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 (2023) 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 2023

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

Other plans on this EIN

1 filing

#001Retirement-$84.0M assets

Prospect flagsLow returnsHigh feesLow participant contribution

How to read this page

Total assets (EOY)

$49.1M

+10.2% from 2022

Total participants

548

+0.7% from 2022

Average account balance

$92,221

+12.1% from 2022

Annual return

13.64%

+25.74 pp from 2022

Benchmarks

See 3,254 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants100-249

Cohort3,254 peers

Snapshot2023

See peer percentile detail. $4.99 for your first month.

Solo adds 10-year history, peer benchmarks, provider and welfare analytics, saves, and exports. Then $34.99 a month.

Start for $4.99 See plans

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

See the 10-year trajectory. $4.99 for your first month.

Solo adds 10-year history, peer benchmarks, provider and welfare analytics, saves, and exports. Then $34.99 a month.

Start for $4.99 See plans

Service providers

Top 7 by compensation

Provider	Service type	Compensation
JOHN HANCOCK LIFE INSURANCE COMPANY9+ years Filed as: JOHN HANCOCK RETIREMENT PLAN SVCS Service code 15 · EIN 45-3008106 690 CANTON STREET · WESTWOOD, MA 02090	Recordkeeping	$55,692
UBS FINANCIAL SERVICES INC9+ years Service code 27 · EIN 13-2638166 1000 HARBOR BLVD, 6TH FL · WEEHAWKEN, NJ 07086	Advisory (Plan)	$54,457
SOLXSYS ADMINISTRATIVE SOLUTIONS2 years Service code 13 · EIN 82-2454243 5600 NEW KING ST, STE 330 · TROY, MI 48098	Contract Administrator	$36,000
GALLOVIC, GRANITO, & CO LTD9+ years Service code 10 · EIN 34-1723186 8518 MENTOR AVE STE A · MENTOR, OH 44060	Accounting	$31,956
MACALA & PIATT, LLC6 years Filed as: MACALA & PIATT, L.L.C. Service code 29 · EIN 34-1933033 601 S MAIN ST · NORTH CANTON, OH 44720	Legal	$8,186
TODD EUGENE HOLT3 years Filed as: TODD ASSOCIATES, INC. Service code 23 · EIN 34-0727780 23825 COMMERCE PARK · BEACHWOOD, OH 44122	Insurance services	$6,249
IBEW 673 FRINGE BENEFIT FUNDS INC9+ years Service code 13 · EIN 34-1323834 8356 MUNSON RD · MENTOR, OH 44060	Contract Administrator	$5,616

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

3 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.)
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II

Admin total

$162K

$670 / participant

Investment mgmt$54K33.6%
Legal$8K5.1%
Contract admin$42K25.7%
Other / not subdivided$58K35.7%

% of EOY assets

0.330%

all-in expense ratio

Categories reported

3 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

The auditor signed off without reservation. This is the cleanest opinion.

Auditor firm: GALLOVIC, GRANITO & CO LTD
Auditor EIN: 341723186
Audit fees: $31,956
Opinion code: Unqualified

Look up a plan sponsor by EIN. Free Form 5500 search. No signup.

Metric

This plan

Peer set

Industry

Size

Avg account balance

$92,221

$76,670+20.3%

$96,683-4.6%

$71,457+29.1%

Participation rate

93.4%

66.6%+26.8pp

74.3%+19.0pp

67.9%+25.5pp

Annual return

13.64%

48.29%-34.7pp

35.69%-22.1pp

28.85%-15.2pp

Employer contribution / active EE

$6,446

$3,031+112.6%

$3,737+72.5%

$2,588+149.1%

Participant deferral / active EE

$369

$3,771-90.2%

$4,878-92.4%

$4,289-91.4%

Admin fee / account holder

$305

$2,028-85.0%

$6,730-95.5%

$1,587-80.8%

Provider

Service type

Compensation

JOHN HANCOCK LIFE INSURANCE COMPANY9+ years

Filed as: JOHN HANCOCK RETIREMENT PLAN SVCS

Service code 15 · EIN 45-3008106

690 CANTON STREET · WESTWOOD, MA 02090

Recordkeeping

$55,692

UBS FINANCIAL SERVICES INC9+ years

Service code 27 · EIN 13-2638166

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

Advisory (Plan)

$54,457

SOLXSYS ADMINISTRATIVE SOLUTIONS2 years

Service code 13 · EIN 82-2454243

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

Contract Administrator

$36,000

GALLOVIC, GRANITO, & CO LTD9+ years

Service code 10 · EIN 34-1723186

8518 MENTOR AVE STE A · MENTOR, OH 44060

Accounting

$31,956

MACALA & PIATT, LLC6 years

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

Service code 29 · EIN 34-1933033

601 S MAIN ST · NORTH CANTON, OH 44720

Legal

$8,186

TODD EUGENE HOLT3 years

Filed as: TODD ASSOCIATES, INC.

Service code 23 · EIN 34-0727780

23825 COMMERCE PARK · BEACHWOOD, OH 44122

Insurance services

$6,249

IBEW 673 FRINGE BENEFIT FUNDS INC9+ years

Service code 13 · EIN 34-1323834

8356 MUNSON RD · MENTOR, OH 44060

Contract Administrator

$5,616

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