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 (2017) 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 2017

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

Prospect flagsLow returnsHigh fees

How to read this page

Total assets (EOY)

$26.1M

+9.8% from 2016

Total participants

360

-0.3% from 2016

Average account balance

$81,162

+14.5% from 2016

Annual return

9.54%

+10.81 pp from 2016

Benchmarks

See 1,453 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants250-999

Cohort1,453 peers

Snapshot2017

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
JOHN HANCOCK LIFE INSURANCE COMPANY2+ years Filed as: JOHN HANCOCK RETIREMENT PLAN SRVCS Service code 15 · EIN 01-0233346	Recordkeeping	$81,932
BLITMAN & KING2+ years Service code 49 C/O IRON WORKERS LOCAL 60 · SYRACUSE, NE 13204	Other Services	$66,980
CADARET GRANT & CO INC2+ years Filed as: CADARET GRANT & COMPANY Service code 26 · EIN 22-2361254	Advisory (Participants)	$10,000
MASTERPOLE AND MURPHY AGENCY1 year Service code 22 1524 W FAYETTE STREET · SYRACUSE, NY 13204	Insurance Broker	$8,840

Plan features & details

Pension benefit codes2E2F2G2T

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.
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

$175K

$589 / participant

Investment mgmt$10K5.7%
Contract admin$82K46.7%
Other / not subdivided$84K47.6%

% of EOY assets

0.671%

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: DERMODY, BURKE & BROWN LLC
Auditor EIN: 010723685
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$81,162

$81,537-0.5%

$149,716-45.8%

$69,631+16.6%

Participation rate

87.2%

86.1%+1.1pp

87.1%+0.2pp

70.7%+16.6pp

Annual return

9.54%

22.79%-13.3pp

1501.67%-1492.1pp

27571.02%-27561.5pp

Employer contribution / active EE

$4,425

$3,239+36.6%

$5,444-18.7%

$2,032+117.8%

Participant deferral / active EE

$4,994-100.0%

$6,568-100.0%

$3,224-100.0%

Admin fee / account holder

$545

$107+410.0%

$11,282-95.2%

$110+393.5%

Provider

Service type

Compensation

JOHN HANCOCK LIFE INSURANCE COMPANY2+ years

Filed as: JOHN HANCOCK RETIREMENT PLAN SRVCS

Service code 15 · EIN 01-0233346

Recordkeeping

$81,932

BLITMAN & KING2+ years

Service code 49

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

Other Services

$66,980

CADARET GRANT & CO INC2+ years

Filed as: CADARET GRANT & COMPANY

Service code 26 · EIN 22-2361254

Advisory (Participants)

$10,000

MASTERPOLE AND MURPHY AGENCY1 year

Service code 22

1524 W FAYETTE STREET · SYRACUSE, NY 13204

Insurance Broker

$8,840

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