Retirement plan

SHEET METAL WORKERS LOCAL UNION NO. 263 RETIREMENT SAVINGS PLAN

Name: BOARD OF TRUSTEES OF SHEET METAL WORKERS LOCAL UNION NO. 263 RETIREMEN - SHEET METAL WORKERS LOCAL UNION NO. 263 RETIREMENT SAVINGS PLAN (2024) Form 5500
Creator: BOARD OF TRUSTEES OF SHEET METAL WORKERS LOCAL UNION NO. 263 RETIREMEN
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SHEET METAL WORKERS LOCAL UNION NO. 263 RETIREMENT SAVINGS PLAN, BOARD OF TRUSTEES OF SHEET METAL WORKERS LOCAL UNION NO. 263 RETIREMEN

BOARD OF TRUSTEES OF SHEET METAL WORKERS LOCAL UNION NO. 263 RETIREMENEIN 42-6498549Plan #001PY 2024

150 FIRST AVENUE NE, STE 450 - CEDAR RAPIDS, IA 524011115319-365-2810smwia263.orgLinkedIn201-500 employees

Prospect flagsHigh feesLow participant contribution

How to read this page

Total assets (EOY)

$42.4M

+13.9% from 2023

Total participants

576

+3.8% from 2023

Average account balance

$74,715

+10.1% from 2023

Annual return

11.89%

-4.51 pp from 2023

Benchmarks

See 1,561 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants250-999

Cohort1,561 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$42.36M

Not enough data

1 years with asset history on file

Average account balance

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

$75K

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.

567

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.

98.4%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.89M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$3K

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

+11.89%

Not enough data

1 years with return on file

Admin fee / account holder

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

$320

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 7 by compensation

Provider	Service type	Compensation
MILLIMAN, INC.9 years Filed as: MILLIMAN FINANCIAL RISK MANAGEMENT Service code 15 1301 FIFTH AVENUE STE 3800 · SEATTLE, WA 981012646	Recordkeeping	$58,424
BENEFITS MANAGEMENT GROUP, INC.10+ years Filed as: BENEFITS MANAGEMENT GROUP INC Service code 14 · EIN 20-0188125 1520 KENSINGTON RD, SUITE 200 · OAK BROOK, IL 60523	Plan Administrator	$28,800
MORGAN STANLEY SMITH BARNEY8 years Filed as: GRAYSTONE CONSULTING, LLC Service code 28 505 MARKET ST, STE 300 · WEST DES MOINES, IA 50266	Investment Management	$25,000
UHY LLP3 years Filed as: UHY, LLP Service code 10 · EIN 20-0694403 4200 UNIVERSITY AVE, SUITE 410 · WEST DES MOINES, IA 50266	Accounting	$16,700
FOX ROTHSCHILD LLP3 years Filed as: FOX ROTHSCHILD, LLP Service code 29 321 N CLARK ST. STE 1600 · CHICAGO, IL 60654	Legal	$15,000
BRADLEY HAUGE, CPA10+ years Service code 10 · EIN 45-5512453 4807 MARY GREEN CT NE · CEDAR RAPIDS, IA 52401	Accounting	$8,708
WASHINGTON CAPITAL MANAGEMENT, INC.5 years Filed as: WASHINGTON STREET INS. GROUP Service code 22 12800 81ST CT. · PALOS PARK, IL 60464	Insurance Broker	$8,192

Plan features & details

Pension benefit codes2C2G2J

Plan features

2C
Money purchase plan
Money purchase pension plan other than a target benefit plan.
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.

Opportunity flags

2 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.)

Expense breakdown

Schedule H Part II

Admin total

$181K

$324 / participant

Recordkeeping$58K32.2%
Investment mgmt$37K20.6%
Legal$15K8.3%
Contract admin$29K15.9%
Other / not subdivided$42K23.1%

% of EOY assets

0.428%

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: UHY, LLP
Auditor EIN: 200694403
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$74,715

$83,023-10.0%

$102,437-27.1%

$77,762-3.9%

Participation rate

98.4%

71.5%+26.8pp

74.5%+23.9pp

70.6%+27.8pp

Annual return

11.89%

19.12%-7.2pp

24.95%-13.1pp

31.27%-19.4pp

Employer contribution / active EE

$1,963

$3,552-44.7%

$3,871-49.3%

$2,728-28.0%

Participant deferral / active EE

$1,409

$4,110-65.7%

$5,060-72.2%

$4,651-69.7%

Admin fee / account holder

$320

$639-49.9%

$8,388-96.2%

$433-26.1%

Provider

Service type

Compensation

MILLIMAN, INC.9 years

Filed as: MILLIMAN FINANCIAL RISK MANAGEMENT

Service code 15

1301 FIFTH AVENUE STE 3800 · SEATTLE, WA 981012646

Recordkeeping

$58,424

BENEFITS MANAGEMENT GROUP, INC.10+ years

Filed as: BENEFITS MANAGEMENT GROUP INC

Service code 14 · EIN 20-0188125

1520 KENSINGTON RD, SUITE 200 · OAK BROOK, IL 60523

Plan Administrator

$28,800

MORGAN STANLEY SMITH BARNEY8 years

Filed as: GRAYSTONE CONSULTING, LLC

Service code 28

505 MARKET ST, STE 300 · WEST DES MOINES, IA 50266

Investment Management

$25,000

UHY LLP3 years

Filed as: UHY, LLP

Service code 10 · EIN 20-0694403

4200 UNIVERSITY AVE, SUITE 410 · WEST DES MOINES, IA 50266

Accounting

$16,700

FOX ROTHSCHILD LLP3 years

Filed as: FOX ROTHSCHILD, LLP

Service code 29

321 N CLARK ST. STE 1600 · CHICAGO, IL 60654

Legal

$15,000

BRADLEY HAUGE, CPA10+ years

Service code 10 · EIN 45-5512453

4807 MARY GREEN CT NE · CEDAR RAPIDS, IA 52401

Accounting

$8,708

WASHINGTON CAPITAL MANAGEMENT, INC.5 years

Filed as: WASHINGTON STREET INS. GROUP

Service code 22

12800 81ST CT. · PALOS PARK, IL 60464

Insurance Broker

$8,192

SHEET METAL WORKERS LOCAL UNION NO. 263 RETIREMENT SAVINGS PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SHEET METAL WORKERS LOCAL UNION NO. 263 RETIREMENT 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