Retirement plan

MAGNUM ELECTRIC 401(K) PROFIT SHARING PLAN

Name: MAGNUM ELECTRIC, INC. - MAGNUM ELECTRIC 401(K) PROFIT SHARING PLAN (2022) 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 2022

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

Prospect flagsLow participation

How to read this page

Total assets (EOY)

$8.9M

+8.3% from 2021

Total participants

304

+5.9% from 2021

Average account balance

$47,357

+3.7% from 2021

Annual return

2.00%

-14.96 pp from 2021

Benchmarks

See 1,393 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants250-999

Cohort1,393 peers

Snapshot2022

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 BANK1 year Service code 15 · EIN 45-0283315	Recordkeeping	$30,473

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

$30K

$118 / participant

Other / not subdivided$30K100.0%

% of EOY assets

0.344%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: BRADY MARTZ & ASSOCIATES
Auditor EIN: 450310328
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$47,357

$106,236-55.4%

$112,258-57.8%

$64,814-26.9%

Participation rate

54.7%

71.7%-17.0pp

75.1%-20.4pp

71.5%-16.8pp

Annual return

2.00%

-6.02%+8.0pp

27.47%-25.5pp

32.84%-30.8pp

Employer contribution / active EE

$1,336

$3,166-57.8%

$3,636-63.2%

$2,507-46.7%

Participant deferral / active EE

$2,427

$3,785-35.9%

$4,728-48.7%

$4,310-43.7%

Admin fee / account holder

$163

$452-63.9%

$6,411-97.5%

$188-13.2%

Provider

Service type

Compensation

BELL BANK1 year

Service code 15 · EIN 45-0283315

Recordkeeping

$30,473

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