Retirement plan

HOWARD MILLER-HEKMAN PROFIT SHARING AND 401(K) SAVINGS PLAN

Name: HOWARD MILLER COMPANY - HOWARD MILLER-HEKMAN PROFIT SHARING AND 401(K) SAVINGS PLAN (2023) Form 5500
Creator: HOWARD MILLER COMPANY
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, HOWARD MILLER-HEKMAN PROFIT SHARING AND 401(K) SAVINGS PLAN, HOWARD MILLER COMPANY

HOWARD MILLER COMPANYEIN 38-1258662Plan #002PY 2023

860 E. MAIN STREET - ZEELAND, MI 49464616-772-9131howardmiller.comLinkedIn501-1000 employeesfurniture

Other plans on this EIN

1 filing

#001Retirement-$26.0M assets

Prospect flagsHigh retiree %High fees

Top hat statement on fileNQDC

Filed November 24, 2009 (most recent of 2 filings on file)

This is a legacy paper filing. Plan administrator and contact details are recorded in the original filing, which has not been digitised into structured fields.

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Total assets (EOY)

$23.1M

-7.3% from 2022

Total participants

314

+2.3% from 2022

Average account balance

$76,084

-10.7% from 2022

Annual return

17.53%

+37.30 pp from 2022

Benchmarks

See 4,139 peers

Peer group

Industry33 - Manufacturing

Plan typeDefined contribution

Participants100-249

Cohort4,139 peers

Snapshot2023

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Analytics

Total assets (EOY)

Plan-year ending balance

$17.45M

Not enough data

1 years with asset history on file

Average account balance

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

$168K

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.

104

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.

92.1%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$810K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$21K

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

+9.58%

Not enough data

1 years with return on file

Admin fee / account holder

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

$527

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 5 by compensation

Provider	Service type	Compensation
HUNTINGTON NATIONAL BANK9+ years Filed as: THE HUNTINGTON NATIONAL BANK Service code 27 · EIN 31-0966785	Advisory (Plan)	$21,658
NEWPORT GROUP, INC.2 years Service code 15 · EIN 27-2037969	Recordkeeping	$20,481
ONEDIGITAL INVESTMENT ADVISORS LLC1 year Filed as: ONEDIGITAL INVESTMENT ADVISORS Service code 27 · EIN 43-1451524	Advisory (Plan)	$14,028
HUNGERFORD NICHOLS1 year Filed as: HUNGERFORD Service code 10 · EIN 38-2184825	Accounting	$12,000
TRANSAMERICA RETIREMENT SOLUTIONS3 years Filed as: TRANSAMERICA RET. SOLUTIONS, LLC Service code 15 · EIN 13-3689044	Recordkeeping	$9,560

Plan features & details

Pension benefit codes2A2E2F2H2J2K2S3F

Plan features

2A
Age/service weighted or new comparability plan
Age/service weighted plan where allocations are based on age service or age and service; or new comparability or similar plan where allocations are based on participant classifications consisting entirely or predominantly of highly compensated employees or the plan provides an additional allocation rate on compensation above a specified threshold that exceeds the permitted disparity limits of Code section 401(l).
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).
2H
Partial participant-directed account plan
Participants have the opportunity to direct the investment of a portion 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.
3F
Leased employees
Plan sponsor(s) received services of leased employees as defined in Code section 414(n) during the plan year.

Opportunity flags

2 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
InformationalHigh retiree %
Retirees and beneficiaries make up 25% or more of total participants - indicates an ageing workforce or a frozen plan.

Expense breakdown

Schedule H Part II

Admin total

$140K

$705 / participant

Contract admin$140K100.0%

% of EOY assets

0.603%

all-in expense ratio

Categories reported

1 / 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: HUNGERFORD
Auditor EIN: 382184825
Audit fees: (not subdivided)
Opinion code: Unqualified

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$76,084

$76,0500%

$96,544-21.2%

$71,457+6.5%

Participation rate

94.9%

74.4%+20.5pp

76.0%+19.0pp

67.9%+27.0pp

Annual return

17.53%

22.81%-5.3pp

25.84%-8.3pp

28.85%-11.3pp

Employer contribution / active EE

$1,077

$2,244-52.0%

$2,965-63.7%

$2,588-58.4%

Participant deferral / active EE

$3,607

$4,215-14.4%

$4,851-25.6%

$4,289-15.9%

Admin fee / account holder

$459

$2,707-83.0%

$8,252-94.4%

$1,587-71.1%

Provider

Service type

Compensation

HUNTINGTON NATIONAL BANK9+ years

Filed as: THE HUNTINGTON NATIONAL BANK

Service code 27 · EIN 31-0966785

Advisory (Plan)

$21,658

NEWPORT GROUP, INC.2 years

Service code 15 · EIN 27-2037969

Recordkeeping

$20,481

ONEDIGITAL INVESTMENT ADVISORS LLC1 year

Filed as: ONEDIGITAL INVESTMENT ADVISORS

Service code 27 · EIN 43-1451524

Advisory (Plan)

$14,028

HUNGERFORD NICHOLS1 year

Filed as: HUNGERFORD

Service code 10 · EIN 38-2184825

Accounting

$12,000

TRANSAMERICA RETIREMENT SOLUTIONS3 years

Filed as: TRANSAMERICA RET. SOLUTIONS, LLC

Service code 15 · EIN 13-3689044

Recordkeeping

$9,560

HOWARD MILLER-HEKMAN PROFIT SHARING AND 401(K) SAVINGS PLAN

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

HOWARD MILLER-HEKMAN PROFIT SHARING AND 401(K) SAVINGS PLAN

Top hat statement on fileNQDC

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