Retirement plan

PENSION PLAN FOR EMPLOYEES OF DRS NAVAL POWER SYSTEMS, INC.

Name: DRS NAVAL POWER SYSTEMS, INC. - PENSION PLAN FOR EMPLOYEES OF DRS NAVAL POWER SYSTEMS, INC. (2023) Form 5500
Creator: DRS NAVAL POWER SYSTEMS, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, PENSION PLAN FOR EMPLOYEES OF DRS NAVAL POWER SYSTEMS, INC., DRS NAVAL POWER SYSTEMS, INC.

DRS NAVAL POWER SYSTEMS, INC.EIN 42-1537952Plan #003PY 2023

2345 CRYSTAL DRIVE, SUITE 1000 - ARLINGTON, VA 22202571-447-4645

Prospect flagsNo flags tripped

How to read this page

Total assets (EOY)

$23.1M

+3.2% from 2022

Total participants

194

-2.5% from 2022

Average account balance

No prior year

Annual return

10.27%

+29.25 pp from 2022

Benchmarks

See 179 peers

Peer group

Industry33 - Manufacturing

Plan typeDefined benefit

Participants100-249

Cohort179 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$22.23M

Not enough data

1 years with asset history on file

Average account balance

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

$129K

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.

0.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$3.26M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$37K

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

-0.11%

Not enough data

1 years with return on file

Admin fee / account holder

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

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 5 by compensation

Provider	Service type	Compensation
AON CONSULTING9+ years Service code 11 · EIN 22-2232264	Actuarial	$77,450
AON CONSULTING4 years Filed as: AON INVESTMENTS USA INC Service code 27 · EIN 36-3109431	Advisory (Plan)	$39,931
THE BANK OF NEW YORK MELLON9+ years Service code 18 · EIN 13-5160382	Investment management fees paid indir...	$16,118
WITHUMSMITH+BROWN, PC9+ years Filed as: RUBIN BROWN LLP Service code 10 · EIN 43-0765316	Accounting	$14,700
DEGANN CONSULTING, LLC9+ years Service code 16 57 EAST 74TH ST · NEW YORK, NY 10021	Consulting	$7,600

Enrolled actuary

1 attachment

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Plan features & details

Pension benefit codes1A1B1C1I3H

Plan features

1A
Benefits are primarily pay related
Benefits under the plan are primarily determined with reference to a participant's pay (e.g. final-average-pay formula).
1B
Benefits are primarily flat dollar
Benefits are primarily a flat dollar amount (including a dollar amount per year of service).
1C
Cash balance or similar plan
A cash balance formula in a defined benefit plan that expresses the accrued benefit in terms more common to a defined contribution plan such as a hypothetical account balance or single sum amount (includes personal account plan pension equity plan life cycle plan and cash account plan).
1I
Frozen plan
As of the last day of the plan year the plan provides that no participant will get any new benefit accrual whether because of service or compensation.
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

0 tripped

No flags tripped for this filing year. This plan looks clean.

Expense breakdown

Schedule H Part II

Admin total

$305K

$3047 / participant

Trustee / custodial$16K5.3%
Investment mgmt$40K13.1%
Actuarial$77K25.4%
Contract admin$8K2.5%
Other / not subdivided$164K53.7%

% of EOY assets

1.319%

all-in expense ratio

Categories reported

4 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: RUBIN BROWN LLP
Auditor EIN: 430765316
Audit fees: $14,700
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$59,936-100.0%

$182,032-100.0%

$9,556,684-100.0%

Participation rate

0.0%

12.5%-12.5pp

13.4%-13.4pp

2.4%-2.4pp

Annual return

10.27%

9.67%+0.6pp

7.69%+2.6pp

22.81%-12.5pp

Employer contribution / active EE

$6,096

$11,016-44.7%

$28,501-78.6%

$18,290-66.7%

Participant deferral / active EE

$721-100.0%

$49-100.0%

$603-100.0%

Admin fee / account holder

$952-100.0%

$51,246-100.0%

$85,222-100.0%

Provider

Service type

Compensation

AON CONSULTING9+ years

Service code 11 · EIN 22-2232264

Actuarial

$77,450

AON CONSULTING4 years

Filed as: AON INVESTMENTS USA INC

Service code 27 · EIN 36-3109431

Advisory (Plan)

$39,931

THE BANK OF NEW YORK MELLON9+ years

Service code 18 · EIN 13-5160382

Investment management fees paid indir...

$16,118

WITHUMSMITH+BROWN, PC9+ years

Filed as: RUBIN BROWN LLP

Service code 10 · EIN 43-0765316

Accounting

$14,700

DEGANN CONSULTING, LLC9+ years

Service code 16

57 EAST 74TH ST · NEW YORK, NY 10021

Consulting

$7,600

PENSION PLAN FOR EMPLOYEES OF DRS NAVAL POWER SYSTEMS, INC.

Summary metrics

Benchmarksi

Analytics

Service providersi

Enrolled actuary

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

PENSION PLAN FOR EMPLOYEES OF DRS NAVAL POWER SYSTEMS, INC.

Summary metrics

Benchmarksi

Analytics

Service providersi

Enrolled actuary

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