Retirement plan

MCCORMICK INCORPORATED 401(K) PLAN

Name: NORTHERN IMPROVEMENT COMPANY - MCCORMICK INCORPORATED 401(K) PLAN (2024) Form 5500
Creator: NORTHERN IMPROVEMENT COMPANY
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, MCCORMICK INCORPORATED 401(K) PLAN, NORTHERN IMPROVEMENT COMPANY

NORTHERN IMPROVEMENT COMPANYEIN 45-0262344Plan #002PY 2024

P.O. BOX 2846 - FARGO, ND 581082846701-277-1225northernimprovement.comLinkedIn201-500 employeesconstruction

Prospect flagsHigh retiree %High feesLow participation

How to read this page

Total assets (EOY)

$41.9M

+14.0% from 2023

Total participants

404

+5.5% from 2023

Average account balance

$145,085

+9.6% from 2023

Annual return

13.90%

-3.97 pp from 2023

Benchmarks

See 1,563 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants250-999

Cohort1,563 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$41.93M

Not enough data

1 years with asset history on file

Average account balance

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

$145K

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.

289

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.

61.5%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$2.38M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$8K

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

+13.90%

Not enough data

1 years with return on file

Admin fee / account holder

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

$396

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 2 by compensation

Provider	Service type	Compensation
ASCENSUS LLC9 years Filed as: ASCENSUS Service code 13 · EIN 45-0404698	Contract Administrator	$71,559
UBS FINANCIAL SERVICES INC3 years Service code 27 · EIN 13-2638166 1285 AVENUE OF THE AMERICAS · NEW YORK, NY 10019	Advisory (Plan)	$42,744

Plan features & details

Pension benefit codes2E2G2J2K3H

Plan features

2E
Profit-sharing
Profit-sharing 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.
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.
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

3 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
InformationalHigh retiree %
Retirees and beneficiaries make up 25% or more of total participants - indicates an ageing workforce or a frozen plan.

Expense breakdown

Schedule H Part II

Admin total

$114K

$382 / participant

Contract admin$114K100.0%

% of EOY assets

0.273%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: EIDE BAILLY LLP
Auditor EIN: 450250958
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$145,085

$82,979+74.8%

$102,383+41.7%

$77,714+86.7%

Participation rate

61.5%

71.5%-10.0pp

74.5%-13.0pp

70.6%-9.0pp

Annual return

13.90%

19.11%-5.2pp

24.94%-11.0pp

31.26%-17.4pp

Employer contribution / active EE

$2,862

$3,554-19.5%

$3,870-26.1%

$2,727+4.9%

Participant deferral / active EE

$5,110

$4,109+24.4%

$5,060+1.0%

$4,649+9.9%

Admin fee / account holder

$396

$639-38.1%

$8,391-95.3%

$433-8.7%

Provider

Service type

Compensation

ASCENSUS LLC9 years

Filed as: ASCENSUS

Service code 13 · EIN 45-0404698

Contract Administrator

$71,559

UBS FINANCIAL SERVICES INC3 years

Service code 27 · EIN 13-2638166

1285 AVENUE OF THE AMERICAS · NEW YORK, NY 10019

Advisory (Plan)

$42,744

MCCORMICK INCORPORATED 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

MCCORMICK INCORPORATED 401(K) 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