Retirement plan

ESPEY MFG & ELECTRONICS CORP. 401(K) SAVINGS PLAN

Name: ESPEY MFG. & ELECTRONICS CORP. - ESPEY MFG & ELECTRONICS CORP. 401(K) SAVINGS PLAN (2022) Form 5500
Creator: ESPEY MFG. & ELECTRONICS CORP.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, ESPEY MFG & ELECTRONICS CORP. 401(K) SAVINGS PLAN, ESPEY MFG. & ELECTRONICS CORP.

ESPEY MFG. & ELECTRONICS CORP.EIN 14-1387171Plan #002PY 2022

233 BALLSTON AVE. - SARATOGA SPRINGS, NY 128664755518-245-4400espey.comLinkedIn51-200 employeeselectrical/electronic manufacturing

Other plans on this EIN

1 filing

#001Retirement-$10.7M assets

Prospect flagsHigh feesLow employer contribution

How to read this page

Total assets (EOY)

$11.1M

-16.4% from 2021

Total participants

144

+8.3% from 2021

Average account balance

$97,046

-17.8% from 2021

Annual return

-15.04%

-45.84 pp from 2021

Benchmarks

See 4,067 peers

Peer group

Industry33 - Manufacturing

Plan typeDefined contribution

Participants100-249

Cohort4,067 peers

Snapshot2022

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

Analytics

Total assets (EOY)

Plan-year ending balance

$15.06M

Not enough data

1 years with asset history on file

Average account balance

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

$121K

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.

124

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.

76.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$731K

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

+12.90%

Not enough data

1 years with return on file

Admin fee / account holder

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

$373

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 2 by compensation

Provider	Service type	Compensation
DIRECT ADVISORS, LLC3 years Service code 27 · EIN 20-5173405	Advisory (Plan)	$32,944
THE VANGUARD GROUP, INC.3 years Filed as: THE VANGUARD GROUP Service code 15 · EIN 23-1945930	Recordkeeping	$11,601

Plan features & details

Pension benefit codes2E2F2G2J2K2T3D

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.
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.

Opportunity flags

2 tripped

OpportunityLow employer contribution
Employer 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

$44K

$431 / participant

Investment mgmt$32K73.4%
Contract admin$12K26.6%

% of EOY assets

0.394%

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

Metric

This plan

Peer set

Industry

Size

Avg account balance

$97,046

$65,453+48.3%

$86,698+11.9%

$66,938+45.0%

Participation rate

70.3%

75.5%-5.2pp

76.6%-6.3pp

69.8%+0.5pp

Annual return

-15.04%

-10.89%-4.1pp

35.95%-51.0pp

1.58%-16.6pp

Employer contribution / active EE

$523

$2,154-75.7%

$2,837-81.6%

$2,545-79.4%

Participant deferral / active EE

$5,232

$4,102+27.5%

$4,656+12.4%

$4,238+23.4%

Admin fee / account holder

$382

$642-40.5%

$7,493-94.9%

$594-35.6%

Provider

Service type

Compensation

DIRECT ADVISORS, LLC3 years

Service code 27 · EIN 20-5173405

Advisory (Plan)

$32,944

THE VANGUARD GROUP, INC.3 years

Filed as: THE VANGUARD GROUP

Service code 15 · EIN 23-1945930

Recordkeeping

$11,601

ESPEY MFG & ELECTRONICS CORP. 401(K) SAVINGS PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

ESPEY MFG & ELECTRONICS CORP. 401(K) SAVINGS 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