Retirement plan

WARREN W. FANE, INC. PROFIT SHARING/401(K) PLAN

Name: WARREN W. FANE, INC. - WARREN W. FANE, INC. PROFIT SHARING/401(K) PLAN (2023) Form 5500
Creator: WARREN W. FANE, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, WARREN W. FANE, INC. PROFIT SHARING/401(K) PLAN, WARREN W. FANE, INC.

WARREN W. FANE, INC.EIN 14-1663427Plan #001PY 2023

62 LEVERSEE ROAD - TROY, NY 12182518-235-5531wwfane.comLinkedIn51-200 employeesbuilding materials

Prospect flagsLow returnsHigh fees

How to read this page

Total assets (EOY)

$9.3M

-3.7% from 2022

Total participants

135

+2.3% from 2022

Average account balance

$70,634

-5.9% from 2022

Annual return

-6.55%

-9.05 pp from 2022

Benchmarks

See 3,254 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants100-249

Cohort3,254 peers

Snapshot2023

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Analytics

Total assets (EOY)

Plan-year ending balance

$11.76M

Not enough data

1 years with asset history on file

Average account balance

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

$88K

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.

133

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.

90.5%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$758K

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

+4.60%

Not enough data

1 years with return on file

Admin fee / account holder

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

$652

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 6 by compensation

Provider	Service type	Compensation
MORGAN STANLEY SMITH BARNEY3 years Filed as: MORGAN STANLEY INS. SERVICES, INC. Service code 53	Insurance Commissions	$45,654
MASSACHUSETTS MUTUAL LIFE INS. CO.1 year Filed as: MASSACHUSETTS MUTUAL LIFE INS CO Service code 62 · EIN 04-1590850 1295 STATE STREET · SPRINGFIELD, MA 01111	Recordkeeping fees; Float revenue	$39,959
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: EMPOWER LIFE & ANNUITY INS CO OF NY Service code 64 · EIN 84-0467907 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$27,795
STRATEGIC PENSION SERVICES, LLC3 years Service code 13 · EIN 14-1836262 1199 US ROUTE 9W · SELKIRK, NY 12158	Contract Administrator	$10,768
MORGAN STANLEY SMITH BARNEY1 year Filed as: MORGAN STANLEY INSURANCE SERVICES Service code 53 · EIN 51-0116113 1 NEW YORK PLAZA, 12TH FLOOR · NEW YORK, NY 10004	Insurance Commissions	$0
STRATEGIC PENSION SERVICES, LLC4 years Filed as: STRATEGIC PENSION SERVICS, LLC Service code 13 · EIN 14-1836262 1199 US ROUTE 9W · SELKIRK, NY 12158	Contract Administrator	$0

Plan features & details

Pension benefit codes2A2E2J2F2G3D2H

Plan features

2A
Age/service weighted or new comparability plan
Age/service weighted plan where allocations are based on age service or age and service; or new comparability or similar plan where allocations are based on participant classifications consisting entirely or predominantly of highly compensated employees or the plan provides an additional allocation rate on compensation above a specified threshold that exceeds the permitted disparity limits of Code section 401(l).
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.
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.
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

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II

Admin total

$69K

$671 / participant

Other / not subdivided$69K100.0%

% of EOY assets

0.742%

all-in expense ratio

Categories reported

0 / 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: BONADIO & CO., LLP
Auditor EIN: 161131146
Audit fees: (not subdivided)
Opinion code: Unqualified

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$70,634

$76,670-7.9%

$96,683-26.9%

$71,457-1.2%

Participation rate

97.1%

66.6%+30.5pp

74.3%+22.7pp

67.9%+29.2pp

Annual return

-6.55%

48.29%-54.8pp

35.69%-42.2pp

28.85%-35.4pp

Employer contribution / active EE

$3,474

$3,031+14.6%

$3,737-7.0%

$2,588+34.3%

Participant deferral / active EE

$2,561

$3,771-32.1%

$4,878-47.5%

$4,289-40.3%

Admin fee / account holder

$524

$2,028-74.2%

$6,730-92.2%

$1,587-67.0%

Provider

Service type

Compensation

MORGAN STANLEY SMITH BARNEY3 years

Filed as: MORGAN STANLEY INS. SERVICES, INC.

Service code 53

Insurance Commissions

$45,654

MASSACHUSETTS MUTUAL LIFE INS. CO.1 year

Filed as: MASSACHUSETTS MUTUAL LIFE INS CO

Service code 62 · EIN 04-1590850

1295 STATE STREET · SPRINGFIELD, MA 01111

Recordkeeping fees; Float revenue

$39,959

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: EMPOWER LIFE & ANNUITY INS CO OF NY

Service code 64 · EIN 84-0467907

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$27,795

STRATEGIC PENSION SERVICES, LLC3 years

Service code 13 · EIN 14-1836262

1199 US ROUTE 9W · SELKIRK, NY 12158

Contract Administrator

$10,768

MORGAN STANLEY SMITH BARNEY1 year

Filed as: MORGAN STANLEY INSURANCE SERVICES

Service code 53 · EIN 51-0116113

1 NEW YORK PLAZA, 12TH FLOOR · NEW YORK, NY 10004

Insurance Commissions

STRATEGIC PENSION SERVICES, LLC4 years

Filed as: STRATEGIC PENSION SERVICS, LLC

Service code 13 · EIN 14-1836262

1199 US ROUTE 9W · SELKIRK, NY 12158

Contract Administrator

WARREN W. FANE, INC. PROFIT SHARING/401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

WARREN W. FANE, INC. PROFIT SHARING/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