Retirement plan

IBEW LOCAL UNION 306 401 (K) WAGE REDUCTION RETIREMENT FUND

Name: IBEW LOCAL UNION 306 401 (K) WAGE REDUCTION RETIREMENT FUND TRUSTEES - IBEW LOCAL UNION 306 401 (K) WAGE REDUCTION RETIREMENT FUND (2021) Form 5500
Creator: IBEW LOCAL UNION 306 401 (K) WAGE REDUCTION RETIREMENT FUND TRUSTEES
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, IBEW LOCAL UNION 306 401 (K) WAGE REDUCTION RETIREMENT FUND, IBEW LOCAL UNION 306 401 (K) WAGE REDUCTION RETIREMENT FUND TRUSTEES

IBEW LOCAL UNION 306 401 (K) WAGE REDUCTION RETIREMENT FUND TRUSTEESEIN 31-1516748Plan #002PY 2021

3660 STUTZ DRIVE, SUITE 101 - CANFIELD, OH 44406330-270-0453

Prospect flagsLow participationLow participant contribution

How to read this page

Total assets (EOY)

$30.8M

+17.6% from 2020

Total participants

1,302

+1.0% from 2020

Average account balance

$75,219

+11.3% from 2020

Annual return

15.44%

-0.50 pp from 2020

Benchmarks

See 479 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants1,000-4,999

Cohort479 peers

Snapshot2021

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

Analytics

Total assets (EOY)

Plan-year ending balance

$34.82M

Not enough data

1 years with asset history on file

Average account balance

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

$80K

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.

437

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

$1.46M

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

+15.55%

Not enough data

1 years with return on file

Admin fee / account holder

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

$283

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 11 by compensation

Provider	Service type	Compensation
MASSACHUSETTS MUTUAL LIFE INS. CO.7+ years Filed as: MASSACHUSETTS MUTUAL LIFE INCS. CO. Service code 52 · EIN 04-1590850	Indirect Investment Fees	$30,888
FAULKNER, HOFFMAN & PHILLIPS, LLC3 years Filed as: FAULKNER, HOFFMAN, & PHILLIPS, LLC Service code 29 20445 EMERALD PKWY 210 · CLEVELAND, OH 44135	Legal	$11,494
YURCHYK & DAVIS CPA'S, INC.7+ years Filed as: YURCHYK & DAVIS CPA'S, INC Service code 10 · EIN 34-1638235	Accounting	$7,500
BENESYS, INC.7+ years Filed as: BENESYS Service code 14 · EIN 32-2383171	Plan Administrator	$6,908
AMERICAN FUNDS5 years Service code 52 · EIN 95-1411037	Indirect Investment Fees	$0
HARRIS5 years Service code 52 · EIN 52-2257782	Indirect Investment Fees	$0
JANUS HENDERSON5 years Service code 52 · EIN 84-0592523	Indirect Investment Fees	$0
GREAT-WEST LIFE & ANNUITY INSURANCE5 years Filed as: PUTNAM Service code 52 · EIN 04-6407893	Indirect Investment Fees	$0
T ROWE PRICE RPS INC5 years Filed as: T ROWE PRICE Service code 52 · EIN 52-1151266	Indirect Investment Fees	$0
THE VANGUARD GROUP, INC.5 years Filed as: VANGUARD Service code 52 · EIN 23-1999755	Indirect Investment Fees	$0

Plan features & details

Pension benefit codes2G2J2E2F2T

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.
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

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.

Expense breakdown

Schedule H Part II

Admin total

$90K

$80 / participant

Contract admin$7K7.6%
Other / not subdivided$83K92.4%

% of EOY assets

0.293%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: YURCHYK & DAVIS CPA'S, INC.
Auditor EIN: 341638235
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$75,219

$88,770-15.3%

$109,188-31.1%

$93,010-19.1%

Participation rate

21.3%

81.5%-60.2pp

75.9%-54.6pp

73.9%-52.6pp

Annual return

15.44%

60.64%-45.2pp

25.76%-10.3pp

158.70%-143.3pp

Employer contribution / active EE

$3,780-100.0%

$3,723-100.0%

$2,705-100.0%

Participant deferral / active EE

$1,155

$3,630-68.2%

$4,654-75.2%

$4,561-74.7%

Admin fee / account holder

$221

$172+28.1%

$6,755-96.7%

$152+45.6%

Provider

Service type

Compensation

MASSACHUSETTS MUTUAL LIFE INS. CO.7+ years

Filed as: MASSACHUSETTS MUTUAL LIFE INCS. CO.

Service code 52 · EIN 04-1590850

Indirect Investment Fees

$30,888

FAULKNER, HOFFMAN & PHILLIPS, LLC3 years

Filed as: FAULKNER, HOFFMAN, & PHILLIPS, LLC

Service code 29

20445 EMERALD PKWY 210 · CLEVELAND, OH 44135

Legal

$11,494

YURCHYK & DAVIS CPA'S, INC.7+ years

Filed as: YURCHYK & DAVIS CPA'S, INC

Service code 10 · EIN 34-1638235

Accounting

$7,500

BENESYS, INC.7+ years

Filed as: BENESYS

Service code 14 · EIN 32-2383171

Plan Administrator

$6,908

AMERICAN FUNDS5 years

Service code 52 · EIN 95-1411037

Indirect Investment Fees

HARRIS5 years

Service code 52 · EIN 52-2257782

Indirect Investment Fees

JANUS HENDERSON5 years

Service code 52 · EIN 84-0592523

Indirect Investment Fees

GREAT-WEST LIFE & ANNUITY INSURANCE5 years

Filed as: PUTNAM

Service code 52 · EIN 04-6407893

Indirect Investment Fees

T ROWE PRICE RPS INC5 years

Filed as: T ROWE PRICE

Service code 52 · EIN 52-1151266

Indirect Investment Fees

THE VANGUARD GROUP, INC.5 years

Filed as: VANGUARD

Service code 52 · EIN 23-1999755

Indirect Investment Fees

IBEW LOCAL UNION 306 401 (K) WAGE REDUCTION RETIREMENT FUND

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

IBEW LOCAL UNION 306 401 (K) WAGE REDUCTION RETIREMENT FUND

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