Retirement plan

MANCHESTER, NEWMAN & BENNETT, A LEGAL PROFESSIONAL ASSOCIATION 401K PROFIT SHARING PLAN AND TRUST

Name: MANCHESTER, NEWMAN & BENNETT, A LEGAL PROFESSIONAL - MANCHESTER, NEWMAN & BENNETT, A LEGAL PROFESSIONAL ASSOCIATION 401K PROFIT SHARING PLAN AND TRUST (2024) Form 5500
Creator: MANCHESTER, NEWMAN & BENNETT, A LEGAL PROFESSIONAL
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, MANCHESTER, NEWMAN & BENNETT, A LEGAL PROFESSIONAL ASSOCIATION 401K PROFIT SHARING PLAN AND TRUST, MANCHESTER, NEWMAN & BENNETT, A LEGAL PROFESSIONAL

MANCHESTER, NEWMAN & BENNETT, A LEGAL PROFESSIONALEIN 34-1206385Plan #001PY 2024

201 E COMMERCE ST, SUITE 200 - YOUNGSTOWN, OH 44503330-743-1171

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$7.2M

+14.4% from 2023

Total participants

-3.1% from 2023

Average account balance

$249,528

+18.4% from 2023

Annual return

12.36%

-0.91 pp from 2023

Benchmarks

See 28,910 peers

Peer group

Industry54 - Professional, Scientific, and Technical Services

Plan typeDefined contribution

Participants25-99

Cohort28,910 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$7.24M

Not enough data

1 years with asset history on file

Average account balance

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

$250K

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.

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.

92.6%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$172K

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

+12.36%

Not enough data

1 years with return on file

Admin fee / account holder

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

$2513

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

0 years with F_SCH_H allocation on file

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

Service providers

Providers data not reported

Schedule C was not filed on this plan's most recent Form 5500, so no compensated service providers are available to display.

Plan features & details

Pension benefit codes2F2G2J2T2E3D2R

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.
2R
Participant-directed brokerage accounts
Participant-directed brokerage accounts provided as an investment option under the plan.
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.
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

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)

Expense breakdown

Schedule H Part II

Admin total

$73K

$2700 / participant

Other / not subdivided$73K100.0%

% of EOY assets

1.007%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

No opinion code on file for this filing.

Auditor firm: (not reported)
Auditor EIN: -
Audit fees: (not subdivided)
Opinion code: -

Metric

This plan

Peer set

Industry

Size

Avg account balance

$249,528

$102,382+143.7%

$147,005+69.7%

$80,874+208.5%

Participation rate

92.6%

75.8%+16.7pp

82.2%+10.4pp

67.6%+24.9pp

Annual return

12.36%

134.89%-122.5pp

418.76%-406.4pp

35.62%-23.3pp

Employer contribution / active EE

$1,925

$3,715-48.2%

$4,934-61.0%

$2,756-30.2%

Participant deferral / active EE

$4,434

$6,646-33.3%

$8,070-45.1%

$4,297+3.2%

Admin fee / account holder

$2,513

$7,942-68.4%

$13,006-80.7%

$6,935-63.8%

MANCHESTER, NEWMAN & BENNETT, A LEGAL PROFESSIONAL ASSOCIATION 401K PROFIT SHARING PLAN AND TRUST

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

MANCHESTER, NEWMAN & BENNETT, A LEGAL PROFESSIONAL ASSOCIATION 401K PROFIT SHARING PLAN AND TRUST

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