Retirement plan

BEST METAL PRODUCTS COMPANY EMPLOYEES PROFIT SHARING PLAN

Name: BEST METAL PRODUCTS COMPANY - BEST METAL PRODUCTS COMPANY EMPLOYEES PROFIT SHARING PLAN (2022) Form 5500
Creator: BEST METAL PRODUCTS COMPANY
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, BEST METAL PRODUCTS COMPANY EMPLOYEES PROFIT SHARING PLAN, BEST METAL PRODUCTS COMPANY

BEST METAL PRODUCTS COMPANYEIN 38-1806291Plan #001PY 2022

3570 RALEIGH DRIVE SE - GRAND RAPIDS, MI 495122064616-942-7141bestmetalproducts.comLinkedIn51-200 employeesmachinery

Prospect flagsLow participant contribution

How to read this page

Total assets (EOY)

$3.7M

-15.8% from 2021

Total participants

129

+6.6% from 2021

Average account balance

$33,161

-10.5% from 2021

Annual return

-17.78%

-31.94 pp from 2021

Benchmarks

See 143 peers

Peer group

Industry33 - Manufacturing

Plan typeDefined contribution

Cohort143 peers

Snapshot2022

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

Analytics

Total assets (EOY)

Plan-year ending balance

$5.05M

Not enough data

1 years with asset history on file

Average account balance

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

$50K

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.

102

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.

82.4%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$236K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$2K

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

+12.07%

Not enough data

1 years with return on file

Admin fee / account holder

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

$359

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 1 by compensation

Provider	Service type	Compensation
GREENLEAF TRUST2 years Service code 37 · EIN 38-3416104	Loan Processing	$28,099

Plan features & details

Pension benefit codes2E2F2G2J3D2T

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.

Opportunity flags

1 tripped

OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II

Admin total

$28K

$284 / participant

Other / not subdivided$28K100.0%

% of EOY assets

0.763%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: CLIFTONLARSONALLEN LLP
Auditor EIN: 410746749
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$33,161

$85,713-61.3%

$86,698-61.8%

Participation rate

81.8%

72.2%+9.7pp

76.6%+5.2pp

Annual return

-17.78%

-20.12%+2.3pp

35.95%-53.7pp

Employer contribution / active EE

$1,070

$1,789-40.2%

$2,837-62.3%

Participant deferral / active EE

$2,105

$3,318-36.6%

$4,656-54.8%

Admin fee / account holder

$253

$28,935-99.1%

$7,493-96.6%

Provider

Service type

Compensation

GREENLEAF TRUST2 years

Service code 37 · EIN 38-3416104

Loan Processing

$28,099

BEST METAL PRODUCTS COMPANY EMPLOYEES PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

BEST METAL PRODUCTS COMPANY 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