Retirement plan

SAVINGS PLAN FOR MINNESOTA REPRESENTED HOURLY EMPLOYEES

Name: HIBBING JOINT VENTURE CLIFFS MINING CO, MANAGING AGENT - SAVINGS PLAN FOR MINNESOTA REPRESENTED HOURLY EMPLOYEES (2022) Form 5500
Creator: HIBBING JOINT VENTURE CLIFFS MINING CO, MANAGING AGENT
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SAVINGS PLAN FOR MINNESOTA REPRESENTED HOURLY EMPLOYEES, HIBBING JOINT VENTURE CLIFFS MINING CO, MANAGING AGENT

HIBBING JOINT VENTURE CLIFFS MINING CO, MANAGING AGENTEIN 34-1120353Plan #018PY 2022

200 PUBLIC SQUARE, SUITE 3300 - CLEVELAND, OH 441142315216-694-5505

Other plans on this EIN

1 filing

#002Retirement-$882K assets

Prospect flagsLow returnsLow employer contribution

How to read this page

Total assets (EOY)

$38.4M

-21.1% from 2021

Total participants

579

+2.1% from 2021

Average account balance

$77,396

-23.3% from 2021

Annual return

-19.27%

-33.95 pp from 2021

Benchmarks

See 192 peers

Peer group

Industry21 - Mining, Quarrying, and Oil and Gas Extraction

Plan typeDefined contribution

Participants250-999

Cohort192 peers

Snapshot2022

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

Analytics

Total assets (EOY)

Plan-year ending balance

$52.12M

Not enough data

1 years with asset history on file

Average account balance

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

$102K

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.

513

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.

84.6%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$3.06M

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

+16.98%

Not enough data

1 years with return on file

Admin fee / account holder

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

$30

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 3 by compensation

Provider	Service type	Compensation
MEADEN & MOORE, LTD.8+ years Service code 10 · EIN 34-1818258	Accounting	$12,100
FIDUCIENT ADVISORS LLC1 year Filed as: FIDUCIENT ADVISORS Service code 27 · EIN 36-4001764	Advisory (Plan)	$6,771
FIDELITY INVESTMENTS INSTITUTIONAL8+ years Filed as: FIDELITY INV INST OPERATIONS CO Service code 37 · EIN 04-2647786	Loan Processing	$0

Plan features & details

Pension benefit codes2E2G2J3H

Plan features

2E
Profit-sharing
Profit-sharing plan.
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.
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

2 tripped

OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II

Admin total

$19K

$38 / participant

Other / not subdivided$19K100.0%

% of EOY assets

0.049%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: MEADEN & MOORE, LTD
Auditor EIN: 341818258
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$77,396

$72,482+6.8%

$129,118-40.1%

$64,819+19.4%

Participation rate

83.5%

79.2%+4.3pp

77.2%+6.3pp

71.5%+12.0pp

Annual return

-19.27%

-9.08%-10.2pp

-10.94%-8.3pp

32.84%-52.1pp

Employer contribution / active EE

$622

$4,247-85.4%

$5,051-87.7%

$2,507-75.2%

Participant deferral / active EE

$5,239

$5,679-7.7%

$6,539-19.9%

$4,311+21.5%

Admin fee / account holder

$38

$144-73.6%

$14,305-99.7%

$188-79.7%

Provider

Service type

Compensation

MEADEN & MOORE, LTD.8+ years

Service code 10 · EIN 34-1818258

Accounting

$12,100

FIDUCIENT ADVISORS LLC1 year

Filed as: FIDUCIENT ADVISORS

Service code 27 · EIN 36-4001764

Advisory (Plan)

$6,771

FIDELITY INVESTMENTS INSTITUTIONAL8+ years

Filed as: FIDELITY INV INST OPERATIONS CO

Service code 37 · EIN 04-2647786

Loan Processing

SAVINGS PLAN FOR MINNESOTA REPRESENTED HOURLY EMPLOYEES

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SAVINGS PLAN FOR MINNESOTA REPRESENTED HOURLY 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