Retirement plan

MILK SPECIALTIES COMPANY RETIREMENT PLAN

Name: MILK SPECIALTIES COMPANY - MILK SPECIALTIES COMPANY RETIREMENT PLAN (2023) Form 5500
Creator: MILK SPECIALTIES COMPANY
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, MILK SPECIALTIES COMPANY RETIREMENT PLAN, MILK SPECIALTIES COMPANY

MILK SPECIALTIES COMPANYEIN 36-3452006Plan #002PY 2023

7500 FLYING CLOUD DRIVE, SUITE 500 - EDEN PRAIRIE, MN 55344952-942-7310milkspecialties.comLinkedIn501-1000 employeesdairy

Prospect flagsNo flags tripped

How to read this page

Total assets (EOY)

$57.4M

+22.7% from 2022

Total participants

1,554

+4.9% from 2022

Average account balance

$38,243

+14.7% from 2022

Annual return

19.60%

+36.76 pp from 2022

Benchmarks

See 245 peers

Peer group

Industry31 - Manufacturing

Plan typeDefined contribution

Participants1,000-4,999

Cohort245 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$66.64M

Not enough data

1 years with asset history on file

Average account balance

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

$39K

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.

1,691

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.

94.3%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$9.88M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$8K

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

+13.57%

Not enough data

1 years with return on file

Admin fee / account holder

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

$135

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 4 by compensation

Provider	Service type	Compensation
NEWPORT GROUP, INC.8 years Service code 13 · EIN 27-2037969	Contract Administrator	$140,116
NFP RETIREMENT INC4 years Filed as: NFP RETIREMENT, INC. Service code 28 10 TERRACE COURT · MADISON, WI 53718	Investment Management	$43,525
SECURITIES AMERICA INC1 year Filed as: SECURITIES AMERICA ADVISORS, INC. Service code 28 · EIN 47-0648506	Investment Management	$15,348
NEWPORT GROUP, INC.8 years Filed as: NEWPORT TRUST COMPANY Service code 20 45 SOUTH 7TH STREET · MINNEAPOLIS, MN 554021614	Trustee (directed); Trustee (individu...	$15,065

Plan features & details

Pension benefit codes2E2F2G2J2S2T3D

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.
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

0 tripped

No flags tripped for this filing year. This plan looks clean.

Expense breakdown

Schedule H Part II

Admin total

$214K

$191 / participant

Recordkeeping$40K18.7%
Trustee / custodial$15K7.0%
Investment mgmt$59K27.5%
Contract admin$100K46.7%

% of EOY assets

0.373%

all-in expense ratio

Categories reported

4 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: EIDE BAILY, LLP
Auditor EIN: 450250958
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$38,243

$73,034-47.6%

$76,902-50.3%

$80,169-52.3%

Participation rate

95.3%

78.1%+17.2pp

69.6%+25.7pp

72.9%+22.3pp

Annual return

19.60%

18.56%+1.0pp

37.91%-18.3pp

40.39%-20.8pp

Employer contribution / active EE

$3,122

$2,779+12.4%

$2,534+23.2%

$2,978+4.8%

Participant deferral / active EE

$4,562

$4,140+10.2%

$3,833+19.0%

$5,016-9.0%

Admin fee / account holder

$143

$104+37.5%

$5,479-97.4%

$145-1.6%

Provider

Service type

Compensation

NEWPORT GROUP, INC.8 years

Service code 13 · EIN 27-2037969

Contract Administrator

$140,116

NFP RETIREMENT INC4 years

Filed as: NFP RETIREMENT, INC.

Service code 28

10 TERRACE COURT · MADISON, WI 53718

Investment Management

$43,525

SECURITIES AMERICA INC1 year

Filed as: SECURITIES AMERICA ADVISORS, INC.

Service code 28 · EIN 47-0648506

Investment Management

$15,348

NEWPORT GROUP, INC.8 years

Filed as: NEWPORT TRUST COMPANY

Service code 20

45 SOUTH 7TH STREET · MINNEAPOLIS, MN 554021614

Trustee (directed); Trustee (individu...

$15,065

MILK SPECIALTIES COMPANY RETIREMENT PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

MILK SPECIALTIES COMPANY RETIREMENT 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