Retirement plan

INDUSTRIAL WELDERS & MACHINISTS, INC. UNION PLAN

Name: INDUSTRIAL WELDERS & MACHINISTS, INC. - INDUSTRIAL WELDERS & MACHINISTS, INC. UNION PLAN (2022) Form 5500
Creator: INDUSTRIAL WELDERS & MACHINISTS, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, INDUSTRIAL WELDERS & MACHINISTS, INC. UNION PLAN, INDUSTRIAL WELDERS & MACHINISTS, INC.

INDUSTRIAL WELDERS & MACHINISTS, INC.EIN 41-0812421Plan #002PY 2022

3902 ONEOTA STREET - DULUTH, MN 55816218-628-1011iwmweb.comLinkedIn1-10 employeesmining & metals

Other plans on this EIN

1 filing

#001Retirement-$4.2M assets

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$146K

+28.2% from 2021

Total participants

-8.3% from 2021

Average account balance

$16,221

+42.4% from 2021

Annual return

-19.52%

-62.80 pp from 2021

Benchmarks

See 39,290 peers

Peer group

Industry81 - Other Services (except Public Administration)

Plan typeDefined contribution

Participants<25

Cohort39,290 peers

Snapshot2022

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

Analytics

Total assets (EOY)

Plan-year ending balance

$377K

Not enough data

1 years with asset history on file

Average account balance

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

$34K

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.

122.2%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$45K

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

+12.91%

Not enough data

1 years with return on file

Admin fee / account holder

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

$60

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 codes2E2F2G2J2T3D

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

1 tripped

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

$5K

$658 / participant

Other / not subdivided$5K100.0%

% of EOY assets

3.604%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

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

$16,221

$92,743-82.5%

$82,744-80.4%

$134,532-87.9%

Participation rate

75.0%

75.2%-0.2pp

72.6%+2.4pp

81.2%-6.2pp

Annual return

-19.52%

946.63%-966.2pp

702.22%-721.7pp

418.27%-437.8pp

Employer contribution / active EE

$1,655

$3,273-49.4%

$3,008-45.0%

$4,741-65.1%

Participant deferral / active EE

$5,709

$4,802+18.9%

$4,395+29.9%

$6,401-10.8%

Admin fee / account holder

$585

$5,977-90.2%

$5,325-89.0%

$11,429-94.9%

INDUSTRIAL WELDERS & MACHINISTS, INC. UNION PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

INDUSTRIAL WELDERS & MACHINISTS, INC. UNION 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