Retirement plan

THE OFFICIALS, BUSINESS REPRESENTATIVES OFFICE & CLERICAL EMPLOYEES OF LOCAL UNION NO. 3, IBEW, AFL-CIO 401(K) PLAN

Name: LOCAL UNION NO. 3, IBEW, AFL-CIO - THE OFFICIALS, BUSINESS REPRESENTATIVES OFFICE & CLERICAL EMPLOYEES OF LOCAL UNION NO. 3, IBEW, AFL-CIO 401(K) PLAN (2023) Form 5500
Creator: LOCAL UNION NO. 3, IBEW, AFL-CIO
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, THE OFFICIALS, BUSINESS REPRESENTATIVES OFFICE & CLERICAL EMPLOYEES OF LOCAL UNION NO. 3, IBEW, AFL-CIO 401(K) PLAN, LOCAL UNION NO. 3, IBEW, AFL-CIO

LOCAL UNION NO. 3, IBEW, AFL-CIOEIN 13-5574127Plan #099PY 2023

158-11 HARRY VAN ARSDALE JR. AVENUE - FLUSHING, NY 113653085718-591-4000local3.comLinkedIn51-200 employeesconstruction

Prospect flagsLow returnsCorrective distributions

How to read this page

Total assets (EOY)

$29.4M

+12.1% from 2022

Total participants

125

+0.8% from 2022

Average account balance

$234,983

+11.2% from 2022

Annual return

10.76%

+19.43 pp from 2022

Benchmarks

See 9,823 peers

Peer group

Industry81 - Other Services (except Public Administration)

Plan typeDefined contribution

Participants25-99

Cohort9,823 peers

Snapshot2023

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Analytics

Total assets (EOY)

Plan-year ending balance

$31.49M

Not enough data

1 years with asset history on file

Average account balance

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

$244K

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.

129

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.

100.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.85M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$26K

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

+9.81%

Not enough data

1 years with return on file

Admin fee / account holder

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

$163

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 3 by compensation

Provider	Service type	Compensation
STATE STREET GLOBAL ADVISORS1 year Filed as: STATE STREET CORPORATION Service code 19 · EIN 04-1867445 1776 HERITAGE DRIVE · NORTH QUINCY, MA 02171	Securities Custodian	$7,029
THE SEGAL COMPANY7 years Filed as: SEGAL MARCO ADVISORS Service code 27 · EIN 13-2646110 116 HUNTINGTON AVENUE · BOSTON, MA 02116	Advisory (Plan)	$5,000
PRUDENTIAL RETIREMENT INSURANCE AND7 years Filed as: PRUDENTIAL RETIREMENT INSURANCE & A Service code 13 · EIN 06-1050034 213 WASHINGTON STREET · NEWARK, NJ 07102	Contract Administrator	$3,341

Plan features & details

Pension benefit codes2E2F2H2J2S2T

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).
2H
Partial participant-directed account plan
Participants have the opportunity to direct the investment of a portion 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.
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.

Opportunity flags

2 tripped

OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$18K

$255 / participant

Recordkeeping$3K16.3%
Investment mgmt$12K65.5%
Contract admin$3K18.2%

% of EOY assets

0.063%

all-in expense ratio

Categories reported

3 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

The auditor signed off without reservation. This is the cleanest opinion.

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

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$234,983

$57,281+310.2%

$86,612+171.3%

$75,163+212.6%

Participation rate

100.0%

63.2%+36.8pp

71.7%+28.3pp

67.2%+32.8pp

Annual return

10.76%

2670.75%-2660.0pp

591.07%-580.3pp

160.62%-149.9pp

Employer contribution / active EE

$14,451

$2,314+524.4%

$3,022+378.1%

$2,670+441.3%

Participant deferral / active EE

$10,193

$3,318+207.2%

$4,438+129.7%

$4,125+147.1%

Admin fee / account holder

$147

$4,112-96.4%

$5,614-97.4%

$5,651-97.4%

Provider

Service type

Compensation

STATE STREET GLOBAL ADVISORS1 year

Filed as: STATE STREET CORPORATION

Service code 19 · EIN 04-1867445

1776 HERITAGE DRIVE · NORTH QUINCY, MA 02171

Securities Custodian

$7,029

THE SEGAL COMPANY7 years

Filed as: SEGAL MARCO ADVISORS

Service code 27 · EIN 13-2646110

116 HUNTINGTON AVENUE · BOSTON, MA 02116

Advisory (Plan)

$5,000

PRUDENTIAL RETIREMENT INSURANCE AND7 years

Filed as: PRUDENTIAL RETIREMENT INSURANCE & A

Service code 13 · EIN 06-1050034

213 WASHINGTON STREET · NEWARK, NJ 07102

Contract Administrator

$3,341

THE OFFICIALS, BUSINESS REPRESENTATIVES OFFICE & CLERICAL EMPLOYEES OF LOCAL UNION NO. 3, IBEW, AFL-CIO 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

THE OFFICIALS, BUSINESS REPRESENTATIVES OFFICE & CLERICAL EMPLOYEES OF LOCAL UNION NO. 3, IBEW, AFL-CIO 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