Retirement plan

SHEET METAL WORKERS NO. 263 RETIREMENT SVGS. PLAN

Name: BOARD OF TRUSTEES OF SHEET METAL WORKERS LOCAL UNION 263 - SHEET METAL WORKERS NO. 263 RETIREMENT SVGS. PLAN (2017) Form 5500
Creator: BOARD OF TRUSTEES OF SHEET METAL WORKERS LOCAL UNION 263
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SHEET METAL WORKERS NO. 263 RETIREMENT SVGS. PLAN, BOARD OF TRUSTEES OF SHEET METAL WORKERS LOCAL UNION 263

BOARD OF TRUSTEES OF SHEET METAL WORKERS LOCAL UNION 263EIN 42-6498549Plan #001PY 2017

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)

$23.4M

+19.9% from 2016

Total participants

448

+1.1% from 2016

Average account balance

$53,918

+21.3% from 2016

Annual return

16.90%

+10.54 pp from 2016

Benchmarks

See 1,124 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants250-999

Cohort1,124 peers

Snapshot2017

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 8 by compensation

Provider	Service type	Compensation
MILLIMAN, INC.2 years Filed as: MILLIMAN FINANCIAL RISK MANAGEMENT Service code 15 1301 FIFTH AVENUE STE 3800 · SEATTLE, WA 981012646	Recordkeeping	$46,862
BENEFITS MANAGEMENT GROUP, INC.3+ years Filed as: BENEFITS MANAGEMENT GROUP INC Service code 14 · EIN 20-0188125 150 1ST AVE EAST · CEDAR RAPIDS, IA 52401	Plan Administrator	$26,400
MORGAN STANLEY SMITH BARNEY1 year Filed as: GRAYSTONE CONSULTING, LLC Service code 28 505 MARKET ST, STE 300 · WEST DES MOINES, IA 50266	Investment Management	$20,873
LWBJ, LLP3+ years Service code 10 · EIN 42-1462849 4200 UNIVERSITY AVE, SUITE 410 · WEST DES MOINES, IA 50266	Accounting	$16,800
MATRIX TRUST COMPANY1 year Filed as: MATRIX TRUST Service code 19 SUITE 1300 717 17TH STREET · DENVER, CO 80202	Securities Custodian	$8,916
DIMEO SCHNEIDER & ASSOCIATES LLC3+ years Service code 28 · EIN 36-4001764 500 WEST MADISON ST, STE 1700 · CHICAGO, IL 60661	Investment Management	$8,567
BRADLEY HAUGE, CPA3+ years Service code 10 · EIN 45-5512453 4807 MARY GREEN CT NE · CEDAR RAPIDS, IA 52401	Accounting	$8,466
DAY PITNEY LLP1 year Filed as: DAY RETTIG MARTIN, P.C. Service code 29 · EIN 42-1386412 150 1ST AVE NE, STE 415 · CEDAR RAPIDS, IA 52401	Legal	$6,425

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

$155K

$350 / participant

Investment mgmt$39K25.3%
Contract admin$26K17.0%
Other / not subdivided$89K57.6%

% of EOY assets

0.662%

all-in expense ratio

Categories reported

2 / 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: LWBJ, LLP
Auditor EIN: 421462849
Audit fees: (not subdivided)
Opinion code: Disclaimer

Metric

This plan

Peer set

Industry

Size

Avg account balance

$53,918

$60,545-10.9%

$92,240-41.5%

$69,631-22.6%

Participation rate

96.8%

72.2%+24.7pp

76.5%+20.4pp

70.7%+26.2pp

Annual return

16.90%

19.71%-2.8pp

176.29%-159.4pp

27571.02%-27554.1pp

Employer contribution / active EE

$1,668

$2,633-36.6%

$3,680-54.7%

$2,032-17.9%

Participant deferral / active EE

$1,129

$2,828-60.1%

$3,897-71.0%

$3,224-65.0%

Admin fee / account holder

$357

$145+146.5%

$5,194-93.1%

$110+223.2%

Provider

Service type

Compensation

MILLIMAN, INC.2 years

Filed as: MILLIMAN FINANCIAL RISK MANAGEMENT

Service code 15

1301 FIFTH AVENUE STE 3800 · SEATTLE, WA 981012646

Recordkeeping

$46,862

BENEFITS MANAGEMENT GROUP, INC.3+ years

Filed as: BENEFITS MANAGEMENT GROUP INC

Service code 14 · EIN 20-0188125

150 1ST AVE EAST · CEDAR RAPIDS, IA 52401

Plan Administrator

$26,400

MORGAN STANLEY SMITH BARNEY1 year

Filed as: GRAYSTONE CONSULTING, LLC

Service code 28

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

Investment Management

$20,873

LWBJ, LLP3+ years

Service code 10 · EIN 42-1462849

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

Accounting

$16,800

MATRIX TRUST COMPANY1 year

Filed as: MATRIX TRUST

Service code 19

SUITE 1300 717 17TH STREET · DENVER, CO 80202

Securities Custodian

$8,916

DIMEO SCHNEIDER & ASSOCIATES LLC3+ years

Service code 28 · EIN 36-4001764

500 WEST MADISON ST, STE 1700 · CHICAGO, IL 60661

Investment Management

$8,567

BRADLEY HAUGE, CPA3+ years

Service code 10 · EIN 45-5512453

4807 MARY GREEN CT NE · CEDAR RAPIDS, IA 52401

Accounting

$8,466

DAY PITNEY LLP1 year

Filed as: DAY RETTIG MARTIN, P.C.

Service code 29 · EIN 42-1386412

150 1ST AVE NE, STE 415 · CEDAR RAPIDS, IA 52401

Legal

$6,425

SHEET METAL WORKERS NO. 263 RETIREMENT SVGS. PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SHEET METAL WORKERS NO. 263 RETIREMENT SVGS. 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