Retirement plan

IBEW LOCAL 405 DEFERRED SAVINGS PLAN

Name: BOARD OF TRUSTEES, IBEW LOCAL 405 DEFERRED SAVINGS PLAN - IBEW LOCAL 405 DEFERRED SAVINGS PLAN (2023) Form 5500
Creator: BOARD OF TRUSTEES, IBEW LOCAL 405 DEFERRED SAVINGS PLAN
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, IBEW LOCAL 405 DEFERRED SAVINGS PLAN, BOARD OF TRUSTEES, IBEW LOCAL 405 DEFERRED SAVINGS PLAN

BOARD OF TRUSTEES, IBEW LOCAL 405 DEFERRED SAVINGS PLANEIN 42-1494475Plan #001PY 2023

424 FIRST AVENUE NE - CEDAR RAPIDS, IA 524011400319-398-3283

Prospect flagsHigh feesLow participant contributionRecently reached 100 employees

How to read this page

Total assets (EOY)

$234.7M

+19.2% from 2022

Total participants

995

+6.4% from 2022

Average account balance

$235,856

No prior year

Annual return

17.83%

+36.09 pp from 2022

Benchmarks

See 1,503 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants250-999

Cohort1,503 peers

Snapshot2023

See peer percentile detail. $4.99 for your first month.

Solo adds 10-year history, peer benchmarks, provider and welfare analytics, saves, and exports. Then $34.99 a month.

Start for $4.99 See plans

Analytics

Total assets (EOY)

Plan-year ending balance

$296.43M

Not enough data

1 years with asset history on file

Average account balance

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

$209K

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.

1,418

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

$18.46M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$15K

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

+12.68%

Not enough data

1 years with return on file

Admin fee / account holder

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

$217

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

See the 10-year trajectory. $4.99 for your first month.

Solo adds 10-year history, peer benchmarks, provider and welfare analytics, saves, and exports. Then $34.99 a month.

Start for $4.99 See plans

Service providers

Top 6 by compensation

Provider	Service type	Compensation
MILLIMAN, INC.5 years Service code 15 · EIN 91-0675641	Recordkeeping	$86,291
REINHART BOERNER VAN DEUREN S.C.9+ years Filed as: REINHART BOERNER VAN DEUREN Service code 29 · EIN 39-1126909	Legal	$74,573
EMPLOYEE GROUP SERVICES LTD DBA AUX9+ years Service code 13 · EIN 42-1426202	Contract Administrator	$37,179
FIDUCIENT ADVISORS LLC3 years Filed as: FIDUCIENT ADVISORS Service code 27 · EIN 36-4001764	Advisory (Plan)	$32,200
CLIFTONLARSONALLEN LLP6 years Service code 10 · EIN 41-0746749	Accounting	$25,011
MATRIX TRUST COMPANY5 years Filed as: BROADRIDGE FINANCIAL SOLUTIONS, INC Service code 21 5 DAKOTA DRIVE · LAKE SUCCESS, NY 11042	Bank Trustee	$24,229

Plan features & details

Pension benefit codes2E2H2J2T

Plan features

2E
Profit-sharing
Profit-sharing plan.
2H
Partial participant-directed account plan
Participants have the opportunity to direct the investment of a portion 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.

Opportunity flags

3 tripped

OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.
OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
InformationalRecently reached 100 employees
Sponsor crossed the 100-balance-holder threshold in the most recent filing - large-plan audit requirement now applies.

Expense breakdown

Schedule H Part II

Admin total

$309K

$397 / participant

Investment mgmt$32K10.4%
Legal$75K24.1%
Contract admin$146K47.3%
Other / not subdivided$56K18.2%

% of EOY assets

0.132%

all-in expense ratio

Categories reported

3 / 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: CLIFTONLARSONALLEN LLP
Auditor EIN: 410746749
Audit fees: $28,623
Opinion code: Unqualified

Look up a plan sponsor by EIN. Free Form 5500 search. No signup.

Metric

This plan

Peer set

Industry

Size

Avg account balance

$235,856

$92,971+153.7%

$96,683+143.9%

$74,419+216.9%

Participation rate

100.0%

71.5%+28.5pp

74.3%+25.7pp

70.7%+29.3pp

Annual return

17.83%

37.49%-19.7pp

35.69%-17.9pp

34.38%-16.5pp

Employer contribution / active EE

$14,147

$3,426+313.0%

$3,737+278.6%

$2,637+436.4%

Participant deferral / active EE

$1,435

$3,970-63.8%

$4,878-70.6%

$4,528-68.3%

Admin fee / account holder

$311

$633-50.9%

$6,730-95.4%

$348-10.6%

Provider

Service type

Compensation

MILLIMAN, INC.5 years

Service code 15 · EIN 91-0675641

Recordkeeping

$86,291

REINHART BOERNER VAN DEUREN S.C.9+ years

Filed as: REINHART BOERNER VAN DEUREN

Service code 29 · EIN 39-1126909

Legal

$74,573

EMPLOYEE GROUP SERVICES LTD DBA AUX9+ years

Service code 13 · EIN 42-1426202

Contract Administrator

$37,179

FIDUCIENT ADVISORS LLC3 years

Filed as: FIDUCIENT ADVISORS

Service code 27 · EIN 36-4001764

Advisory (Plan)

$32,200

CLIFTONLARSONALLEN LLP6 years

Service code 10 · EIN 41-0746749

Accounting

$25,011

MATRIX TRUST COMPANY5 years

Filed as: BROADRIDGE FINANCIAL SOLUTIONS, INC

Service code 21

5 DAKOTA DRIVE · LAKE SUCCESS, NY 11042

Bank Trustee

$24,229

IBEW LOCAL 405 DEFERRED SAVINGS PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

IBEW LOCAL 405 DEFERRED SAVINGS 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