Retirement plan

INDUSTRIAL WELDERS & MACHINISTS, INC. UNION PLAN

Name: INDUSTRIAL WELDERS & MACHINISTS, INC. - INDUSTRIAL WELDERS & MACHINISTS, INC. UNION PLAN (2024) 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 2024

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

Other plans on this EIN

1 filing

#001Retirement-$6.3M assets

Prospect flagsLow participation

How to read this page

Total assets (EOY)

$294K

+46.0% from 2023

Total participants

+7.1% from 2023

Average account balance

$26,724

+32.7% from 2023

Annual return

21.53%

+10.60 pp from 2023

Benchmarks

See 49,949 peers

Peer group

Industry81 - Other Services (except Public Administration)

Plan typeDefined contribution

Participants<25

Cohort49,949 peers

Snapshot2024

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

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.

Expense breakdown

Schedule H Part II

Admin total

$486

$44 / participant

Other / not subdivided$486100.0%

% of EOY assets

0.165%

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

$26,724

$88,754-69.9%

$81,820-67.3%

$145,877-81.7%

Participation rate

63.6%

75.1%-11.4pp

72.4%-8.7pp

80.3%-16.7pp

Annual return

21.53%

1031.77%-1010.2pp

777.93%-756.4pp

551.28%-529.8pp

Employer contribution / active EE

$1,465

$3,085-52.5%

$2,915-49.7%

$4,663-68.6%

Participant deferral / active EE

$3,009

$4,648-35.3%

$4,323-30.4%

$6,691-55.0%

Admin fee / account holder

$44

$8,424-99.5%

$7,391-99.4%

$13,402-99.7%

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