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 (2021) 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 2021

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

Other plans on this EIN

1 filing

#001Retirement-$94.5M assets

Prospect flagsHigh feesLow participant contribution

How to read this page

Total assets (EOY)

$52.4M

+13.2% from 2020

Total participants

421

+3.2% from 2020

Average account balance

$128,541

+11.0% from 2020

Annual return

14.04%

+4.10 pp from 2020

Benchmarks

See 2,980 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants100-249

Cohort2,980 peers

Snapshot2021

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 6 by compensation

Provider	Service type	Compensation
UBS FINANCIAL SERVICES INC7+ years Service code 27 · EIN 13-2638166 1000 HARBOR BLVD, 6TH FL · WEEHAWKEN, NJ 07086	Advisory (Plan)	$57,510
JOHN HANCOCK LIFE INSURANCE COMPANY7+ years Filed as: JOHN HANCOCK RETIREMENT PLAN SVCS Service code 15 · EIN 45-3008106 690 CANTON STREET · WESTWOOD, MA 02090	Recordkeeping	$42,255
IBEW 673 FRINGE BENEFIT FUNDS INC7+ years Service code 13 · EIN 34-1323834 8356 MUNSON RD · MENTOR, OH 44060	Contract Administrator	$37,045
GALLOVIC, GRANITO, & CO LTD7+ years Service code 10 · EIN 34-1723186 8518 MENTOR AVE STE A · MENTOR, OH 44060	Accounting	$19,275
MACALA & PIATT, LLC4 years Filed as: MACALA & PIATT, L.L.C. Service code 29 · EIN 34-1933033 601 S MAIN ST · NORTH CANTON, OH 44720	Legal	$7,220
TODD EUGENE HOLT1 year Filed as: TODD ASSOCIATES, INC. Service code 23 · EIN 34-0727780 23825 COMMERCE PARK · BEACHWOOD, OH 44122	Insurance services	$5,647

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

2 tripped

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

$137K

$782 / participant

Investment mgmt$58K42.0%
Contract admin$37K27.1%
Other / not subdivided$42K30.9%

% of EOY assets

0.261%

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: GALLOVIC, GRANITO & CO LTD
Auditor EIN: 341723186
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$128,541

$77,677+65.5%

$109,173+17.7%

$79,391+61.9%

Participation rate

92.6%

67.8%+24.8pp

75.9%+16.7pp

70.7%+21.9pp

Annual return

14.04%

23.44%-9.4pp

25.75%-11.7pp

116.88%-102.8pp

Employer contribution / active EE

$7,527

$2,798+169.0%

$3,723+102.2%

$2,428+210.0%

Participant deferral / active EE

$672

$3,517-80.9%

$4,654-85.6%

$4,046-83.4%

Admin fee / account holder

$335

$732-54.2%

$6,755-95.0%

$627-46.5%

Provider

Service type

Compensation

UBS FINANCIAL SERVICES INC7+ years

Service code 27 · EIN 13-2638166

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

Advisory (Plan)

$57,510

JOHN HANCOCK LIFE INSURANCE COMPANY7+ years

Filed as: JOHN HANCOCK RETIREMENT PLAN SVCS

Service code 15 · EIN 45-3008106

690 CANTON STREET · WESTWOOD, MA 02090

Recordkeeping

$42,255

IBEW 673 FRINGE BENEFIT FUNDS INC7+ years

Service code 13 · EIN 34-1323834

8356 MUNSON RD · MENTOR, OH 44060

Contract Administrator

$37,045

GALLOVIC, GRANITO, & CO LTD7+ years

Service code 10 · EIN 34-1723186

8518 MENTOR AVE STE A · MENTOR, OH 44060

Accounting

$19,275

MACALA & PIATT, LLC4 years

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

Service code 29 · EIN 34-1933033

601 S MAIN ST · NORTH CANTON, OH 44720

Legal

$7,220

TODD EUGENE HOLT1 year

Filed as: TODD ASSOCIATES, INC.

Service code 23 · EIN 34-0727780

23825 COMMERCE PARK · BEACHWOOD, OH 44122

Insurance services

$5,647

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