Retirement plan

DAKOTA RED CORPORATION 401(K) PROFIT SHARING PLAN

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

DAKOTA RED CORPORATIONEIN 42-1304397Plan #001PY 2023

650 12TH AVENUE SW - CEDAR RAPIDS, IA 52404319-826-6847LinkedIn51-200 employeesglass, ceramics & concrete

Prospect flagsLow returnsHigh feesFailed to transmit contributions

Top hat statement on fileNQDC

Filed October 18, 2004

This is a legacy paper filing. Plan administrator and contact details are recorded in the original filing, which has not been digitised into structured fields.

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How to read this page

Total assets (EOY)

$31.9M

+6.3% from 2022

Total participants

247

-7.5% from 2022

Average account balance

$131,833

+16.5% from 2022

Annual return

13.90%

+30.67 pp from 2022

Benchmarks

See 1,942 peers

Peer group

Industry32 - Manufacturing

Plan typeDefined contribution

Participants100-249

Cohort1,942 peers

Snapshot2023

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Analytics

Total assets (EOY)

Plan-year ending balance

$32.01M

Not enough data

1 years with asset history on file

Average account balance

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

$139K

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.

230

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.

98.2%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$2.24M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$14K

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

+11.39%

Not enough data

1 years with return on file

Admin fee / account holder

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

$609

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

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Service providers

Top 6 by compensation

Provider	Service type	Compensation
TRANSAMERICA RETIREMENT SOLUTIONS1 year Service code 15 · EIN 13-3689044	Recordkeeping	$43,771
THE BANK OF NEW YORK MELLON1 year Filed as: BANK OF AMERICA NA Service code 27 · EIN 13-5674085	Advisory (Plan)	$29,233
BGHN ASSOCIATES, P.C.1 year Filed as: BGHN Service code 10 · EIN 42-1508032	Accounting	$21,000
ENVESTNET RETIREMENT SOLUTIONS, LLC3 years Filed as: ENVESTNET RETIREMENT SOLUTIONS LLC Service code 27 · EIN 20-1409613	Advisory (Plan)	$8,656
MERRILL LYNCH PIERCE FENNER & SMITH9+ years Filed as: MERRILL LYNCH LIFE AGENCY, INC. Service code 16 · EIN 13-2808480	Consulting	$6,055
TRANSAMERICA RETIREMENT SOLUTIONS2 years Filed as: TRANSAMERICA FINANCIAL LIFE INSR CO Service code 15 · EIN 36-6071399	Recordkeeping	$270

Plan features & details

Pension benefit codes2E2F2G2J2K2S2T3D3H

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.
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.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

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.
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

$109K

$612 / participant

Recordkeeping$44K40.4%
Investment mgmt$44K40.3%
Other / not subdivided$21K19.3%

% of EOY assets

0.342%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

The auditor signed off without reservation. This is the cleanest opinion.

Auditor firm: BGHN ASSOCIATES PC
Auditor EIN: 421508032
Audit fees: $21,000
Opinion code: Unqualified

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$131,833

$71,516+84.3%

$98,439+33.9%

$71,457+84.5%

Participation rate

97.2%

72.7%+24.5pp

75.2%+22.0pp

67.9%+29.3pp

Annual return

13.90%

32.41%-18.5pp

21.16%-7.3pp

28.85%-15.0pp

Employer contribution / active EE

$6,151

$2,399+156.4%

$3,048+101.8%

$2,588+137.7%

Participant deferral / active EE

$5,949

$4,109+44.8%

$4,738+25.6%

$4,289+38.7%

Admin fee / account holder

$450

$1,675-73.1%

$8,948-95.0%

$1,587-71.6%

Provider

Service type

Compensation

TRANSAMERICA RETIREMENT SOLUTIONS1 year

Service code 15 · EIN 13-3689044

Recordkeeping

$43,771

THE BANK OF NEW YORK MELLON1 year

Filed as: BANK OF AMERICA NA

Service code 27 · EIN 13-5674085

Advisory (Plan)

$29,233

BGHN ASSOCIATES, P.C.1 year

Filed as: BGHN

Service code 10 · EIN 42-1508032

Accounting

$21,000

ENVESTNET RETIREMENT SOLUTIONS, LLC3 years

Filed as: ENVESTNET RETIREMENT SOLUTIONS LLC

Service code 27 · EIN 20-1409613

Advisory (Plan)

$8,656

MERRILL LYNCH PIERCE FENNER & SMITH9+ years

Filed as: MERRILL LYNCH LIFE AGENCY, INC.

Service code 16 · EIN 13-2808480

Consulting

$6,055

TRANSAMERICA RETIREMENT SOLUTIONS2 years

Filed as: TRANSAMERICA FINANCIAL LIFE INSR CO

Service code 15 · EIN 36-6071399

Recordkeeping

$270

DAKOTA RED CORPORATION 401(K) PROFIT SHARING PLAN

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

DAKOTA RED CORPORATION 401(K) PROFIT SHARING PLAN

Top hat statement on fileNQDC

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