Retirement plan

LAKE BUSINESS PRODUCTS INC. 401(K) PROFIT SHARING PLAN

Name: LAKE BUSINESS PRODUCTS, INC. - LAKE BUSINESS PRODUCTS INC. 401(K) PROFIT SHARING PLAN (2023) Form 5500
Creator: LAKE BUSINESS PRODUCTS, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, LAKE BUSINESS PRODUCTS INC. 401(K) PROFIT SHARING PLAN, LAKE BUSINESS PRODUCTS, INC.

LAKE BUSINESS PRODUCTS, INC.EIN 34-1101709Plan #001PY 2023

653 MINER ROAD - HIGHLAND HEIGHTS, OH 44143440-953-1199lakebusinessproducts.comLinkedIn51-200 employeescomputer & network security

Prospect flagsLow returns

How to read this page

Total assets (EOY)

$10.2M

+1.9% from 2022

Total participants

126

-3.1% from 2022

Average account balance

$83,818

+6.9% from 2022

Annual return

12.73%

+26.87 pp from 2022

Benchmarks

See 4,138 peers

Peer group

Industry33 - Manufacturing

Plan typeDefined contribution

Participants100-249

Cohort4,138 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$10.82M

Not enough data

1 years with asset history on file

Average account balance

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

$88K

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.

123

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.

95.9%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$471K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$5K

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

+14.87%

Not enough data

1 years with return on file

Admin fee / account holder

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

$335

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 5 by compensation

Provider	Service type	Compensation
NATIONWIDE9+ years Service code 15 ONE NATIONWIDE PLAZA · COLUMBUS, OH 43215	Recordkeeping	$60,032
MGO INVESTMENT ADVISORS9+ years Service code 26 24400 CHAGRIN BLVD · BEACHWOOD, OH 441225632	Advisory (Participants)	$20,276
CIUNI & PANICHI, INC.1 year Filed as: CIUNI & PANICHI INC Service code 10 25201 CHAGRIN BLVD · CLEVELAND, OH 441225683	Accounting	$12,000
MOSKAL GROSS ORCHOSKY1 year Filed as: MOSKAL GROSS ORCHOSKY INC Service code 15 24400 CHAGRIN BLVD · BEACHWOOD, OH 44122	Recordkeeping	$3,802
MOSKAL GROSS ORCHOSKY9+ years Service code 15	Recordkeeping	$3,523

Plan features & details

Pension benefit codes2E2F2G2J2K3D

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.
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

1 tripped

OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II

Admin total

$15K

$139 / participant

Recordkeeping$3K19.8%
Investment mgmt$12K80.2%

% of EOY assets

0.148%

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: CIUNI & PANICHI, INC.
Auditor EIN: 341322309
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$83,818

$76,107+10.1%

$96,576-13.2%

$71,495+17.2%

Participation rate

96.3%

74.4%+21.9pp

76.0%+20.4pp

67.9%+28.4pp

Annual return

12.73%

22.81%-10.1pp

25.87%-13.1pp

28.85%-16.1pp

Employer contribution / active EE

$917

$2,247-59.2%

$2,965-69.1%

$2,589-64.6%

Participant deferral / active EE

$3,126

$4,218-25.9%

$4,851-35.6%

$4,291-27.2%

Admin fee / account holder

$124

$2,708-95.4%

$8,253-98.5%

$1,588-92.2%

Provider

Service type

Compensation

NATIONWIDE9+ years

Service code 15

ONE NATIONWIDE PLAZA · COLUMBUS, OH 43215

Recordkeeping

$60,032

MGO INVESTMENT ADVISORS9+ years

Service code 26

24400 CHAGRIN BLVD · BEACHWOOD, OH 441225632

Advisory (Participants)

$20,276

CIUNI & PANICHI, INC.1 year

Filed as: CIUNI & PANICHI INC

Service code 10

25201 CHAGRIN BLVD · CLEVELAND, OH 441225683

Accounting

$12,000

MOSKAL GROSS ORCHOSKY1 year

Filed as: MOSKAL GROSS ORCHOSKY INC

Service code 15

24400 CHAGRIN BLVD · BEACHWOOD, OH 44122

Recordkeeping

$3,802

MOSKAL GROSS ORCHOSKY9+ years

Service code 15

Recordkeeping

$3,523

LAKE BUSINESS PRODUCTS INC. 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

LAKE BUSINESS PRODUCTS INC. 401(K) 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