Retirement plan

MIDWEST PATTERNS, INC. 401(K) PROFIT SHARING PLAN

Name: MIDWEST PATTERNS, INC. - MIDWEST PATTERNS, INC. 401(K) PROFIT SHARING PLAN (2024) Form 5500
Creator: MIDWEST PATTERNS, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, MIDWEST PATTERNS, INC. 401(K) PROFIT SHARING PLAN, MIDWEST PATTERNS, INC.

MIDWEST PATTERNS, INC.EIN 37-0896487Plan #001PY 2024

4901 N 12TH ST - QUINCY, IL 62305217-228-6900midwestpatterns.comLinkedIn51-200 employeesplastics

Prospect flagsHigh feesLow employer contribution

How to read this page

Total assets (EOY)

$11M

+3.7% from 2023

Total participants

-18.9% from 2023

Average account balance

$196,216

+14.9% from 2023

Annual return

12.17%

-2.00 pp from 2023

Benchmarks

See 14,176 peers

Peer group

Industry33 - Manufacturing

Plan typeDefined contribution

Participants25-99

Cohort14,176 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$10.99M

Not enough data

1 years with asset history on file

Average account balance

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

$196K

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.

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.

130.2%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$147K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$3K

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

+12.17%

Not enough data

1 years with return on file

Admin fee / account holder

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

$18945

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

0 years with F_SCH_H allocation on file

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

Service providers

Providers data not reported

Schedule C was not filed on this plan's most recent Form 5500, so no compensated service providers are available to display.

Plan features & details

Pension benefit codes2E2F2G2J2T3B3D

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.
3B
Plan covering self-employed individuals
Plan covering self-employed individuals.
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

2 tripped

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.)

Expense breakdown

Schedule H Part II

Admin total

$1.1M

$24673 / participant

Other / not subdivided$1M100.0%

% of EOY assets

9.655%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

No opinion code on file for this filing.

Auditor firm: (not reported)
Auditor EIN: -
Audit fees: (not subdivided)
Opinion code: -

Metric

This plan

Peer set

Industry

Size

Avg account balance

$196,216

$86,922+125.7%

$102,438+91.5%

$80,874+142.6%

Participation rate

90.7%

72.4%+18.3pp

76.5%+14.2pp

67.6%+23.1pp

Annual return

12.17%

18.90%-6.7pp

29.37%-17.2pp

35.62%-23.4pp

Employer contribution / active EE

$2,369-100.0%

$3,024-100.0%

$2,756-100.0%

Participant deferral / active EE

$3,410

$4,119-17.2%

$5,054-32.5%

$4,297-20.6%

Admin fee / account holder

$18,945

$8,050+135.3%

$9,448+100.5%

$6,935+173.2%

MIDWEST PATTERNS, INC. 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

MIDWEST PATTERNS, INC. 401(K) 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