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 (2022) 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 2022

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

Prospect flagsFailed to transmit contributions

How to read this page

Total assets (EOY)

$19.6M

-12.0% from 2021

Total participants

593

+6.3% from 2021

Average account balance

$33,015

-17.2% from 2021

Annual return

-17.77%

-34.12 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

$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 6 by compensation

Provider	Service type	Compensation
MILLIMAN, INC.8+ years Service code 13 · EIN 91-0675641	Contract Administrator	$21,114
MATRIX TRUST COMPANY5 years Service code 19 · EIN 75-3182674	Securities Custodian	$7,418
ANDREW FAIR, ESQ.1 year Filed as: ANDREW, BRANSKY & POOLE. PA Service code 29 · EIN 41-1502219	Legal	$7,301
WILSON-MCSHANE CORPORATION4 years Service code 13 · EIN 41-0956552	Contract Administrator	$7,162
SAGEVIEW ADVISORY GROUP, LLC1 year Filed as: SAGEVIEW ADVISORY GROUP Service code 26 · EIN 33-0818667	Advisory (Participants)	$5,636
LEGACY PROFESSIONALS LLP1 year Service code 10 · EIN 32-0043599	Accounting	$5,000

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

$58K

$121 / participant

Investment mgmt$14K24.4%
Contract admin$28K47.7%
Other / not subdivided$16K28.0%

% of EOY assets

0.297%

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

$33,015

$106,236-68.9%

$112,263-70.6%

$64,824-49.1%

Participation rate

100.0%

71.7%+28.3pp

75.1%+24.9pp

71.5%+28.5pp

Annual return

-17.77%

-6.02%-11.8pp

27.49%-45.3pp

32.84%-50.6pp

Employer contribution / active EE

$3,167-100.0%

$3,636-100.0%

$2,507-100.0%

Participant deferral / active EE

$3,986

$3,786+5.3%

$4,729-15.7%

$4,311-7.5%

Admin fee / account holder

$98

$452-78.3%

$6,410-98.5%

$188-47.8%

Provider

Service type

Compensation

MILLIMAN, INC.8+ years

Service code 13 · EIN 91-0675641

Contract Administrator

$21,114

MATRIX TRUST COMPANY5 years

Service code 19 · EIN 75-3182674

Securities Custodian

$7,418

ANDREW FAIR, ESQ.1 year

Filed as: ANDREW, BRANSKY & POOLE. PA

Service code 29 · EIN 41-1502219

Legal

$7,301

WILSON-MCSHANE CORPORATION4 years

Service code 13 · EIN 41-0956552

Contract Administrator

$7,162

SAGEVIEW ADVISORY GROUP, LLC1 year

Filed as: SAGEVIEW ADVISORY GROUP

Service code 26 · EIN 33-0818667

Advisory (Participants)

$5,636

LEGACY PROFESSIONALS LLP1 year

Service code 10 · EIN 32-0043599

Accounting

$5,000

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