Retirement plan

SCHAP SPECIALTY MACHINE, INC. 401(K) PLAN

Name: SCHAP SPECIALTY MACHINE INC - SCHAP SPECIALTY MACHINE, INC. 401(K) PLAN (2024) Form 5500
Creator: SCHAP SPECIALTY MACHINE INC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SCHAP SPECIALTY MACHINE, INC. 401(K) PLAN, SCHAP SPECIALTY MACHINE INC

SCHAP SPECIALTY MACHINE INCEIN 38-2982904Plan #001PY 2024

17309 TAFT ROAD SUITE A - SPRING LAKE, MI 49456616-846-6530schapmachine.comLinkedIn1-10 employeesmachinery

Prospect flagsLow participationLow participant contribution

How to read this page

Total assets (EOY)

$153K

+26.6% from 2023

Total participants

+6.3% from 2023

Average account balance

$76,526

+26.6% from 2023

Annual return

14.81%

-5.43 pp from 2023

Benchmarks

See 22,981 peers

Peer group

Industry33 - Manufacturing

Plan typeDefined contribution

Participants<25

Cohort22,981 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$153K

Not enough data

1 years with asset history on file

Average account balance

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

$77K

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.

11.8%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$14K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$838

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

+14.81%

Not enough data

1 years with return on file

Admin fee / account holder

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

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 codes2F2G2J2T3D2E

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

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.

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

$76,526

$117,846-35.1%

$102,434-25.3%

$145,884-47.5%

Participation rate

11.8%

78.6%-66.9pp

76.5%-64.7pp

80.3%-68.5pp

Annual return

14.81%

31.90%-17.1pp

29.46%-14.6pp

551.85%-537.0pp

Employer contribution / active EE

$3,615-100.0%

$3,023-100.0%

$4,662-100.0%

Participant deferral / active EE

$838

$5,733-85.4%

$5,055-83.4%

$6,690-87.5%

Admin fee / account holder

$13,356-100.0%

$9,462-100.0%

$13,392-100.0%

SCHAP SPECIALTY MACHINE, INC. 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Audit opinioni

SCHAP SPECIALTY MACHINE, INC. 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Audit opinion

Benchmarks

Service providers

Opportunity flags

Audit opinion