Retirement plan

INTERNATIONAL UNION OF OPERATING ENGINEERS LOCAL 324 RETIREMENT TRUST FUND

Name: BOARD OF TRUSTEES IUOE LOCAL 324 RETIREMENT TRUST FUND - INTERNATIONAL UNION OF OPERATING ENGINEERS LOCAL 324 RETIREMENT TRUST FUND (2019) Form 5500
Creator: BOARD OF TRUSTEES IUOE LOCAL 324 RETIREMENT TRUST FUND
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, INTERNATIONAL UNION OF OPERATING ENGINEERS LOCAL 324 RETIREMENT TRUST FUND, BOARD OF TRUSTEES IUOE LOCAL 324 RETIREMENT TRUST FUND

BOARD OF TRUSTEES IUOE LOCAL 324 RETIREMENT TRUST FUNDEIN 38-3685356Plan #001PY 2019

700 TOWER DR., SUITE 300 - TROY, MI 48098248-451-0324LinkedIn501-1000 employeesinsurance

Prospect flagsHigh feesLow participant contributionFailed to transmit contributions

How to read this page

Total assets (EOY)

$39.7M

+19.2% from 2018

Total participants

1,335

-7.7% from 2018

Average account balance

$38,440

+47.8% from 2018

Annual return

20.89%

+27.42 pp from 2018

Benchmarks

See 440 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants1,000-4,999

Cohort440 peers

Snapshot2019

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

Analytics

Total assets (EOY)

Plan-year ending balance

$70.34M

Not enough data

1 years with asset history on file

Average account balance

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

$49K

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.

1,435

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.

76.8%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$6.37M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$3K

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

+12.97%

Not enough data

1 years with return on file

Admin fee / account holder

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

$266

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 7 by compensation

Provider	Service type	Compensation
LINCOLN NATIONAL CORPORATION5+ years Service code 13 · EIN 35-0472300	Contract Administrator	$237,467
NEPC, LLC4 years Service code 17 · EIN 26-1429809	Pension Consulting	$44,135
PLANTE & MORAN, PLLC5+ years Service code 10 · EIN 38-1357951	Accounting	$40,510
TIC INTERNATIONAL CORPORATION4 years Service code 14 · EIN 13-2600875	Plan Administrator	$31,352
FINKEL WHITEFIELD SELIK5+ years Service code 29 · EIN 38-2529039	Legal	$22,920
STEFANSKY, HOLLOWAY & NICHOLS, INC.5+ years Service code 10 · EIN 38-2388845	Accounting	$17,250
O'SULLIVAN ASSOCIATES2 years Filed as: SULLIVAN WARD ASHER PATTON Service code 29 · EIN 38-1880608	Legal	$12,447

Plan features & details

Pension benefit codes2E2F2G2J2K2T

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.
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.

Opportunity flags

3 tripped

OpportunityLow participant contribution
Participant 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.)
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

$431K

$328 / participant

Investment mgmt$237K55.1%
Contract admin$31K7.2%
Other / not subdivided$162K37.7%

% of EOY assets

1.085%

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: PLANTE & MORAN, PLLC
Auditor EIN: 381357951
Audit fees: (not subdivided)
Opinion code: Disclaimer

Metric

This plan

Peer set

Industry

Size

Avg account balance

$38,440

$66,051-41.8%

$92,909-58.6%

$77,775-50.6%

Participation rate

77.0%

81.0%-3.9pp

76.0%+1.0pp

73.2%+3.8pp

Annual return

20.89%

20.69%+0.2pp

109.44%-88.6pp

32.58%-11.7pp

Employer contribution / active EE

$1,776

$3,426-48.2%

$3,653-51.4%

$2,504-29.1%

Participant deferral / active EE

$1,080

$3,013-64.1%

$4,238-74.5%

$3,966-72.8%

Admin fee / account holder

$417

$148+182.1%

$5,795-92.8%

$100+316.7%

Provider

Service type

Compensation

LINCOLN NATIONAL CORPORATION5+ years

Service code 13 · EIN 35-0472300

Contract Administrator

$237,467

NEPC, LLC4 years

Service code 17 · EIN 26-1429809

Pension Consulting

$44,135

PLANTE & MORAN, PLLC5+ years

Service code 10 · EIN 38-1357951

Accounting

$40,510

TIC INTERNATIONAL CORPORATION4 years

Service code 14 · EIN 13-2600875

Plan Administrator

$31,352

FINKEL WHITEFIELD SELIK5+ years

Service code 29 · EIN 38-2529039

Legal

$22,920

STEFANSKY, HOLLOWAY & NICHOLS, INC.5+ years

Service code 10 · EIN 38-2388845

Accounting

$17,250

O'SULLIVAN ASSOCIATES2 years

Filed as: SULLIVAN WARD ASHER PATTON

Service code 29 · EIN 38-1880608

Legal

$12,447

INTERNATIONAL UNION OF OPERATING ENGINEERS LOCAL 324 RETIREMENT TRUST FUND

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

INTERNATIONAL UNION OF OPERATING ENGINEERS LOCAL 324 RETIREMENT TRUST FUND

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