Retirement plan

LACKS ENTERPRISES, INC. RETIREMENT SAVINGS AND PROFIT SHARING PLAN

Name: LACKS ENTERPRISES, INC. - LACKS ENTERPRISES, INC. RETIREMENT SAVINGS AND PROFIT SHARING PLAN (2021) 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 2021

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

Prospect flagsLow employer contributionFailed to transmit contributions

Top hat statement on fileNQDC

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

Plan administrator

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5460 Cascade Rd SE

Grand Rapids, MI 49546

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Plans declared (1)

Lacks Enterprises Non-Qualified Employer Funded Plan74 emp

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Total assets (EOY)

$257.1M

+6.2% from 2020

Total participants

2,829

-2.3% from 2020

Average account balance

$94,200

+9.7% from 2020

Annual return

13.62%

-0.96 pp from 2020

Benchmarks

See 773 peers

Peer group

Industry33 - Manufacturing

Plan typeDefined contribution

Participants1,000-4,999

Cohort773 peers

Snapshot2021

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

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Service providers

Top 3 by compensation

Provider	Service type	Compensation
PRINCIPAL LIFE INSURANCE COMPANY7+ years Service code 13 · EIN 42-0127290	Contract Administrator	$413,727
WELLS FARGO BANK, N.A.7+ years Filed as: WELLS FARGO ADVISORS Service code 16 · EIN 34-1542819	Consulting	$120,000
WILSHIRE ASSOCIATES INCORPORATED7+ 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

OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).

Expense breakdown

Schedule H Part II

Admin total

$534K

$224 / participant

Investment mgmt$120K22.5%
Contract admin$414K77.5%

% of EOY assets

0.208%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

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

Metric

This plan

Peer set

Industry

Size

Avg account balance

$94,200

$144,879-35.0%

$111,306-15.4%

$93,010+1.3%

Participation rate

95.8%

86.1%+9.7pp

77.3%+18.5pp

73.9%+21.9pp

Annual return

13.62%

18.11%-4.5pp

54.67%-41.1pp

158.70%-145.1pp

Employer contribution / active EE

$166

$3,052-94.6%

$2,732-93.9%

$2,705-93.9%

Participant deferral / active EE

$3,906

$5,576-29.9%

$4,488-13.0%

$4,561-14.4%

Admin fee / account holder

$196

$104+88.9%

$7,966-97.5%

$152+29.0%

Provider

Service type

Compensation

PRINCIPAL LIFE INSURANCE COMPANY7+ years

Service code 13 · EIN 42-0127290

Contract Administrator

$413,727

WELLS FARGO BANK, N.A.7+ years

Filed as: WELLS FARGO ADVISORS

Service code 16 · EIN 34-1542819

Consulting

$120,000

WILSHIRE ASSOCIATES INCORPORATED7+ 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