Retirement plan

SPARTANBURG STEEL PRODUCTS, INC. 401(K) SAVINGS AND INVESTMENT PLAN FOR BARGAINED FOR EMPLOYEES

Name: SPARTANBURG STEEL HOLDINGS, INC. - SPARTANBURG STEEL PRODUCTS, INC. 401(K) SAVINGS AND INVESTMENT PLAN FOR BARGAINED FOR EMPLOYEES (2024) Form 5500
Creator: SPARTANBURG STEEL HOLDINGS, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SPARTANBURG STEEL PRODUCTS, INC. 401(K) SAVINGS AND INVESTMENT PLAN FOR BARGAINED FOR EMPLOYEES, SPARTANBURG STEEL HOLDINGS, INC.

SPARTANBURG STEEL HOLDINGS, INC.EIN 31-1039895Plan #004PY 2024

1290 NEW CUT ROAD - SPARTANBURG, SC 29303864-585-5211

Other plans on this EIN

3 filings

#001Retirement-$11.6M assets #003Retirement-$9.2M assets #002Retirement-$2.6M assets

Prospect flagsLow returnsHigh feesLow participationLow employer contributionLow participant contribution

How to read this page

Total assets (EOY)

$5.6M

+10.7% from 2023

Total participants

258

-12.5% from 2023

Average account balance

$41,352

+16.4% from 2023

Annual return

9.09%

-1.32 pp from 2023

Benchmarks

See 4,099 peers

Peer group

Industry33 - Manufacturing

Plan typeDefined contribution

Participants100-249

Cohort4,099 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$5.58M

Not enough data

1 years with asset history on file

Average account balance

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

$41K

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.

135

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.

47.9%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$576K

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

+9.09%

Not enough data

1 years with return on file

Admin fee / account holder

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

$309

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

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Service providers

Top 5 by compensation

Provider	Service type	Compensation
GREAT-WEST LIFE & ANNUITY INSURANCE3 years Filed as: EMPOWER ANNUITY INSURANCE CO Service code 64 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$27,860
CAPFINANCIAL PARTNERS LLC10+ years Service code 27 4208 SIX FORKS ROAD, SUITE 1700 · RALEIGH, NC 27609	Advisory (Plan)	$9,160
CBIZ RETIREMENT PLAN SERVICES3 years Filed as: CBIZ BENEFITS & INS SERVICES INC Service code 13	Contract Administrator	$5,035
GREAT-WEST LIFE & ANNUITY INSURANCE3 years Filed as: EMPOWER ADVISORY GROUP, LLC Service code 28 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Investment Management	$3,415
CBIZ RETIREMENT PLAN SERVICES3 years Filed as: CBIZ BENEFITS & INS SERVICES Service code 13 28126 NETWORK PLACE · CHICAGO, IL 60673	Contract Administrator	$0

Plan features & details

Pension benefit codes2E2F2G2J2K3D3H2T

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.
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.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

Opportunity flags

5 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.
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.

Expense breakdown

Schedule H Part II

Admin total

$42K

$177 / participant

Recordkeeping$4K9.2%
Contract admin$38K90.8%

% of EOY assets

0.747%

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: SIKICH CPA LLC
Auditor EIN: 541172176
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$41,352

$79,223-47.8%

$102,460-59.6%

$74,478-44.5%

Participation rate

47.9%

74.8%-26.9pp

76.5%-28.6pp

67.2%-19.3pp

Annual return

9.09%

54.98%-45.9pp

29.47%-20.4pp

1370.56%-1361.5pp

Employer contribution / active EE

$692

$2,363-70.7%

$3,025-77.1%

$2,626-73.6%

Participant deferral / active EE

$1,749

$4,417-60.4%

$5,056-65.4%

$4,350-59.8%

Admin fee / account holder

$309

$2,003-84.6%

$9,460-96.7%

$1,946-84.1%

Provider

Service type

Compensation

GREAT-WEST LIFE & ANNUITY INSURANCE3 years

Filed as: EMPOWER ANNUITY INSURANCE CO

Service code 64

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$27,860

CAPFINANCIAL PARTNERS LLC10+ years

Service code 27

4208 SIX FORKS ROAD, SUITE 1700 · RALEIGH, NC 27609

Advisory (Plan)

$9,160

CBIZ RETIREMENT PLAN SERVICES3 years

Filed as: CBIZ BENEFITS & INS SERVICES INC

Service code 13

Contract Administrator

$5,035

GREAT-WEST LIFE & ANNUITY INSURANCE3 years

Filed as: EMPOWER ADVISORY GROUP, LLC

Service code 28

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Investment Management

$3,415

CBIZ RETIREMENT PLAN SERVICES3 years

Filed as: CBIZ BENEFITS & INS SERVICES

Service code 13

28126 NETWORK PLACE · CHICAGO, IL 60673

Contract Administrator

SPARTANBURG STEEL PRODUCTS, INC. 401(K) SAVINGS AND INVESTMENT PLAN FOR BARGAINED FOR EMPLOYEES

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SPARTANBURG STEEL PRODUCTS, INC. 401(K) SAVINGS AND INVESTMENT PLAN FOR BARGAINED FOR EMPLOYEES

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