Retirement plan

MAGNUM ELECTRIC 401(K) PROFIT SHARING PLAN

Name: MAGNUM ELECTRIC, INC. - MAGNUM ELECTRIC 401(K) PROFIT SHARING PLAN (2024) Form 5500
Creator: MAGNUM ELECTRIC, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, MAGNUM ELECTRIC 401(K) PROFIT SHARING PLAN, MAGNUM ELECTRIC, INC.

MAGNUM ELECTRIC, INC.EIN 41-1633269Plan #001PY 2024

471 CHRISTIANSON DRIVE W. - WEST FARGO, ND 58078701-551-3240magnumelectric.netLinkedIn51-200 employeesconstruction

Prospect flagsLow participation

How to read this page

Total assets (EOY)

$13.4M

+20.7% from 2023

Total participants

431

+24.9% from 2023

Average account balance

$59,517

+6.2% from 2023

Annual return

15.15%

-3.85 pp from 2023

Benchmarks

See 1,561 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants250-999

Cohort1,561 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$13.39M

Not enough data

1 years with asset history on file

Average account balance

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

$60K

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.

225

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.

44.8%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.34M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$4K

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

+15.15%

Not enough data

1 years with return on file

Admin fee / account holder

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

$171

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 1 by compensation

Provider	Service type	Compensation
BELL BANK3 years Service code 15 · EIN 45-0283315	Recordkeeping	$38,433

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

$38K

$103 / participant

Recordkeeping$3K6.5%
Contract admin$36K93.5%

% of EOY assets

0.287%

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: EIDE BAILLY, LLP
Auditor EIN: 450250958
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$59,517

$83,023-28.3%

$102,437-41.9%

$77,762-23.5%

Participation rate

44.8%

71.5%-26.8pp

74.5%-29.7pp

70.6%-25.8pp

Annual return

15.15%

19.12%-4.0pp

24.95%-9.8pp

31.27%-16.1pp

Employer contribution / active EE

$1,190

$3,552-66.5%

$3,871-69.3%

$2,728-56.4%

Participant deferral / active EE

$2,401

$4,110-41.6%

$5,060-52.6%

$4,651-48.4%

Admin fee / account holder

$171

$639-73.3%

$8,388-98.0%

$433-60.5%

Provider

Service type

Compensation

BELL BANK3 years

Service code 15 · EIN 45-0283315

Recordkeeping

$38,433

MAGNUM ELECTRIC 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

MAGNUM ELECTRIC 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