Retirement plan

I.B.E.W. LOCAL 540 SECURITY PLAN

Name: I.B.E.W. LOCAL NO. 540 SECURITY - I.B.E.W. LOCAL 540 SECURITY PLAN (2022) Form 5500
Creator: I.B.E.W. LOCAL NO. 540 SECURITY
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, I.B.E.W. LOCAL 540 SECURITY PLAN, I.B.E.W. LOCAL NO. 540 SECURITY

I.B.E.W. LOCAL NO. 540 SECURITYEIN 34-0225473Plan #003PY 2022

3660 STUTZ DRIVE, SUITE 101 - CANFIELD, OH 44406330-758-3456

Prospect flagsLow returnsHigh feesLow participant contribution

How to read this page

Total assets (EOY)

$63.2M

-14.9% from 2021

Total participants

885

+13.9% from 2021

Average account balance

$71,650

-25.1% from 2021

Annual return

-18.68%

-35.91 pp from 2021

Benchmarks

See 1,393 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants250-999

Cohort1,393 peers

Snapshot2022

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

Analytics

Total assets (EOY)

Plan-year ending balance

$89.68M

Not enough data

1 years with asset history on file

Average account balance

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

$93K

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.

963

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

$5.38M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$6K

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

+16.84%

Not enough data

1 years with return on file

Admin fee / account holder

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

$334

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 6 by compensation

Provider	Service type	Compensation
UBS FINANCIAL SERVICES INC7 years Filed as: UBS FINANCIAL SERVICES INC. Service code 16 1000 HARBOR BLVD, 6TH FL · WEEHAWKEN, NJ 07086	Consulting	$70,000
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: EMPOWER ANNUITY INSURANCE COMPANY Service code 64 8515 EAST ORCHARD RD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$52,561
BENESYS, INC.8+ years Filed as: BENESYS INC. Service code 13 · EIN 38-2383171 3660 STUTZ DRIVE, STE 101 · CANFIELD, OH 44406	Contract Administrator	$12,412
YURCHYK & DAVIS CPA'S, INC.8+ years Filed as: YURCHYK & DAVIS CPA'S, INC Service code 10 · EIN 34-1638235	Accounting	$8,900
MACALA & PIATT, LLC8+ years Filed as: MACALA & PIATT Service code 29 · EIN 34-1933033 601 S. MAIN ST. · NORTH CANTON, OH 44720	Legal	$7,339
MASSACHUSETTS MUTUAL LIFE INS. CO.2 years Filed as: MASSACHUSETTS MUTUAL LIFE INSURANCE Service code 64 · EIN 04-1590850	Recordkeeping Fees	$300

Plan features & details

Pension benefit codes2J2E2F2G

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.

Opportunity flags

3 tripped

OpportunityLow participant contribution
Participant 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

$396K

$483 / participant

Investment mgmt$3000.1%
Contract admin$65K16.3%
Other / not subdivided$332K83.6%

% of EOY assets

0.627%

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: 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

$71,650

$106,236-32.6%

$112,263-36.2%

$64,824+10.5%

Participation rate

99.6%

71.7%+28.0pp

75.1%+24.6pp

71.5%+28.2pp

Annual return

-18.68%

-6.02%-12.7pp

27.49%-46.2pp

32.84%-51.5pp

Employer contribution / active EE

$4,791

$3,167+51.3%

$3,636+31.8%

$2,507+91.1%

Participant deferral / active EE

$1,006

$3,786-73.4%

$4,729-78.7%

$4,311-76.7%

Admin fee / account holder

$449

$452-0.5%

$6,410-93.0%

$188+139.3%

Provider

Service type

Compensation

UBS FINANCIAL SERVICES INC7 years

Filed as: UBS FINANCIAL SERVICES INC.

Service code 16

1000 HARBOR BLVD, 6TH FL · WEEHAWKEN, NJ 07086

Consulting

$70,000

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: EMPOWER ANNUITY INSURANCE COMPANY

Service code 64

8515 EAST ORCHARD RD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$52,561

BENESYS, INC.8+ years

Filed as: BENESYS INC.

Service code 13 · EIN 38-2383171

3660 STUTZ DRIVE, STE 101 · CANFIELD, OH 44406

Contract Administrator

$12,412

YURCHYK & DAVIS CPA'S, INC.8+ years

Filed as: YURCHYK & DAVIS CPA'S, INC

Service code 10 · EIN 34-1638235

Accounting

$8,900

MACALA & PIATT, LLC8+ years

Filed as: MACALA & PIATT

Service code 29 · EIN 34-1933033

601 S. MAIN ST. · NORTH CANTON, OH 44720

Legal

$7,339

MASSACHUSETTS MUTUAL LIFE INS. CO.2 years

Filed as: MASSACHUSETTS MUTUAL LIFE INSURANCE

Service code 64 · EIN 04-1590850

Recordkeeping Fees

$300

I.B.E.W. LOCAL 540 SECURITY PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

I.B.E.W. LOCAL 540 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