Retirement plan

SOUTH CENTRAL MINNESOTA ELECTRICAL WORKERS RETIREMENT AND 401(K) PLAN

Name: TRUSTEES OF SOUTH CENTRAL MINNESOTA ELEC WORKERS RETIREMENT AND 401(K) - SOUTH CENTRAL MINNESOTA ELECTRICAL WORKERS RETIREMENT AND 401(K) PLAN (2023) Form 5500
Creator: TRUSTEES OF SOUTH CENTRAL MINNESOTA ELEC WORKERS RETIREMENT AND 401(K)
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SOUTH CENTRAL MINNESOTA ELECTRICAL WORKERS RETIREMENT AND 401(K) PLAN, TRUSTEES OF SOUTH CENTRAL MINNESOTA ELEC WORKERS RETIREMENT AND 401(K)

TRUSTEES OF SOUTH CENTRAL MINNESOTA ELEC WORKERS RETIREMENT AND 401(K)EIN 41-1390063Plan #002PY 2023

3001 METRO DRIVE SUITE 500 - BLOOMINGTON, MN 554251617952-854-0785

Prospect flagsLow participant contributionFailed to transmit contributions

How to read this page

Total assets (EOY)

$266.1M

-13.2% from 2017

Total participants

1,506

-6.4% from 2017

Average account balance

$176,666

-4.9% from 2017

Annual return

12.96%

-14.22 pp from 2017

Benchmarks

See 531 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants1,000-4,999

Cohort531 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$336.10M

Not enough data

1 years with asset history on file

Average account balance

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

$205K

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.

1,639

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.

100.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$11.48M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$7K

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

+12.85%

Not enough data

1 years with return on file

Admin fee / account holder

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

$170

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

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

Service providers

Top 5 by compensation

Provider	Service type	Compensation
PRINCIPAL LIFE INSURANCE COMPANY2 years Service code 13 · EIN 42-0127290	Contract Administrator	$96,956
WILSON-MCSHANE CORPORATION6 years Service code 10 · EIN 41-0956552	Accounting	$63,940
RBC WEALTH MANAGEMENT5 years Service code 27 · EIN 20-0563684	Advisory (Plan)	$33,000
KUTAK ROCK LLP4 years Service code 29 · EIN 47-0597598	Legal	$27,451
LEGACY PROFESSIONALS LLP8+ years Service code 10 · EIN 32-0043599	Accounting	$15,500

Plan features & details

Pension benefit codes2C2E2G2J

Plan features

2C
Money purchase plan
Money purchase pension plan other than a target benefit plan.
2E
Profit-sharing
Profit-sharing plan.
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.

Opportunity flags

2 tripped

OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.
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

$272K

$183 / participant

Investment mgmt$33K12.2%
Contract admin$174K64.0%
Other / not subdivided$65K23.8%

% of EOY assets

0.102%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: LEGACY PROFESSIONALS LLP
Auditor EIN: 320043599
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$176,666

$88,479+99.7%

$96,543+83.0%

$80,187+120.3%

Participation rate

100.0%

79.9%+20.1pp

74.3%+25.7pp

72.9%+27.1pp

Annual return

12.96%

22.53%-9.6pp

35.75%-22.8pp

40.40%-27.4pp

Employer contribution / active EE

$5,676

$4,177+35.9%

$3,741+51.8%

$2,980+90.5%

Participant deferral / active EE

$1,165

$3,961-70.6%

$4,880-76.1%

$5,016-76.8%

Admin fee / account holder

$180

$211-14.7%

$6,737-97.3%

$145+24.4%

Provider

Service type

Compensation

PRINCIPAL LIFE INSURANCE COMPANY2 years

Service code 13 · EIN 42-0127290

Contract Administrator

$96,956

WILSON-MCSHANE CORPORATION6 years

Service code 10 · EIN 41-0956552

Accounting

$63,940

RBC WEALTH MANAGEMENT5 years

Service code 27 · EIN 20-0563684

Advisory (Plan)

$33,000

KUTAK ROCK LLP4 years

Service code 29 · EIN 47-0597598

Legal

$27,451

LEGACY PROFESSIONALS LLP8+ years

Service code 10 · EIN 32-0043599

Accounting

$15,500

SOUTH CENTRAL MINNESOTA ELECTRICAL WORKERS RETIREMENT AND 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SOUTH CENTRAL MINNESOTA ELECTRICAL WORKERS RETIREMENT AND 401(K) 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