Retirement plan

IAMAW GREAT LAKES JOINT RETIREMENT PLAN

Name: INTERNATIONAL ASSOCIATION OF MACHINISTS - IAMAW GREAT LAKES JOINT RETIREMENT PLAN (2024) Form 5500
Creator: INTERNATIONAL ASSOCIATION OF MACHINISTS
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, IAMAW GREAT LAKES JOINT RETIREMENT PLAN, INTERNATIONAL ASSOCIATION OF MACHINISTS

INTERNATIONAL ASSOCIATION OF MACHINISTSEIN 38-2614719Plan #005PY 2024

700 TOWER DRIVE 300 - TROY, MI 480982808248-813-9800iafhc.wildapricot.orgLinkedIn1-10 employees

Prospect flagsHigh feesLow participationLow employer contributionLow participant contribution

How to read this page

Total assets (EOY)

$64.7M

+2.4% from 2023

Total participants

583

+7.2% from 2023

Average account balance

$144,156

-0.1% from 2023

Annual return

14.98%

-4.05 pp from 2023

Benchmarks

See 2,389 peers

Peer group

Industry33 - Manufacturing

Plan typeDefined contribution

Participants250-999

Cohort2,389 peers

Snapshot2024

See peer percentile detail. $4.99 for your first month.

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Analytics

Total assets (EOY)

Plan-year ending balance

$64.73M

Not enough data

1 years with asset history on file

Average account balance

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

$144K

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.

449

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.

67.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$888K

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

+14.98%

Not enough data

1 years with return on file

Admin fee / account holder

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

$475

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

See the 10-year trajectory. $4.99 for your first month.

Solo adds 10-year history, peer benchmarks, provider and welfare analytics, saves, and exports. Then $34.99 a month.

Start for $4.99 See plans

Service providers

Top 7 by compensation

Provider	Service type	Compensation
BENESYS, INC.10+ years Service code 10 · EIN 38-6058023	Accounting	$121,888
MORGAN STANLEY SMITH BARNEY1 year Filed as: GRAYSTONE CONSULTING GROUP Service code 27 101 W. BIG BEAVER SUITE #1200 · TROY, MI 48084	Advisory (Plan)	$25,000
NOVARA, TESIJA & CATENACCI, PLLC3 years Filed as: NOVARA, TESIJA, CATENACCI, MCDONALD Service code 29 · EIN 38-3507129	Legal	$23,347
THE WASHINGTON INSURANCE GROUP1 year Filed as: WASHINGTON INSURANCE GROUP Service code 22 1101 30TH STREET N.W #500 · WASHINGTON, DC 20007	Insurance Broker	$22,873
WRUBEL WESLEY AND COMPANY C.P.A.'S7 years Service code 10 · EIN 38-2574238	Accounting	$15,250
FIDELITY INVESTMENTS INSTITUTIONAL4 years Filed as: FIDELITY INVESTMENT INSTITUTIONAL Service code 60	Sub-TA Fees	$0
FIDELITY INVESTMENTS INSTITUTIONAL4 years Service code 60	Sub-TA Fees	$0

Plan features & details

Pension benefit codes2E2G2J

Plan features

2E
Profit-sharing
Profit-sharing plan.
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.

Opportunity flags

4 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.
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

$213K

$525 / participant

Investment mgmt$25K11.7%
Legal$23K10.9%
Salaries / allowances$121K56.6%
Other trustee fees$8080.4%
Other / not subdivided$43K20.3%

% of EOY assets

0.330%

all-in expense ratio

Categories reported

4 / 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: WRUBEL WESLEY AND COMPANY C.P.A.'S
Auditor EIN: 382574238
Audit fees: $15,250
Opinion code: Unqualified

Look up a plan sponsor by EIN. Free Form 5500 search. No signup.

Metric

This plan

Peer set

Industry

Size

Avg account balance

$144,156

$88,890+62.2%

$102,423+40.7%

$77,643+85.7%

Participation rate

67.0%

80.9%-13.9pp

76.5%-9.5pp

70.6%-3.6pp

Annual return

14.98%

24.98%-10.0pp

29.32%-14.3pp

31.24%-16.3pp

Employer contribution / active EE

$726

$2,698-73.1%

$3,023-76.0%

$2,726-73.4%

Participant deferral / active EE

$1,462

$5,145-71.6%

$5,053-71.1%

$4,647-68.5%

Admin fee / account holder

$475

$235+101.8%

$9,451-95.0%

$430+10.4%

Provider

Service type

Compensation

BENESYS, INC.10+ years

Service code 10 · EIN 38-6058023

Accounting

$121,888

MORGAN STANLEY SMITH BARNEY1 year

Filed as: GRAYSTONE CONSULTING GROUP

Service code 27

101 W. BIG BEAVER SUITE #1200 · TROY, MI 48084

Advisory (Plan)

$25,000

NOVARA, TESIJA & CATENACCI, PLLC3 years

Filed as: NOVARA, TESIJA, CATENACCI, MCDONALD

Service code 29 · EIN 38-3507129

Legal

$23,347

THE WASHINGTON INSURANCE GROUP1 year

Filed as: WASHINGTON INSURANCE GROUP

Service code 22

1101 30TH STREET N.W #500 · WASHINGTON, DC 20007

Insurance Broker

$22,873

WRUBEL WESLEY AND COMPANY C.P.A.'S7 years

Service code 10 · EIN 38-2574238

Accounting

$15,250

FIDELITY INVESTMENTS INSTITUTIONAL4 years

Filed as: FIDELITY INVESTMENT INSTITUTIONAL

Service code 60

Sub-TA Fees

FIDELITY INVESTMENTS INSTITUTIONAL4 years

Service code 60

Sub-TA Fees

IAMAW GREAT LAKES JOINT RETIREMENT PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

IAMAW GREAT LAKES JOINT 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