Retirement plan

LACKS ENTERPRISES, INC. RETIREMENT SAVINGS AND PROFIT SHARING PLAN

Name: LACKS ENTERPRISES, INC. - LACKS ENTERPRISES, INC. RETIREMENT SAVINGS AND PROFIT SHARING PLAN (2017) Form 5500
Creator: LACKS ENTERPRISES, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, LACKS ENTERPRISES, INC. RETIREMENT SAVINGS AND PROFIT SHARING PLAN, LACKS ENTERPRISES, INC.

LACKS ENTERPRISES, INC.EIN 38-2650857Plan #005PY 2017

5460 CASCADE RD SE - GRAND RAPIDS, MI 495466406616-285-2366lacksenterprises.comLinkedIn1001-5000 employeesplastics

Prospect flagsFailed to transmit contributionsCorrective distributions

Top hat statement on fileNQDC

Filed July 18, 2024 (most recent of 5 filings on file)

Plan administrator

Plan administrator name— Sign in and upgrade to view

5460 Cascade Rd SE

Grand Rapids, MI 49546

Email— Sign in and upgrade to view Phone— Sign in and upgrade to view

Plans declared (1)

Lacks Enterprises Non-Qualified Employer Funded Plan74 emp

Open the filing PDF

How to read this page

Total assets (EOY)

$193.6M

+16.8% from 2016

Total participants

2,713

+2.0% from 2016

Average account balance

$73,807

+16.0% from 2016

Annual return

15.50%

+7.45 pp from 2016

Benchmarks

See 786 peers

Peer group

Industry33 - Manufacturing

Plan typeDefined contribution

Participants1,000-4,999

Cohort786 peers

Snapshot2017

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

Analytics

Total assets (EOY)

Plan-year ending balance

$240.57M

Not enough data

1 years with asset history on file

Average account balance

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

$96K

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.

2,511

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.

94.1%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$12.01M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$5K

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

+11.83%

Not enough data

1 years with return on file

Admin fee / account holder

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

$205

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 3 by compensation

Provider	Service type	Compensation
WELLS FARGO BANK, N.A.3+ years Filed as: WELLS FARGO ADVISORS Service code 16 · EIN 34-1542819	Consulting	$99,999
PRINCIPAL LIFE INSURANCE COMPANY3+ years Service code 13 · EIN 42-0127290	Contract Administrator	$84,188
WILSHIRE ASSOCIATES INCORPORATED3+ years Service code 27 · EIN 95-2755361	Advisory (Plan)	$0

Plan features & details

Pension benefit codes2E2F2G2J2K2S2T3D3H

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.
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.
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.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

Opportunity flags

2 tripped

ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$184K

$75 / participant

Investment mgmt$100K54.3%
Contract admin$84K45.7%

% of EOY assets

0.095%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Disclaimer opinion

Auditor declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.

Auditor firm: HUNGERFORD NICHOLS
Auditor EIN: 382184825
Audit fees: (not subdivided)
Opinion code: Disclaimer

Metric

This plan

Peer set

Industry

Size

Avg account balance

$73,807

$88,730-16.8%

$82,312-10.3%

$77,958-5.3%

Participation rate

96.4%

84.5%+11.8pp

76.9%+19.5pp

71.6%+24.7pp

Annual return

15.50%

20.88%-5.4pp

25.88%-10.4pp

20.87%-5.4pp

Employer contribution / active EE

$1,951

$2,758-29.3%

$2,428-19.6%

$2,310-15.5%

Participant deferral / active EE

$3,326

$4,634-28.2%

$3,706-10.3%

$3,537-5.9%

Admin fee / account holder

$70

$74-5.1%

$5,608-98.7%

$97-27.9%

Provider

Service type

Compensation

WELLS FARGO BANK, N.A.3+ years

Filed as: WELLS FARGO ADVISORS

Service code 16 · EIN 34-1542819

Consulting

$99,999

PRINCIPAL LIFE INSURANCE COMPANY3+ years

Service code 13 · EIN 42-0127290

Contract Administrator

$84,188

WILSHIRE ASSOCIATES INCORPORATED3+ years

Service code 27 · EIN 95-2755361

Advisory (Plan)

LACKS ENTERPRISES, INC. RETIREMENT SAVINGS AND PROFIT SHARING PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

LACKS ENTERPRISES, INC. RETIREMENT SAVINGS AND PROFIT SHARING PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

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