Retirement plan

UNION SPECIAL RETIREMENT, SAVINGS AND PROFIT SHARING PLAN

Name: UNION SPECIAL LLC - UNION SPECIAL RETIREMENT, SAVINGS AND PROFIT SHARING PLAN (2023) Form 5500
Creator: UNION SPECIAL LLC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, UNION SPECIAL RETIREMENT, SAVINGS AND PROFIT SHARING PLAN, UNION SPECIAL LLC

UNION SPECIAL LLCEIN 26-2167565Plan #002PY 2023

1 UNION SPECIAL PLZ - HUNTLEY, IL 601427007847-669-4442LinkedIn1-10 employeesconsumer goods

Prospect flagsLow returnsHigh feesLow employer contributionFailed to transmit contributions

How to read this page

Total assets (EOY)

$11.1M

+1.4% from 2022

Total participants

124

-1.6% from 2022

Average account balance

$105,614

+4.3% from 2022

Annual return

10.91%

+24.05 pp from 2022

Benchmarks

See 14,456 peers

Peer group

Industry33 - Manufacturing

Plan typeDefined contribution

Participants25-99

Cohort14,456 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$11.95M

Not enough data

1 years with asset history on file

Average account balance

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

$122K

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.

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.

108.9%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$290K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$3K

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

+12.73%

Not enough data

1 years with return on file

Admin fee / account holder

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

$10289

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

0 years with F_SCH_H allocation on file

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Service providers

Top 5 by compensation

Provider	Service type	Compensation
FAIRHAVEN WEALTH MANAGEMENT, LLC5 years Service code 27 · EIN 47-2674388	Advisory (Plan)	$26,870
FORVIS, LLP1 year Service code 10 · EIN 44-0160260	Accounting	$16,900
UNION SPECIAL LLC9+ years Service code 13 · EIN 26-2167565	Contract Administrator	$5,403
PRINCIPAL LIFE INSURANCE COMPANY9+ years Service code 13 · EIN 42-0127290	Contract Administrator	$1,122
WILSHIRE ASSOCIATES INCORPORATED2 years Filed as: WILSHIRE ADVISORS LLC Service code 27 · EIN 95-2755361	Advisory (Plan)	$0

Plan features & details

Pension benefit codes2E2F2G2J2K2S2T3D

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.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
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.
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.

Opportunity flags

4 tripped

OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.
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.
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

$55K

$651 / participant

Investment mgmt$27K49.1%
Contract admin$12K22.0%
Other / not subdivided$16K28.9%

% of EOY assets

0.493%

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: FORVIS MAZARS, LLP
Auditor EIN: 440160260
Audit fees: $15,809
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$105,614

$80,992+30.4%

$96,534+9.4%

$75,173+40.5%

Participation rate

77.4%

71.8%+5.6pp

76.0%+1.4pp

67.2%+10.2pp

Annual return

10.91%

27.05%-16.1pp

25.88%-15.0pp

160.72%-149.8pp

Employer contribution / active EE

$170

$2,283-92.6%

$2,965-94.3%

$2,671-93.7%

Participant deferral / active EE

$3,671

$3,929-6.6%

$4,851-24.3%

$4,126-11.0%

Admin fee / account holder

$521

$6,717-92.2%

$8,253-93.7%

$5,651-90.8%

Provider

Service type

Compensation

FAIRHAVEN WEALTH MANAGEMENT, LLC5 years

Service code 27 · EIN 47-2674388

Advisory (Plan)

$26,870

FORVIS, LLP1 year

Service code 10 · EIN 44-0160260

Accounting

$16,900

UNION SPECIAL LLC9+ years

Service code 13 · EIN 26-2167565

Contract Administrator

$5,403

PRINCIPAL LIFE INSURANCE COMPANY9+ years

Service code 13 · EIN 42-0127290

Contract Administrator

$1,122

WILSHIRE ASSOCIATES INCORPORATED2 years

Filed as: WILSHIRE ADVISORS LLC

Service code 27 · EIN 95-2755361

Advisory (Plan)

UNION SPECIAL RETIREMENT, SAVINGS AND PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

UNION SPECIAL RETIREMENT, SAVINGS AND PROFIT SHARING 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