Retirement plan

SCHERRMAN IMPLEMENT, INC. 401(K) PROFIT SHARING PLAN

Name: SCHERRMAN IMPLEMENT, INC. - SCHERRMAN IMPLEMENT, INC. 401(K) PROFIT SHARING PLAN (2023) Form 5500
Creator: SCHERRMAN IMPLEMENT, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SCHERRMAN IMPLEMENT, INC. 401(K) PROFIT SHARING PLAN, SCHERRMAN IMPLEMENT, INC.

SCHERRMAN IMPLEMENT, INC.EIN 42-0632136Plan #001PY 2023

13965 ROUTE 136 NORTH - DYERSVILLE, IA 52040563-875-2426scherrmansimplement.comLinkedIn11-50 employeesfarming

Prospect flagsLow returnsHigh fees

How to read this page

Total assets (EOY)

$4.7M

+1.0% from 2022

Total participants

-6.5% from 2022

Average account balance

$124,416

+11.7% from 2022

Annual return

3.40%

+17.72 pp from 2022

Benchmarks

See 9,210 peers

Peer group

Industry42 - Wholesale Trade

Plan typeDefined contribution

Participants25-99

Cohort9,210 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$6.77M

Not enough data

1 years with asset history on file

Average account balance

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

$178K

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.

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.

111.8%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$329K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$10K

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

+16.48%

Not enough data

1 years with return on file

Admin fee / account holder

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

$13815

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

0 years with F_SCH_H allocation on file

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

Service providers

Providers data not reported

Schedule C was not filed on this plan's most recent Form 5500, so no compensated service providers are available to display.

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

2 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II

Admin total

$369K

$10238 / participant

Other / not subdivided$369K100.0%

% of EOY assets

7.796%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

No opinion code on file for this filing.

Auditor firm: (not reported)
Auditor EIN: -
Audit fees: (not subdivided)
Opinion code: -

Metric

This plan

Peer set

Industry

Size

Avg account balance

$124,416

$91,536+35.9%

$130,062-4.3%

$75,177+65.5%

Participation rate

86.1%

71.5%+14.6pp

78.5%+7.6pp

67.2%+18.9pp

Annual return

3.40%

-631.62%+635.0pp

-137.37%+140.8pp

160.75%-157.4pp

Employer contribution / active EE

$3,194

$2,845+12.3%

$4,322-26.1%

$2,671+19.6%

Participant deferral / active EE

$3,028

$4,343-30.3%

$5,821-48.0%

$4,126-26.6%

Admin fee / account holder

$9,700

$6,780+43.1%

$10,601-8.5%

$5,651+71.6%

SCHERRMAN IMPLEMENT, INC. 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SCHERRMAN IMPLEMENT, INC. 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