Retirement plan

MCGINNIS WOOD PRODUCTS, INC. 401K PLAN

Name: MCGINNIS WOOD PRODUCTS INC. - MCGINNIS WOOD PRODUCTS, INC. 401K PLAN (2022) Form 5500
Creator: MCGINNIS WOOD PRODUCTS INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, MCGINNIS WOOD PRODUCTS, INC. 401K PLAN, MCGINNIS WOOD PRODUCTS INC.

MCGINNIS WOOD PRODUCTS INC.EIN 43-1233435Plan #001PY 2022

8052 OLD 66 HIGHWAY - CUBA, MO 65453573-885-3524LinkedIn1-10 employees

Prospect flagsHigh feesHigh cash

How to read this page

Total assets (EOY)

$5.8M

-9.5% from 2021

Total participants

121

-11.7% from 2021

Average account balance

$56,942

+3.8% from 2021

Annual return

-5.62%

-15.41 pp from 2021

Benchmarks

See 5,556 peers

Peer group

Industry32 - Manufacturing

Plan typeDefined contribution

Participants25-99

Cohort5,556 peers

Snapshot2022

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

Analytics

Total assets (EOY)

Plan-year ending balance

$6.55M

Not enough data

1 years with asset history on file

Average account balance

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

$77K

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.

94.4%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$668K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$7K

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

+10.96%

Not enough data

1 years with return on file

Admin fee / account holder

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

$6805

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

0 years with F_SCH_H allocation on file

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Service providers

Top 3 by compensation

Provider	Service type	Compensation
LINCOLN NATIONAL CORPORATION4 years Service code 13 · EIN 35-0472300	Contract Administrator	$41,919
NICOL ADVISORS CORP4 years Service code 27 · EIN 20-3314636	Advisory (Plan)	$16,186
BENEFIT PLANS ADMIN SERVICES, INC.3 years Filed as: BENEFIT PLANS PLUS Service code 15 · EIN 43-1829594	Recordkeeping	$9,283

Plan features & details

Pension benefit codes2E2F2G2J2K3D3H

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.
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

2 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
OpportunityHigh cash
More than 10% of assets are held in cash - possible menu-design or default-fund problem.

Expense breakdown

Schedule H Part II

Admin total

$42K

$428 / participant

Other / not subdivided$42K100.0%

% of EOY assets

0.722%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: KIMBERLIN COMPANY, PLLC
Auditor EIN: 455497718
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$56,942

$73,009-22.0%

$90,760-37.3%

$68,486-16.9%

Participation rate

80.6%

70.8%+9.8pp

75.7%+4.9pp

67.9%+12.7pp

Annual return

-5.62%

-13.81%+8.2pp

-12.16%+6.5pp

-7.85%+2.2pp

Employer contribution / active EE

$2,172

$2,193-0.9%

$2,922-25.7%

$2,597-16.3%

Participant deferral / active EE

$4,723

$3,626+30.2%

$4,565+3.5%

$4,028+17.3%

Admin fee / account holder

$411

$5,896-93.0%

$8,444-95.1%

$5,404-92.4%

Provider

Service type

Compensation

LINCOLN NATIONAL CORPORATION4 years

Service code 13 · EIN 35-0472300

Contract Administrator

$41,919

NICOL ADVISORS CORP4 years

Service code 27 · EIN 20-3314636

Advisory (Plan)

$16,186

BENEFIT PLANS ADMIN SERVICES, INC.3 years

Filed as: BENEFIT PLANS PLUS

Service code 15 · EIN 43-1829594

Recordkeeping

$9,283

MCGINNIS WOOD PRODUCTS, INC. 401K PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

MCGINNIS WOOD PRODUCTS, INC. 401K 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