Retirement plan

PRECISION GRINDING & MANUFACTURING CORP. PROFIT SHARING 401(K) RETIREMENT PLAN

Name: PRECISION GRINDING & MANUFACTURING CORP. - PRECISION GRINDING & MANUFACTURING CORP. PROFIT SHARING 401(K) RETIREMENT PLAN (2022) Form 5500
Creator: PRECISION GRINDING & MANUFACTURING CORP.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, PRECISION GRINDING & MANUFACTURING CORP. PROFIT SHARING 401(K) RETIREMENT PLAN, PRECISION GRINDING & MANUFACTURING CORP.

PRECISION GRINDING & MANUFACTURING CORP.EIN 16-0924683Plan #002PY 2022

1305 EMERSON STREET - ROCHESTER, NY 14606585-458-4300LinkedIn11-50 employeesmining & metals

Prospect flagsHigh fees

Top hat statement on fileNQDC

Filed November 9, 2005

This is a legacy paper filing. Plan administrator and contact details are recorded in the original filing, which has not been digitised into structured fields.

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Total assets (EOY)

$10.2M

-22.7% from 2021

Total participants

174

-28.4% from 2021

Average account balance

$67,512

+6.5% from 2021

Annual return

-17.44%

-26.60 pp from 2021

Benchmarks

See 4,069 peers

Peer group

Industry33 - Manufacturing

Plan typeDefined contribution

Participants100-249

Cohort4,069 peers

Snapshot2022

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Analytics

Total assets (EOY)

Plan-year ending balance

$14.85M

Not enough data

1 years with asset history on file

Average account balance

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

$97K

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.

153

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.

96.1%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$595K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$5K

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

+14.68%

Not enough data

1 years with return on file

Admin fee / account holder

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

$383

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 5 by compensation

Provider	Service type	Compensation
GREAT-WEST LIFE & ANNUITY INSURANCE8+ years Filed as: FIRST GREAT-WEST LIFE & ANNUITY Service code 64 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$35,603
RBC WEALTH MANAGEMENT8+ years Filed as: RBC CAPITAL MARKETS, LLC Service code 55 · EIN 41-1416330	Other Commissions	$18,829
FLAHERTY SALMIN, LLP5 years Filed as: SALMIN,CELONA, WHERLE &FLAHERTY LLP Service code 10 · EIN 16-1451346	Accounting	$8,000
LIFETIME BENEFIT SOLUTIONS8+ years Service code 13 · EIN 16-1171765 333 BUTTERNUT DRIVE · SYRACUSE, NY 13214	Contract Administrator	$6,935
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: EMPOWER ADVISORY GROUP Service code 28 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Investment Management	$4,329

Plan features & details

Pension benefit codes2E2F2G2J2K3D3H

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.
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.
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

1 tripped

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

$47K

$334 / participant

Other / not subdivided$47K100.0%

% of EOY assets

0.461%

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: FLAHERTY SALMIN LLP
Auditor EIN: 161451346
Audit fees: (not subdivided)
Opinion code: Unqualified

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$67,512

$65,435+3.2%

$86,677-22.1%

$66,914+0.9%

Participation rate

83.7%

75.5%+8.2pp

76.6%+7.1pp

69.8%+13.9pp

Annual return

-17.44%

-10.89%-6.5pp

35.91%-53.3pp

1.58%-19.0pp

Employer contribution / active EE

$894

$2,153-58.5%

$2,836-68.5%

$2,544-64.9%

Participant deferral / active EE

$3,926

$4,100-4.2%

$4,656-15.7%

$4,237-7.3%

Admin fee / account holder

$311

$642-51.4%

$7,493-95.8%

$593-47.5%

Provider

Service type

Compensation

GREAT-WEST LIFE & ANNUITY INSURANCE8+ years

Filed as: FIRST GREAT-WEST LIFE & ANNUITY

Service code 64

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$35,603

RBC WEALTH MANAGEMENT8+ years

Filed as: RBC CAPITAL MARKETS, LLC

Service code 55 · EIN 41-1416330

Other Commissions

$18,829

FLAHERTY SALMIN, LLP5 years

Filed as: SALMIN,CELONA, WHERLE &FLAHERTY LLP

Service code 10 · EIN 16-1451346

Accounting

$8,000

LIFETIME BENEFIT SOLUTIONS8+ years

Service code 13 · EIN 16-1171765

333 BUTTERNUT DRIVE · SYRACUSE, NY 13214

Contract Administrator

$6,935

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: EMPOWER ADVISORY GROUP

Service code 28

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Investment Management

$4,329

PRECISION GRINDING & MANUFACTURING CORP. PROFIT SHARING 401(K) RETIREMENT PLAN

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

PRECISION GRINDING & MANUFACTURING CORP. PROFIT SHARING 401(K) RETIREMENT PLAN

Top hat statement on fileNQDC

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