Retirement plan

I.B.E.W. LOCAL 673 PROFIT SHARING ANNUITY PLAN

Name: I.B.E.W. LOCAL 673 PROFIT SHARING ANNUITY PLAN - BOARD OF TRUSTEES - I.B.E.W. LOCAL 673 PROFIT SHARING ANNUITY PLAN (2024) Form 5500
Creator: I.B.E.W. LOCAL 673 PROFIT SHARING ANNUITY PLAN - BOARD OF TRUSTEES
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, I.B.E.W. LOCAL 673 PROFIT SHARING ANNUITY PLAN, I.B.E.W. LOCAL 673 PROFIT SHARING ANNUITY PLAN - BOARD OF TRUSTEES

I.B.E.W. LOCAL 673 PROFIT SHARING ANNUITY PLAN - BOARD OF TRUSTEESEIN 34-6661994Plan #002PY 2024

8356 MUNSON ROAD - MENTOR, OH 44060440-255-3414

Other plans on this EIN

1 filing

#001Retirement-$84.9M assets

Prospect flagsLow participant contribution

How to read this page

Total assets (EOY)

$53.9M

+9.8% from 2023

Total participants

651

+18.8% from 2023

Average account balance

$82,747

-10.3% from 2023

Annual return

12.85%

-0.79 pp from 2023

Benchmarks

See 3,444 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants100-249

Cohort3,444 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$53.87M

Not enough data

1 years with asset history on file

Average account balance

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

$83K

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.

651

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

$1.60M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$9K

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

+12.85%

Not enough data

1 years with return on file

Admin fee / account holder

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

$252

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 7 by compensation

Provider	Service type	Compensation
UBS FINANCIAL SERVICES INC10+ years Service code 27 · EIN 13-2638166 1000 HARBOR BLVD, 6TH FL · WEEHAWKEN, NJ 07086	Advisory (Plan)	$61,687
JOHN HANCOCK LIFE INSURANCE COMPANY10+ years Filed as: JOHN HANCOCK RETIREMENT PLAN SVCS Service code 15 · EIN 45-3008106 690 CANTON STREET · WESTWOOD, MA 02090	Recordkeeping	$58,951
SOLXSYS ADMINISTRATIVE SOLUTIONS3 years Service code 13 · EIN 82-2454243 5600 NEW KING ST, STE 330 · TROY, MI 48098	Contract Administrator	$36,540
GALLOVIC, GRANITO, & CO LTD10+ years Service code 10 · EIN 34-1723186 8518 MENTOR AVE STE A · MENTOR, OH 44060	Accounting	$31,246
MACALA & PIATT, LLC7 years Filed as: MACALA & PIATT, L.L.C. Service code 29 · EIN 34-1933033 601 S MAIN ST · NORTH CANTON, OH 44720	Legal	$13,530
IBEW 673 FRINGE BENEFIT FUNDS INC10+ years Service code 13 · EIN 34-1323834 8356 MUNSON RD · MENTOR, OH 44060	Contract Administrator	$6,264
TODD EUGENE HOLT4 years Filed as: TODD ASSOCIATES, INC. Service code 23 · EIN 34-0727780 23825 COMMERCE PARK · BEACHWOOD, OH 44122	Insurance services	$5,929

Plan features & details

Pension benefit codes2E2G2J3B

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.
3B
Plan covering self-employed individuals
Plan covering self-employed individuals.

Opportunity flags

1 tripped

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

Expense breakdown

Schedule H Part II

Admin total

$164K

$906 / participant

Investment mgmt$62K37.6%
Legal$14K8.2%
Contract admin$43K26.1%
Other / not subdivided$46K28.1%

% of EOY assets

0.305%

all-in expense ratio

Categories reported

3 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: GALLOVIC, GRANITO & CO LTD
Auditor EIN: 341723186
Audit fees: $31,246
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$82,747

$80,781+2.4%

$102,437-19.2%

$74,478+11.1%

Participation rate

100.0%

65.7%+34.3pp

74.5%+25.5pp

67.2%+32.8pp

Annual return

12.85%

27.58%-14.7pp

24.95%-12.1pp

1370.56%-1357.7pp

Employer contribution / active EE

$8,481

$3,160+168.4%

$3,871+119.1%

$2,626+222.9%

Participant deferral / active EE

$380

$3,862-90.2%

$5,060-92.5%

$4,350-91.3%

Admin fee / account holder

$252

$2,372-89.4%

$8,388-97.0%

$1,946-87.0%

Provider

Service type

Compensation

UBS FINANCIAL SERVICES INC10+ years

Service code 27 · EIN 13-2638166

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

Advisory (Plan)

$61,687

JOHN HANCOCK LIFE INSURANCE COMPANY10+ years

Filed as: JOHN HANCOCK RETIREMENT PLAN SVCS

Service code 15 · EIN 45-3008106

690 CANTON STREET · WESTWOOD, MA 02090

Recordkeeping

$58,951

SOLXSYS ADMINISTRATIVE SOLUTIONS3 years

Service code 13 · EIN 82-2454243

5600 NEW KING ST, STE 330 · TROY, MI 48098

Contract Administrator

$36,540

GALLOVIC, GRANITO, & CO LTD10+ years

Service code 10 · EIN 34-1723186

8518 MENTOR AVE STE A · MENTOR, OH 44060

Accounting

$31,246

MACALA & PIATT, LLC7 years

Filed as: MACALA & PIATT, L.L.C.

Service code 29 · EIN 34-1933033

601 S MAIN ST · NORTH CANTON, OH 44720

Legal

$13,530

IBEW 673 FRINGE BENEFIT FUNDS INC10+ years

Service code 13 · EIN 34-1323834

8356 MUNSON RD · MENTOR, OH 44060

Contract Administrator

$6,264

TODD EUGENE HOLT4 years

Filed as: TODD ASSOCIATES, INC.

Service code 23 · EIN 34-0727780

23825 COMMERCE PARK · BEACHWOOD, OH 44122

Insurance services

$5,929

I.B.E.W. LOCAL 673 PROFIT SHARING ANNUITY PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

I.B.E.W. LOCAL 673 PROFIT SHARING ANNUITY 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