Retirement plan

ELECTRICAL WORKERS LOCAL 242 401(K) PLAN

Name: TRUSTEES ELECTRICAL WORKERS LOCAL 242 401(K) PLAN - ELECTRICAL WORKERS LOCAL 242 401(K) PLAN (2024) Form 5500
Creator: TRUSTEES ELECTRICAL WORKERS LOCAL 242 401(K) PLAN
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, ELECTRICAL WORKERS LOCAL 242 401(K) PLAN, TRUSTEES ELECTRICAL WORKERS LOCAL 242 401(K) PLAN

TRUSTEES ELECTRICAL WORKERS LOCAL 242 401(K) PLANEIN 41-1972744Plan #004PY 2024

2002 LONDON ROAD, ROOM 300 - DULUTH, MN 558122152218-728-4231

Prospect flagsFailed to transmit contributions

How to read this page

Total assets (EOY)

$28M

+18.0% from 2023

Total participants

633

+1.1% from 2023

Average account balance

$44,216

+16.7% from 2023

Annual return

13.74%

-3.56 pp from 2023

Benchmarks

See 1,563 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants250-999

Cohort1,563 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$27.99M

Not enough data

1 years with asset history on file

Average account balance

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

$44K

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.

633

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

$1.85M

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

+13.74%

Not enough data

1 years with return on file

Admin fee / account holder

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

$105

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
MILLIMAN, INC.10+ years Service code 15 · EIN 91-0675641	Recordkeeping	$31,678
MATRIX TRUST COMPANY7 years Service code 19 · EIN 75-3182674	Securities Custodian	$8,436
SAGEVIEW ADVISORY GROUP, LLC3 years Filed as: SAGEVIEW ADVISORY GROUP Service code 26 · EIN 33-0818667	Advisory (Participants)	$7,479
WILSON-MCSHANE CORPORATION6 years Service code 13 · EIN 41-0956552	Contract Administrator	$6,600
LEGACY PROFESSIONALS LLP3 years Service code 10 · EIN 32-0043599	Accounting	$6,000

Plan features & details

Pension benefit codes2G2J

Plan features

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

1 tripped

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

$67K

$128 / participant

Recordkeeping$32K47.5%
Trustee / custodial$10K14.8%
Investment mgmt$7K11.2%
Legal$3K3.8%
Contract admin$7K9.9%
Other / not subdivided$9K12.8%

% of EOY assets

0.238%

all-in expense ratio

Categories reported

5 / 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: $6,000
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$44,216

$82,979-46.7%

$102,412-56.8%

$77,736-43.1%

Participation rate

100.0%

71.5%+28.5pp

74.5%+25.5pp

70.6%+29.4pp

Annual return

13.74%

19.11%-5.4pp

24.94%-11.2pp

31.26%-17.5pp

Employer contribution / active EE

$3,554-100.0%

$3,870-100.0%

$2,728-100.0%

Participant deferral / active EE

$3,554

$4,109-13.5%

$5,060-29.8%

$4,651-23.6%

Admin fee / account holder

$105

$639-83.5%

$8,388-98.7%

$433-75.7%

Provider

Service type

Compensation

MILLIMAN, INC.10+ years

Service code 15 · EIN 91-0675641

Recordkeeping

$31,678

MATRIX TRUST COMPANY7 years

Service code 19 · EIN 75-3182674

Securities Custodian

$8,436

SAGEVIEW ADVISORY GROUP, LLC3 years

Filed as: SAGEVIEW ADVISORY GROUP

Service code 26 · EIN 33-0818667

Advisory (Participants)

$7,479

WILSON-MCSHANE CORPORATION6 years

Service code 13 · EIN 41-0956552

Contract Administrator

$6,600

LEGACY PROFESSIONALS LLP3 years

Service code 10 · EIN 32-0043599

Accounting

$6,000

ELECTRICAL WORKERS LOCAL 242 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

ELECTRICAL WORKERS LOCAL 242 401(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