Retirement plan

IRON WORKERS LOCAL UNION 60 ANNUITY PENSION PLAN

Name: IRON WORKERS LOCAL UNION 60 ANNUITY PENSION FUND BOARD OF TRUSTEES - IRON WORKERS LOCAL UNION 60 ANNUITY PENSION PLAN (2016) Form 5500
Creator: IRON WORKERS LOCAL UNION 60 ANNUITY PENSION FUND BOARD OF TRUSTEES
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, IRON WORKERS LOCAL UNION 60 ANNUITY PENSION PLAN, IRON WORKERS LOCAL UNION 60 ANNUITY PENSION FUND BOARD OF TRUSTEES

IRON WORKERS LOCAL UNION 60 ANNUITY PENSION FUND BOARD OF TRUSTEESEIN 16-1136534Plan #001PY 2016

500 WEST GENESEE STREET - SYRACUSE, NY 13204315-422-8209

Prospect flagsLow returnsHigh fees

How to read this page

Total assets (EOY)

$23.8M

No prior year

Total participants

361

No prior year

Average account balance

$70,863

No prior year

Annual return

-1.28%

No prior year

Benchmarks

See 1,433 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants250-999

Cohort1,433 peers

Snapshot2016

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

Analytics

Total assets (EOY)

Plan-year ending balance

$41.62M

Not enough data

1 years with asset history on file

Average account balance

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

$110K

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.

379

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.

71.7%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.68M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$4K

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

+10.24%

Not enough data

1 years with return on file

Admin fee / account holder

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

$391

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 4 by compensation

Provider	Service type	Compensation
CADARET GRANT & CO INC1+ years Filed as: CADARET GRANT & COMPANY Service code 26 · EIN 22-2361254	Advisory (Participants)	$52,355
JOHN HANCOCK LIFE INSURANCE COMPANY1+ years Filed as: JOHN HANCOCK RETIREMENT PLAN SRVCS Service code 15 · EIN 01-0233346	Recordkeeping	$26,268
BLITMAN & KING1+ years Service code 49 C/O IRON WORKERS LOCAL 60 · SYRACUSE, NE 13204	Other Services	$23,770
WITHUMSMITH+BROWN, PC1+ years Filed as: DERMODY, BURKE & BROWN, CPAS, LLC Service code 10 443 NORTH FRANKLIN STREET · SYRACUSE, NY 132041441	Accounting	$5,700

Plan features & details

Pension benefit codes2C2F2G2T

Plan features

2C
Money purchase plan
Money purchase pension plan other than a target benefit 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.
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

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

$110K

$373 / participant

Investment mgmt$52K47.4%
Contract admin$50K45.3%
Other / not subdivided$8K7.2%

% of EOY assets

0.464%

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: KANE, BOWLES & MOORE, PC
Auditor EIN: 016138225
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$70,863

$71,802-1.3%

$133,975-47.1%

$57,658+22.9%

Participation rate

91.6%

85.5%+6.1pp

87.1%+4.5pp

70.2%+21.3pp

Annual return

-1.28%

13.51%-14.8pp

29.29%-30.6pp

5.13%-6.4pp

Employer contribution / active EE

$3,428

$3,161+8.4%

$5,211-34.2%

$1,974+73.7%

Participant deferral / active EE

$4,606-100.0%

$6,282-100.0%

$3,061-100.0%

Admin fee / account holder

$329

$88+274.7%

$9,324-96.5%

$95+247.5%

Provider

Service type

Compensation

CADARET GRANT & CO INC1+ years

Filed as: CADARET GRANT & COMPANY

Service code 26 · EIN 22-2361254

Advisory (Participants)

$52,355

JOHN HANCOCK LIFE INSURANCE COMPANY1+ years

Filed as: JOHN HANCOCK RETIREMENT PLAN SRVCS

Service code 15 · EIN 01-0233346

Recordkeeping

$26,268

BLITMAN & KING1+ years

Service code 49

C/O IRON WORKERS LOCAL 60 · SYRACUSE, NE 13204

Other Services

$23,770

WITHUMSMITH+BROWN, PC1+ years

Filed as: DERMODY, BURKE & BROWN, CPAS, LLC

Service code 10

443 NORTH FRANKLIN STREET · SYRACUSE, NY 132041441

Accounting

$5,700

IRON WORKERS LOCAL UNION 60 ANNUITY PENSION PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

IRON WORKERS LOCAL UNION 60 ANNUITY PENSION 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