEET METAL WORKERS UNION L38 PROFIT SHARING FD
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SHEET METAL WORKERS UNION LOCAL 38 PROFIT SHARING FUND, BD OF TRUSTEES OF SHEET METAL WORKERS UNION L38 PROFIT SHARING FD

BD OF TRUSTEES OF SHEET METAL WORKERS UNION L38 PROFIT SHARING FDEIN 13-3319782Plan #001PY 2020

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

Prospect flagsHigh feesLow participant contribution

How to read this page

Total assets (EOY)

$193.1M

+10.4% from 2019

Total participants

1,226

-0.7% from 2019

Average account balance

$181,142

+12.0% from 2019

Annual return

10.76%

-3.43 pp from 2019

Benchmarks

See 1,282 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants250-999

Cohort1,282 peers

Snapshot2020

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

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 10 of 14 by compensation

Provider	Service type	Compensation
MORGAN STANLEY SMITH BARNEY6+ years Filed as: MORGAN STANLEY SMITH BARNEY, LLC Service code 27 · EIN 20-8764829	Advisory (Plan)	$35,000
SCHULTHEIS & PANETTIERI, LLP6+ years Service code 10 · EIN 13-1577780	Accounting	$29,000
ASHER KELLY1 year Filed as: ASHER KELLY PLLC Service code 29 · EIN 84-3379113	Legal	$25,402
MASSACHUSETTS MUTUAL LIFE INS. CO.6+ years Filed as: MASSACHUSETTS MUTUAL LIFE INS CO Service code 52 · EIN 04-1590850	Indirect Investment Fees	$14,249
AMERICAN FUNDS4 years Service code 52 · EIN 95-1411037	Indirect Investment Fees	$0
BARON4 years Service code 52 · EIN 13-6891420	Indirect Investment Fees	$0
EATON VANCE4 years Service code 52 · EIN 04-6039283	Indirect Investment Fees	$0
FIDELITY INVESTMENTS INSTITUTIONAL4 years Filed as: FIDELITY INVESTMENTS Service code 52 · EIN 04-6056833	Indirect Investment Fees	$0
INVESCO2 years Service code 52 · EIN 84-1308320	Indirect Investment Fees	$0
LAZARD ASSET MANAGEMENT4 years Filed as: LAZARD Service code 52 · EIN 20-0169148	Indirect Investment Fees	$0

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

2 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.)

Expense breakdown

Schedule H Part II

Admin total

$451K

$473 / participant

Investment mgmt$35K7.8%
Contract admin$14K3.2%
Other / not subdivided$402K89.1%

% of EOY assets

0.234%

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

$181,142

$91,517+97.9%

$101,275+78.9%

$73,412+146.7%

Participation rate

83.2%

73.8%+9.5pp

75.8%+7.4pp

72.2%+11.1pp

Annual return

10.76%

17.17%-6.4pp

46.48%-35.7pp

59.30%-48.5pp

Employer contribution / active EE

$6,251

$2,877+117.3%

$3,660+70.8%

$2,234+179.9%

Participant deferral / active EE

$171

$3,338-94.9%

$4,371-96.1%

$3,806-95.5%

Admin fee / account holder

$423

$216+96.1%

$5,948-92.9%

$158+168.1%

Provider

Service type

Compensation

MORGAN STANLEY SMITH BARNEY6+ years

Filed as: MORGAN STANLEY SMITH BARNEY, LLC

Service code 27 · EIN 20-8764829

Advisory (Plan)

$35,000

SCHULTHEIS & PANETTIERI, LLP6+ years

Service code 10 · EIN 13-1577780

Accounting

$29,000

ASHER KELLY1 year

Filed as: ASHER KELLY PLLC

Service code 29 · EIN 84-3379113

Legal

$25,402

MASSACHUSETTS MUTUAL LIFE INS. CO.6+ years

Filed as: MASSACHUSETTS MUTUAL LIFE INS CO

Service code 52 · EIN 04-1590850

Indirect Investment Fees

$14,249

AMERICAN FUNDS4 years

Service code 52 · EIN 95-1411037

Indirect Investment Fees

BARON4 years

Service code 52 · EIN 13-6891420

Indirect Investment Fees

EATON VANCE4 years

Service code 52 · EIN 04-6039283

Indirect Investment Fees

FIDELITY INVESTMENTS INSTITUTIONAL4 years

Filed as: FIDELITY INVESTMENTS

Service code 52 · EIN 04-6056833

Indirect Investment Fees

INVESCO2 years

Service code 52 · EIN 84-1308320

Indirect Investment Fees

LAZARD ASSET MANAGEMENT4 years

Filed as: LAZARD

Service code 52 · EIN 20-0169148

Indirect Investment Fees

SHEET METAL WORKERS UNION LOCAL 38 PROFIT SHARING FUND

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SHEET METAL WORKERS UNION LOCAL 38 PROFIT SHARING FUND

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