Retirement plan

BRIGGS MEDICAL SERVICE COMPANY 401(K) SAVINGS PLAN

Name: BRIGGS MEDICAL SERVICE COMPANY - BRIGGS MEDICAL SERVICE COMPANY 401(K) SAVINGS PLAN (2020) Form 5500
Creator: BRIGGS MEDICAL SERVICE COMPANY
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, BRIGGS MEDICAL SERVICE COMPANY 401(K) SAVINGS PLAN, BRIGGS MEDICAL SERVICE COMPANY

BRIGGS MEDICAL SERVICE COMPANYEIN 36-3243123Plan #002PY 2020

4900 UNIVERSITY AVENUE, SUITE 200 - WEST DES MOINES, IA 50266515-327-6400

Prospect flagsHigh feesLow participationLow employer contributionLow participant contributionFailed to transmit contributionsCorrective distributions

Top hat statement on fileNQDC

Filed March 19, 2018

Plan administrator

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4900 University Ave. , Suite 200

West Des Moines State: IA Zip Code: 50266

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Plans declared (1)

Briggs Medical Service Company Nonqualified Deferred Compensation Plan20 emp

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Total assets (EOY)

$24.6M

+9.6% from 2019

Total participants

1,367

-0.5% from 2019

Average account balance

$65,487

+25.4% from 2019

Annual return

16.06%

-3.24 pp from 2019

Benchmarks

See 388 peers

Peer group

Industry32 - Manufacturing

Plan typeDefined contribution

Participants1,000-4,999

Cohort388 peers

Snapshot2020

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

Analytics

Total assets (EOY)

Plan-year ending balance

$18.58M

Not enough data

1 years with asset history on file

Average account balance

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

$94K

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.

197

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.

22.3%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$627K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$1K

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

+11.39%

Not enough data

1 years with return on file

Admin fee / account holder

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

$194

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

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Service providers

Top 8 by compensation

Provider	Service type	Compensation
MASSACHUSETTS MUTUAL LIFE INS. CO.6+ years Service code 49 · EIN 04-1590850	Other Services	$87,499
GLOBAL RETIREMENT PARTNERS LLC2 years Service code 27 · EIN 47-1411118	Advisory (Plan)	$24,500
RSM US LLP5 years Service code 10 · EIN 42-0714325	Accounting	$5,000
BLACKROCK3 years Service code 52 · EIN 22-3483675	Indirect Investment Fees	$0
LEGG MASON3 years Service code 52 · EIN 95-2705767	Indirect Investment Fees	$0
MFS INVESTMENT MANAGEMENT4 years Service code 52 · EIN 04-2468583	Indirect Investment Fees	$0
TIAA3 years Filed as: TIAA-CREF Service code 52 · EIN 13-4055167	Indirect Investment Fees	$0
THE VANGUARD GROUP, INC.4 years Filed as: VANGUARD Service code 52 · EIN 23-1999755	Indirect Investment Fees	$0

Plan features & details

Pension benefit codes2E2J2F2G2K3D2S2T

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.
2K
Code section 401(m) arrangement
Employee contributions are allocated to separate accounts under the plan or employer contributions are based in whole or in part on employee deferrals or contributions to the plan. Not applicable to 401(k) plans with only QNECs and/or QMACs or to 403(b)(1) 403(b)(7) or 408 arrangements.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
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

6 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.
OpportunityLow employer contribution
Employer 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.)
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$117K

$91 / participant

Investment mgmt$101K86.2%
Contract admin$11K9.5%
Other / not subdivided$5K4.3%

% of EOY assets

0.476%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Disclaimer opinion

Auditor declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.

Auditor firm: RSM US LLP
Auditor EIN: 420714325
Audit fees: (not subdivided)
Opinion code: Disclaimer

Metric

This plan

Peer set

Industry

Size

Avg account balance

$65,487

$105,190-37.7%

$98,920-33.8%

$90,274-27.5%

Participation rate

22.8%

86.4%-63.6pp

76.0%-53.2pp

73.4%-50.5pp

Annual return

16.06%

18.52%-2.5pp

196.47%-180.4pp

53.97%-37.9pp

Employer contribution / active EE

$240

$3,831-93.7%

$2,689-91.1%

$2,523-90.5%

Participant deferral / active EE

$929

$5,616-83.5%

$4,245-78.1%

$4,231-78.0%

Admin fee / account holder

$312

$97+220.5%

$6,643-95.3%

$114+173.5%

Provider

Service type

Compensation

MASSACHUSETTS MUTUAL LIFE INS. CO.6+ years

Service code 49 · EIN 04-1590850

Other Services

$87,499

GLOBAL RETIREMENT PARTNERS LLC2 years

Service code 27 · EIN 47-1411118

Advisory (Plan)

$24,500

RSM US LLP5 years

Service code 10 · EIN 42-0714325

Accounting

$5,000

BLACKROCK3 years

Service code 52 · EIN 22-3483675

Indirect Investment Fees

LEGG MASON3 years

Service code 52 · EIN 95-2705767

Indirect Investment Fees

MFS INVESTMENT MANAGEMENT4 years

Service code 52 · EIN 04-2468583

Indirect Investment Fees

TIAA3 years

Filed as: TIAA-CREF

Service code 52 · EIN 13-4055167

Indirect Investment Fees

THE VANGUARD GROUP, INC.4 years

Filed as: VANGUARD

Service code 52 · EIN 23-1999755

Indirect Investment Fees

BRIGGS MEDICAL SERVICE COMPANY 401(K) SAVINGS PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

BRIGGS MEDICAL SERVICE COMPANY 401(K) SAVINGS PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

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