Retirement plan

LOCKWOOD MOTORS, INC. 401(K) PROFIT SHARING PLAN

Name: LOCKWOOD MOTORS, INC. - LOCKWOOD MOTORS, INC. 401(K) PROFIT SHARING PLAN (2023) Form 5500
Creator: LOCKWOOD MOTORS, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, LOCKWOOD MOTORS, INC. 401(K) PROFIT SHARING PLAN, LOCKWOOD MOTORS, INC.

LOCKWOOD MOTORS, INC.EIN 41-1000511Plan #001PY 2023

1310 EAST COLLEGE DRIVE - MARSHALL, MN 56258507-537-1526lockwoodmotors.comLinkedIn11-50 employeesautomotive

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$5.5M

+3.5% from 2022

Total participants

+3.4% from 2022

Average account balance

$100,268

+3.5% from 2022

Annual return

14.30%

+28.15 pp from 2022

Benchmarks

See 9,480 peers

Peer group

Industry44 - Retail Trade

Plan typeDefined contribution

Participants25-99

Cohort9,480 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$6.34M

Not enough data

1 years with asset history on file

Average account balance

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

$122K

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.

108.3%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$489K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$10K

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

+12.67%

Not enough data

1 years with return on file

Admin fee / account holder

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

$7335

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

$1.0M

$23292 / participant

Other / not subdivided$1M100.0%

% of EOY assets

19.006%

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

$100,268

$65,575+52.9%

$86,209+16.3%

$75,181+33.4%

Participation rate

88.9%

60.5%+28.4pp

69.0%+19.9pp

67.2%+21.7pp

Annual return

14.30%

46.07%-31.8pp

1169.05%-1154.8pp

160.69%-146.4pp

Employer contribution / active EE

$7,588

$1,553+388.5%

$2,381+218.6%

$2,671+184.1%

Participant deferral / active EE

$2,339

$3,023-22.6%

$3,986-41.3%

$4,126-43.3%

Admin fee / account holder

$19,057

$5,470+248.4%

$6,853+178.1%

$5,650+237.3%

LOCKWOOD MOTORS, INC. 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

LOCKWOOD MOTORS, INC. 401(K) PROFIT SHARING 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