Retirement plan

UNITED STEELWORKERS LOCAL 286 SEVERANCE/401 (K) PLAN

Name: UNITED STEELWORKERS LOCAL 286 SEVERANCE/ 401(K) PLAN - UNITED STEELWORKERS LOCAL 286 SEVERANCE/401 (K) PLAN (2023) Form 5500
Creator: UNITED STEELWORKERS LOCAL 286 SEVERANCE/ 401(K) PLAN
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, UNITED STEELWORKERS LOCAL 286 SEVERANCE/401 (K) PLAN, UNITED STEELWORKERS LOCAL 286 SEVERANCE/ 401(K) PLAN

UNITED STEELWORKERS LOCAL 286 SEVERANCE/ 401(K) PLANdba BOARD OF TRUSTEESEIN 23-2059315Plan #002PY 2023

410 N. 8TH STREET - PHILADLEPHIA, PA 191233903215-829-9212

Prospect flagsLow returnsLow assets / participantLow participant contributionFailed to transmit contributions

How to read this page

Total assets (EOY)

$37.2M

+13.5% from 2022

Total participants

2,819

+8.4% from 2022

Average account balance

$13,196

+4.7% from 2022

Annual return

12.14%

+27.93 pp from 2022

Benchmarks

See 394 peers

Peer group

Industry32 - Manufacturing

Plan typeDefined contribution

Participants1,000-4,999

Cohort394 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$42.08M

Not enough data

1 years with asset history on file

Average account balance

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

$14K

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.

3,015

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.

100.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$3.60M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$2K

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

+9.05%

Not enough data

1 years with return on file

Admin fee / account holder

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

$262

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 10 by compensation

Provider	Service type	Compensation
USW INDUSTRY 401(K) PLAN2 years Filed as: USW DISTRICT 10 LOCAL 286 UNION Service code 49 · EIN 23-0724665	Other Services	$386,907
TRANSAMERICA RETIREMENT SOLUTIONS7 years Service code 12 · EIN 13-3689044	Direct payment from the plan; Investm...	$106,411
CARLO SIMONE III9+ years Filed as: CARLO SIMONE, III Service code 30 · EIN 23-0724665	Employee (plan); Other fees	$93,246
NOVAK FRANCELLA LLC9+ years Service code 10 · EIN 61-1436956	Accounting	$44,625
LITTLER MENDELSON, P.C.9+ years Service code 29 · EIN 94-2602731	Legal	$25,000
SPEAR WILDERMAN9+ years Filed as: SPEAR WILDERMAN, P.C. Service code 29 · EIN 23-2749511	Legal	$25,000
FOSTER & FOSTER3 years Filed as: FOSTER & FOSTER, INC. Service code 16 · EIN 59-1921114	Consulting	$20,000
MORGAN STANLEY SMITH BARNEY9+ years Service code 28 · EIN 13-2655998	Investment Management	$12,500
XPAN LAW PARTNERS, LLC1 year Service code 49 · EIN 81-5145649	Other Services	$8,735
NATIONAL FINANCIAL SERVICES7 years Service code 33 · EIN 04-3523567	Securities brokerage; Securities brok...	$0

Plan features & details

Pension benefit codes2C2E2H2J

Plan features

2C
Money purchase plan
Money purchase pension plan other than a target benefit plan.
2E
Profit-sharing
Profit-sharing plan.
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.

Opportunity flags

4 tripped

OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
OpportunityLow assets / participant
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).

Expense breakdown

Schedule H Part II

Admin total

$688K

$380 / participant

Recordkeeping$15K2.2%
Investment mgmt$13K1.8%
Legal$50K7.3%
Salaries / allowances$343K49.9%
Other trustee fees$1K0.2%
Contract admin$106K15.5%
Other / not subdivided$160K23.2%

% of EOY assets

1.850%

all-in expense ratio

Categories reported

6 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: NOVAK FRANCELLA, LLC
Auditor EIN: 611436956
Audit fees: $29,725
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$13,196

$104,631-87.4%

$98,450-86.6%

$80,149-83.5%

Participation rate

100.0%

87.5%+12.5pp

75.2%+24.8pp

72.9%+27.1pp

Annual return

12.14%

34.72%-22.6pp

21.16%-9.0pp

40.39%-28.3pp

Employer contribution / active EE

$1,376

$4,517-69.5%

$3,049-54.9%

$2,977-53.8%

Participant deferral / active EE

$392

$6,545-94.0%

$4,739-91.7%

$5,015-92.2%

Admin fee / account holder

$244

$105+132.8%

$8,961-97.3%

$145+68.4%

Provider

Service type

Compensation

USW INDUSTRY 401(K) PLAN2 years

Filed as: USW DISTRICT 10 LOCAL 286 UNION

Service code 49 · EIN 23-0724665

Other Services

$386,907

TRANSAMERICA RETIREMENT SOLUTIONS7 years

Service code 12 · EIN 13-3689044

Direct payment from the plan; Investm...

$106,411

CARLO SIMONE III9+ years

Filed as: CARLO SIMONE, III

Service code 30 · EIN 23-0724665

Employee (plan); Other fees

$93,246

NOVAK FRANCELLA LLC9+ years

Service code 10 · EIN 61-1436956

Accounting

$44,625

LITTLER MENDELSON, P.C.9+ years

Service code 29 · EIN 94-2602731

Legal

$25,000

SPEAR WILDERMAN9+ years

Filed as: SPEAR WILDERMAN, P.C.

Service code 29 · EIN 23-2749511

Legal

$25,000

FOSTER & FOSTER3 years

Filed as: FOSTER & FOSTER, INC.

Service code 16 · EIN 59-1921114

Consulting

$20,000

MORGAN STANLEY SMITH BARNEY9+ years

Service code 28 · EIN 13-2655998

Investment Management

$12,500

XPAN LAW PARTNERS, LLC1 year

Service code 49 · EIN 81-5145649

Other Services

$8,735

NATIONAL FINANCIAL SERVICES7 years

Service code 33 · EIN 04-3523567

Securities brokerage; Securities brok...

UNITED STEELWORKERS LOCAL 286 SEVERANCE/401 (K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

UNITED STEELWORKERS LOCAL 286 SEVERANCE/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