Retirement plan

SENECA FOODS CORPORATION EMPLOYEES' SAVINGS PLAN

Name: SENECA FOODS CORPORATION - SENECA FOODS CORPORATION EMPLOYEES' SAVINGS PLAN (2020) Form 5500
Creator: SENECA FOODS CORPORATION
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SENECA FOODS CORPORATION EMPLOYEES' SAVINGS PLAN, SENECA FOODS CORPORATION

SENECA FOODS CORPORATIONEIN 16-0733425Plan #003PY 2020

3736 SOUTH MAIN ST. - MARION, NY 14505315-926-8138senecafoods.comLinkedIn1001-5000 employeesfood production

Other plans on this EIN

1 filing

#001Retirement-$275.5M assets

Prospect flagsLow returnsCorrective distributions

Top hat statement on fileNQDC

Filed April 2, 2024

Plan administrator

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Seneca Foods Corporation

Fairport, NY 14450

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Plans declared (1)

Seneca Foods Corporation Non-Qualified Deferred Compensation Plan106 emp

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Total assets (EOY)

$234M

-11.3% from 2016

Total participants

5,929

-5.4% from 2016

Average account balance

$39,848

-6.3% from 2016

Annual return

9.55%

-12.60 pp from 2016

Benchmarks

See 216 peers

Peer group

Industry31 - Manufacturing

Plan typeDefined contribution

Participants1,000-4,999

Cohort216 peers

Snapshot2020

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

Analytics

Total assets (EOY)

Plan-year ending balance

$258.07M

Not enough data

1 years with asset history on file

Average account balance

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

$28K

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.

9,179

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.

98.4%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$19.11M

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

+15.69%

Not enough data

1 years with return on file

Admin fee / account holder

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

$102

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 7 by compensation

Provider	Service type	Compensation
JP MORGAN INVESTMENT MANAGEMENT INC2 years Filed as: COTA STREET INVESTMENT MANAGEMENT Service code 28 24 E. COTA STREET · SANTA BARBARA, CA 93101	Investment Management	$238,911
PENSIONMARK FINANCIAL GROUP LLC3 years Service code 27 24 E COTA ST STE 200 · SANTA BARBARA, CA 93101	Advisory (Plan)	$142,024
GREAT-WEST LIFE & ANNUITY INSURANCE6+ years Filed as: FIRST GREAT-WEST LIFE & ANNUITY Service code 64 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$105,412
WALTERS & SKLYAR LLP1 year Filed as: WALTERS FINANCIAL SERVICES INC DBA Service code 10 5266 OFFICE PARK BLVD STE 204 · BRADENTON, FL 34203	Accounting	$11,600
BOND, SCHOENECK & KING, PLLC2 years Filed as: BOND SCHOENECK & KING PLLC Service code 29 PO BOX 11607 · SYRACUSE, NY 13218	Legal	$4,747
SENECA FOODS CORPORATION6+ years Service code 99 3736 SO. MAIN ST. · MARION, NY 14505	Other Fees	$2,600
DATA-MATION PRINTING & GRAPHICS1 year Filed as: DATA-MATION PRINTING & GRAPHICS INC Service code 99 PO BOX 322 623 ENGLEWOOD AVE · BUFFALO, NY 14223	Other Fees	$1,499

Plan features & details

Pension benefit codes2E2F2G2J2K3H

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.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

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

$569K

$222 / participant

Contract admin$569K100.0%

% of EOY assets

0.243%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: WALTERS & ASSOCIATES, CPAS
Auditor EIN: 593618759
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$39,848

$72,066-44.7%

$81,726-51.2%

$90,274-55.9%

Participation rate

97.8%

78.9%+18.9pp

72.0%+25.8pp

73.4%+24.5pp

Annual return

9.55%

15.92%-6.4pp

29.49%-19.9pp

53.97%-44.4pp

Employer contribution / active EE

$650

$2,335-72.1%

$4,311-84.9%

$2,523-74.2%

Participant deferral / active EE

$4,730

$3,557+33.0%

$7,108-33.5%

$4,231+11.8%

Admin fee / account holder

$97

$92+4.8%

$5,160-98.1%

$114-15.0%

Provider

Service type

Compensation

JP MORGAN INVESTMENT MANAGEMENT INC2 years

Filed as: COTA STREET INVESTMENT MANAGEMENT

Service code 28

24 E. COTA STREET · SANTA BARBARA, CA 93101

Investment Management

$238,911

PENSIONMARK FINANCIAL GROUP LLC3 years

Service code 27

24 E COTA ST STE 200 · SANTA BARBARA, CA 93101

Advisory (Plan)

$142,024

GREAT-WEST LIFE & ANNUITY INSURANCE6+ years

Filed as: FIRST GREAT-WEST LIFE & ANNUITY

Service code 64

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$105,412

WALTERS & SKLYAR LLP1 year

Filed as: WALTERS FINANCIAL SERVICES INC DBA

Service code 10

5266 OFFICE PARK BLVD STE 204 · BRADENTON, FL 34203

Accounting

$11,600

BOND, SCHOENECK & KING, PLLC2 years

Filed as: BOND SCHOENECK & KING PLLC

Service code 29

PO BOX 11607 · SYRACUSE, NY 13218

Legal

$4,747

SENECA FOODS CORPORATION6+ years

Service code 99

3736 SO. MAIN ST. · MARION, NY 14505

Other Fees

$2,600

DATA-MATION PRINTING & GRAPHICS1 year

Filed as: DATA-MATION PRINTING & GRAPHICS INC

Service code 99

PO BOX 322 623 ENGLEWOOD AVE · BUFFALO, NY 14223

Other Fees

$1,499

SENECA FOODS CORPORATION EMPLOYEES' SAVINGS PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SENECA FOODS CORPORATION EMPLOYEES' SAVINGS PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

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