Retirement plan

MAJOR CONTRACTING GROUP INC. 401(K) PLAN

Name: MAJOR CONTRACTING GROUP INC. - MAJOR CONTRACTING GROUP INC. 401(K) PLAN (2023) Form 5500
Creator: MAJOR CONTRACTING GROUP INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, MAJOR CONTRACTING GROUP INC. 401(K) PLAN, MAJOR CONTRACTING GROUP INC.

MAJOR CONTRACTING GROUP INC.EIN 38-2204512Plan #001PY 2023

15580 TELEGRAPH ROAD - REDFORD, MI 48239313-532-3212majorcontracting.comLinkedIn201-500 employeesconstruction

Prospect flagsHigh feesLow assets / participant

How to read this page

Total assets (EOY)

$864K

+58.0% from 2022

Total participants

+25.5% from 2022

Average account balance

$15,706

+26.4% from 2022

Annual return

18.79%

+40.48 pp from 2022

Benchmarks

See 18,047 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants25-99

Cohort18,047 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$1.99M

Not enough data

1 years with asset history on file

Average account balance

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

$21K

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.

22.7%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$593K

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

+20.83%

Not enough data

1 years with return on file

Admin fee / account holder

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

$605

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 codes2E2F2G2J2T3D

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

2 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
OpportunityLow assets / participant
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.

Expense breakdown

Schedule H Part II

Admin total

$36K

$850 / participant

Other / not subdivided$36K100.0%

% of EOY assets

4.131%

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

$15,706

$73,955-78.8%

$96,520-83.7%

$75,181-79.1%

Participation rate

78.6%

66.4%+12.1pp

74.3%+4.2pp

67.2%+11.4pp

Annual return

18.79%

26.72%-7.9pp

35.72%-16.9pp

160.69%-141.9pp

Employer contribution / active EE

$1,539

$2,930-47.5%

$3,739-58.8%

$2,671-42.4%

Participant deferral / active EE

$4,143

$3,659+13.2%

$4,879-15.1%

$4,126+0.4%

Admin fee / account holder

$649

$5,217-87.6%

$6,733-90.4%

$5,650-88.5%

MAJOR CONTRACTING GROUP INC. 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

MAJOR CONTRACTING GROUP INC. 401(K) 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