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 (2023) 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 2023

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

Other plans on this EIN

1 filing

#002Retirement-$998K assets

Prospect flagsLow employer contribution

How to read this page

Total assets (EOY)

$46.9M

+22.2% from 2022

Total participants

639

+10.4% from 2022

Average account balance

$93,292

+20.5% from 2022

Annual return

22.80%

+42.08 pp from 2022

Benchmarks

See 205 peers

Peer group

Industry21 - Mining, Quarrying, and Oil and Gas Extraction

Plan typeDefined contribution

Participants250-999

Cohort205 peers

Snapshot2023

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.9+ years Service code 10 · EIN 34-1818258	Accounting	$12,400
FIDUCIENT ADVISORS LLC2 years Filed as: FIDUCIENT ADVISORS Service code 27 · EIN 36-4001764	Advisory (Plan)	$6,345
FIDELITY INVESTMENTS INSTITUTIONAL9+ 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

1 tripped

OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II

Admin total

$19K

$33 / participant

Investment mgmt$6K33.8%
Other / not subdivided$12K66.2%

% of EOY assets

0.040%

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: MEADEN & MOORE, LTD
Auditor EIN: 341818258
Audit fees: $12,400
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$93,292

$102,197-8.7%

$142,516-34.5%

$74,460+25.3%

Participation rate

75.9%

79.8%-3.9pp

76.8%-0.8pp

70.7%+5.2pp

Annual return

22.80%

19.73%+3.1pp

19.99%+2.8pp

34.38%-11.6pp

Employer contribution / active EE

$714

$5,052-85.9%

$4,849-85.3%

$2,638-72.9%

Participant deferral / active EE

$4,708

$6,304-25.3%

$6,280-25.0%

$4,530+3.9%

Admin fee / account holder

$37

$186-79.9%

$10,008-99.6%

$348-89.3%

Provider

Service type

Compensation

MEADEN & MOORE, LTD.9+ years

Service code 10 · EIN 34-1818258

Accounting

$12,400

FIDUCIENT ADVISORS LLC2 years

Filed as: FIDUCIENT ADVISORS

Service code 27 · EIN 36-4001764

Advisory (Plan)

$6,345

FIDELITY INVESTMENTS INSTITUTIONAL9+ 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