Retirement plan

INTERNATIONAL BROTHERHOOD OF ELECTRICAL WORKERS LOCAL UNIONS SAVINGS & SECURITY PLAN

Name: BOARD OF DIRECTORS OF THE IBEW LOCALS' SAVING & RETIREMENT GROUP TRUST - INTERNATIONAL BROTHERHOOD OF ELECTRICAL WORKERS LOCAL UNIONS SAVINGS & SECURITY PLAN (2023) Form 5500
Creator: BOARD OF DIRECTORS OF THE IBEW LOCALS' SAVING & RETIREMENT GROUP TRUST
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, INTERNATIONAL BROTHERHOOD OF ELECTRICAL WORKERS LOCAL UNIONS SAVINGS & SECURITY PLAN, BOARD OF DIRECTORS OF THE IBEW LOCALS' SAVING & RETIREMENT GROUP TRUST

BOARD OF DIRECTORS OF THE IBEW LOCALS' SAVING & RETIREMENT GROUP TRUSTEIN 27-1722149Plan #023PY 2023

ONE BRIDGE STREET SUITE 70 - IRVINGTON, NY 10533914-591-9200

Prospect flagsHigh retiree %High feesHigh assets / participantFailed to transmit contributionsCorrective distributionsWind-down / frozen

How to read this page

Total assets (EOY)

$697.9M

-3.1% from 2016

Total participants

2,721

+3.2% from 2016

Average account balance

$256,470

-6.1% from 2016

Annual return

15.35%

+2.04 pp from 2016

Benchmarks

See 1,011 peers

Peer group

Industry81 - Other Services (except Public Administration)

Plan typeDefined contribution

Participants250-999

Cohort1,011 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$742.02M

Not enough data

1 years with asset history on file

Average account balance

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

$278K

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.

2,667

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

$3.23M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$9K

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

+16.29%

Not enough data

1 years with return on file

Admin fee / account holder

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

$1324

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 of 13 by compensation

Provider	Service type	Compensation
PLANMEMBER SECURITIES CORPORATION2 years Filed as: PLANMEMBER SECURITIES CORP. Service code 27 · EIN 95-3706234	Advisory (Plan)	$1,723,750
PLANMEMBER SECURITIES CORPORATION2 years Service code 26 · EIN 95-3706234	Advisory (Participants)	$707,000
NEWPORT GROUP, INC.2 years Filed as: NEWPORT TRUST COMPANY Service code 15 · EIN 27-2037969	Recordkeeping	$251,087
PLANMEMBER SECURITIES CORPORATION9+ years Filed as: PLANMEMBER FINANCIAL SERVICES Service code 12 · EIN 77-0309553	Plan Administrator; Contract Administ...	$250,000
INSIGHT NORTH AMERICA LLC2 years Filed as: INSIGHT INVESTMENTS MANAGEMENT Service code 28 · EIN 52-1573723	Investment Management	$185,142
USI CONSULTING GROUP4 years Filed as: USI INSURANCE SERVICES LLC Service code 22 · EIN 13-3771734	Insurance Broker	$94,326
INSTITUTIONAL INVESTMENT CONSULTING2 years Service code 27 · EIN 81-0635433	Advisory (Plan)	$80,000
CLIFTONLARSONALLEN LLP4 years Service code 10 · EIN 41-0746749	Accounting	$39,656
MCGRANN SHEA CARNIVAL STRAUGHN & LA4 years Filed as: MCGANN SHEA CARNIVAL STRAUGHN &LAMB Service code 29 · EIN 41-1654544	Legal	$29,563
MILLIMAN, INC.6 years Filed as: MILLIMAN Service code 15 · EIN 91-0675641	Recordkeeping	$21,728

Plan features & details

Pension benefit codes2E2F2G2J2K2R2T

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.
2R
Participant-directed brokerage accounts
Participant-directed brokerage accounts provided as an investment option under the plan.
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

6 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).
InformationalHigh assets / participant
Assets per participant exceed $250,000 - top-decile high-value plan.
InformationalHigh retiree %
Retirees and beneficiaries make up 25% or more of total participants - indicates an ageing workforce or a frozen plan.
InformationalWind-down / frozen
Plan appears closed to new enrollment or frozen - balance-holders far exceed active participants, or the plan reports active distributions with no inflows. Exclude from peer benchmarks.

Expense breakdown

Schedule H Part II

Admin total

$3.1M

$8422 / participant

Recordkeeping$273K8.7%
Investment mgmt$2M76.7%
Legal$50K1.6%
Other trustee fees$11K0.3%
Contract admin$250K8.0%
Other / not subdivided$145K4.6%

% of EOY assets

0.449%

all-in expense ratio

Categories reported

5 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: CLIFTONLARSONALLEN LLP
Auditor EIN: 410746749
Audit fees: $39,656
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$256,470

$52,188+391.4%

$86,681+195.9%

$74,478+244.4%

Participation rate

100.0%

66.3%+33.7pp

71.7%+28.3pp

70.7%+29.3pp

Annual return

15.35%

44.46%-29.1pp

593.32%-578.0pp

34.37%-19.0pp

Employer contribution / active EE

$4,026

$2,282+76.4%

$3,026+33.0%

$2,637+52.7%

Participant deferral / active EE

$4,494

$3,383+32.8%

$4,440+1.2%

$4,530-0.8%

Admin fee / account holder

$1,151

$319+261.4%

$5,620-79.5%

$347+231.7%

Provider

Service type

Compensation

PLANMEMBER SECURITIES CORPORATION2 years

Filed as: PLANMEMBER SECURITIES CORP.

Service code 27 · EIN 95-3706234

Advisory (Plan)

$1,723,750

PLANMEMBER SECURITIES CORPORATION2 years

Service code 26 · EIN 95-3706234

Advisory (Participants)

$707,000

NEWPORT GROUP, INC.2 years

Filed as: NEWPORT TRUST COMPANY

Service code 15 · EIN 27-2037969

Recordkeeping

$251,087

PLANMEMBER SECURITIES CORPORATION9+ years

Filed as: PLANMEMBER FINANCIAL SERVICES

Service code 12 · EIN 77-0309553

Plan Administrator; Contract Administ...

$250,000

INSIGHT NORTH AMERICA LLC2 years

Filed as: INSIGHT INVESTMENTS MANAGEMENT

Service code 28 · EIN 52-1573723

Investment Management

$185,142

USI CONSULTING GROUP4 years

Filed as: USI INSURANCE SERVICES LLC

Service code 22 · EIN 13-3771734

Insurance Broker

$94,326

INSTITUTIONAL INVESTMENT CONSULTING2 years

Service code 27 · EIN 81-0635433

Advisory (Plan)

$80,000

CLIFTONLARSONALLEN LLP4 years

Service code 10 · EIN 41-0746749

Accounting

$39,656

MCGRANN SHEA CARNIVAL STRAUGHN & LA4 years

Filed as: MCGANN SHEA CARNIVAL STRAUGHN &LAMB

Service code 29 · EIN 41-1654544

Legal

$29,563

MILLIMAN, INC.6 years

Filed as: MILLIMAN

Service code 15 · EIN 91-0675641

Recordkeeping

$21,728

INTERNATIONAL BROTHERHOOD OF ELECTRICAL WORKERS LOCAL UNIONS SAVINGS & SECURITY PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

INTERNATIONAL BROTHERHOOD OF ELECTRICAL WORKERS LOCAL UNIONS SAVINGS & SECURITY 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