Retirement plan

MORGAN FOODS, INC. EMPLOYEES PROFIT SHARING PLAN

Name: MORGAN FOODS, INC. - MORGAN FOODS, INC. EMPLOYEES PROFIT SHARING PLAN (2022) Form 5500
Creator: MORGAN FOODS, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, MORGAN FOODS, INC. EMPLOYEES PROFIT SHARING PLAN, MORGAN FOODS, INC.

MORGAN FOODS, INC.EIN 35-0852905Plan #003PY 2022

90 WEST MORGAN STREET - AUSTIN, IN 47102812-794-1170morganfoods.comLinkedIn501-1000 employeesconsumer goods

Other plans on this EIN

1 filing

#005Retirement-$8.9M assets

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$33.1M

-19.6% from 2021

Total participants

252

-11.6% from 2021

Average account balance

$132,304

-8.4% from 2021

Annual return

-17.85%

-31.12 pp from 2021

Benchmarks

See 936 peers

Peer group

Industry31 - Manufacturing

Plan typeDefined contribution

Participants100-249

Cohort936 peers

Snapshot2022

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

Analytics

Total assets (EOY)

Plan-year ending balance

$42.24M

Not enough data

1 years with asset history on file

Average account balance

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

$180K

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.

235

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.

95.7%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$3.11M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$15K

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

+15.11%

Not enough data

1 years with return on file

Admin fee / account holder

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

$397

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 2 by compensation

Provider	Service type	Compensation
NEWPORT GROUP, INC.4 years Service code 14 · EIN 27-2037969	Plan Administrator	$98,463
PNC BANK, N.A.1 year Filed as: PNC INSTITUTIONAL ASSET MANAGEMENT Service code 26 · EIN 22-1146430	Advisory (Participants)	$15,679

Plan features & details

Pension benefit codes2E2F2G2J2T3D3H

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.
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.
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

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

$118K

$623 / participant

Investment mgmt$16K13.2%
Contract admin$98K83.1%
Other / not subdivided$4K3.6%

% of EOY assets

0.358%

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: KATZ, SAPPER & MILLER, LLP
Auditor EIN: 351090346
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$132,304

$50,199+163.6%

$69,890+89.3%

$66,949+97.6%

Participation rate

98.9%

66.3%+32.6pp

70.5%+28.5pp

69.8%+29.1pp

Annual return

-17.85%

-13.85%-4.0pp

190.84%-208.7pp

1.57%-19.4pp

Employer contribution / active EE

$8,100

$1,864+334.5%

$2,560+216.4%

$2,545+218.2%

Participant deferral / active EE

$5,789

$3,112+86.0%

$3,848+50.4%

$4,239+36.6%

Admin fee / account holder

$474

$600-21.0%

$6,267-92.4%

$594-20.2%

Provider

Service type

Compensation

NEWPORT GROUP, INC.4 years

Service code 14 · EIN 27-2037969

Plan Administrator

$98,463

PNC BANK, N.A.1 year

Filed as: PNC INSTITUTIONAL ASSET MANAGEMENT

Service code 26 · EIN 22-1146430

Advisory (Participants)

$15,679

MORGAN FOODS, INC. EMPLOYEES PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

MORGAN FOODS, INC. EMPLOYEES PROFIT SHARING 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