Retirement plan

THE IFP GROUP OF COMPANIES PROFIT SHARING 401(K) PLAN

Name: IOWA FLUID POWER - THE IFP GROUP OF COMPANIES PROFIT SHARING 401(K) PLAN (2019) Form 5500
Creator: IOWA FLUID POWER
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, THE IFP GROUP OF COMPANIES PROFIT SHARING 401(K) PLAN, IOWA FLUID POWER

IOWA FLUID POWEREIN 42-1000175Plan #001PY 2019

1610 BLAIRS FERRY RD NE - CEDAR RAPIDS, IA 52402319-395-7000ifpusa.comLinkedIn51-200 employeesindustrial automation

Prospect flagsLow returnsHigh feesCorrective distributions

How to read this page

Total assets (EOY)

$19.9M

+4.2% from 2018

Total participants

145

+13.3% from 2018

Average account balance

$138,371

-7.4% from 2018

Annual return

2.79%

-4.45 pp from 2018

Benchmarks

See 2,363 peers

Peer group

Industry42 - Wholesale Trade

Plan typeDefined contribution

Participants100-249

Cohort2,363 peers

Snapshot2019

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

Analytics

Total assets (EOY)

Plan-year ending balance

$38.08M

Not enough data

1 years with asset history on file

Average account balance

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

$215K

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.

177

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.

96.1%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$3.50M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$23K

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

+27.44%

Not enough data

1 years with return on file

Admin fee / account holder

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

$476

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 3 by compensation

Provider	Service type	Compensation
FIDELITY INVESTMENTS INSTITUTIONAL3 years Service code 60 · EIN 04-2647786	Sub-TA Fees	$30,862
LAWING FINANCIAL2 years Filed as: LAWING FINANCIAL INC Service code 27 6201 COLLEGE BLVD · OVERLAND PARK, KS 66211	Advisory (Plan)	$27,005
KDV WEALTH MANAGEMENT, LLC1 year Filed as: BERGAN KDV Service code 16 · EIN 41-1431613	Consulting	$8,750

Plan features & details

Pension benefit codes2E2F2G2J2K2R2S2T3D

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.
2K
Code section 401(m) arrangement
Employee contributions are allocated to separate accounts under the plan or employer contributions are based in whole or in part on employee deferrals or contributions to the plan. Not applicable to 401(k) plans with only QNECs and/or QMACs or to 403(b)(1) 403(b)(7) or 408 arrangements.
2R
Participant-directed brokerage accounts
Participant-directed brokerage accounts provided as an investment option under the plan.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
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

3 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.
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$67K

$532 / participant

Other / not subdivided$67K100.0%

% of EOY assets

0.334%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Disclaimer opinion

Auditor declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.

Auditor firm: BERGANKDV, LTD.
Auditor EIN: 411431613
Audit fees: (not subdivided)
Opinion code: Disclaimer

Metric

This plan

Peer set

Industry

Size

Avg account balance

$138,371

$86,341+60.3%

$125,195+10.5%

$65,186+112.3%

Participation rate

99.2%

75.3%+23.9pp

79.8%+19.4pp

70.2%+29.0pp

Annual return

2.79%

27.44%-24.6pp

43.79%-41.0pp

29.39%-26.6pp

Employer contribution / active EE

$11,914

$2,040+484.2%

$3,866+208.2%

$2,177+447.3%

Participant deferral / active EE

$7,157

$3,538+102.3%

$4,937+45.0%

$3,514+103.7%

Admin fee / account holder

$462

$609-24.2%

$9,704-95.2%

$847-45.5%

Provider

Service type

Compensation

FIDELITY INVESTMENTS INSTITUTIONAL3 years

Service code 60 · EIN 04-2647786

Sub-TA Fees

$30,862

LAWING FINANCIAL2 years

Filed as: LAWING FINANCIAL INC

Service code 27

6201 COLLEGE BLVD · OVERLAND PARK, KS 66211

Advisory (Plan)

$27,005

KDV WEALTH MANAGEMENT, LLC1 year

Filed as: BERGAN KDV

Service code 16 · EIN 41-1431613

Consulting

$8,750

THE IFP GROUP OF COMPANIES PROFIT SHARING 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

THE IFP GROUP OF COMPANIES PROFIT SHARING 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