Retirement plan

IBEW LOCAL UNION 271 NECA 401(K) RETIREMENT PLAN

Name: TRUSTEES OF THE IBEW LOCAL UNION NO 271 NECA 401(K)RETIREMENT PLAN - IBEW LOCAL UNION 271 NECA 401(K) RETIREMENT PLAN (2023) Form 5500
Creator: TRUSTEES OF THE IBEW LOCAL UNION NO 271 NECA 401(K)RETIREMENT PLAN
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, IBEW LOCAL UNION 271 NECA 401(K) RETIREMENT PLAN, TRUSTEES OF THE IBEW LOCAL UNION NO 271 NECA 401(K)RETIREMENT PLAN

TRUSTEES OF THE IBEW LOCAL UNION NO 271 NECA 401(K)RETIREMENT PLANEIN 48-0859301Plan #002PY 2023

810 W DOUGLAS, SUITE E - WICHITA, KS 672036133316-265-7067

Prospect flagsLow returnsHigh fees

How to read this page

Total assets (EOY)

$136.9M

-7.9% from 2022

Total participants

800

+1.7% from 2022

Average account balance

$173,256

-9.1% from 2022

Annual return

-6.16%

-17.71 pp from 2022

Benchmarks

See 1,503 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants250-999

Cohort1,503 peers

Snapshot2023

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Analytics

Total assets (EOY)

Plan-year ending balance

$185.27M

Not enough data

1 years with asset history on file

Average account balance

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

$213K

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.

870

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

$9.77M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$13K

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

+13.11%

Not enough data

1 years with return on file

Admin fee / account holder

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

$487

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 6 by compensation

Provider	Service type	Compensation
PRINCIPAL LIFE INSURANCE COMPANY8+ years Service code 13 · EIN 42-0127290 PO BOX 9394 · DES MOINES, IA 50305	Contract Administrator	$173,770
KANSAS CHAPTER NECA1 year Filed as: KANSAS NECA CHAPTER Service code 13 · EIN 48-0503980 810 W DOUGLAS ST E · WICHITA, KS 67203	Contract Administrator	$125,844
MORROW & CO., LLC8+ years Service code 10 · EIN 48-1142797 421 E 3RD ST N · WICHITA, KS 67202	Accounting	$24,777
THE TRAVELERS INDEMNITY COMPANY2 years Filed as: TRAVELERS INSURANCE Service code 23 · EIN 06-0566050	Direct payment from the plan; Insuran...	$13,757
MCAFEE & TAFT8+ years Service code 29 · EIN 73-0781676 1717 S BOULDER SUITE 900 · TULSA, OK 74119	Legal	$9,737
IMA WEALTH INC3 years Filed as: IMA WEALTH Service code 27 · EIN 48-1233289	Advisory (Plan)	$87

Plan features & details

Pension benefit codes2E2F2G2J2T3C

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.
2T
Default investment account
Total or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.
3C
Plan not intended to be qualified
A plan not intended to be qualified under Code sections 401 403 or 408.

Opportunity flags

2 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II

Admin total

$352K

$522 / participant

Investment mgmt$174K49.4%
Contract admin$126K35.8%
Other / not subdivided$52K14.8%

% of EOY assets

0.257%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

The auditor signed off without reservation. This is the cleanest opinion.

Auditor firm: MORROW & CO. LLC CPAS
Auditor EIN: 481142797
Audit fees: (not subdivided)
Opinion code: Unqualified

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$173,256

$92,971+86.4%

$96,683+79.2%

$74,419+132.8%

Participation rate

98.5%

71.5%+27.0pp

74.3%+24.2pp

70.7%+27.8pp

Annual return

-6.16%

37.49%-43.6pp

35.69%-41.9pp

34.38%-40.5pp

Employer contribution / active EE

$8,723

$3,426+154.6%

$3,737+133.4%

$2,637+230.7%

Participant deferral / active EE

$2,432

$3,970-38.7%

$4,878-50.1%

$4,528-46.3%

Admin fee / account holder

$445

$633-29.7%

$6,730-93.4%

$348+27.9%

Provider

Service type

Compensation

PRINCIPAL LIFE INSURANCE COMPANY8+ years

Service code 13 · EIN 42-0127290

PO BOX 9394 · DES MOINES, IA 50305

Contract Administrator

$173,770

KANSAS CHAPTER NECA1 year

Filed as: KANSAS NECA CHAPTER

Service code 13 · EIN 48-0503980

810 W DOUGLAS ST E · WICHITA, KS 67203

Contract Administrator

$125,844

MORROW & CO., LLC8+ years

Service code 10 · EIN 48-1142797

421 E 3RD ST N · WICHITA, KS 67202

Accounting

$24,777

THE TRAVELERS INDEMNITY COMPANY2 years

Filed as: TRAVELERS INSURANCE

Service code 23 · EIN 06-0566050

Direct payment from the plan; Insuran...

$13,757

MCAFEE & TAFT8+ years

Service code 29 · EIN 73-0781676

1717 S BOULDER SUITE 900 · TULSA, OK 74119

Legal

$9,737

IMA WEALTH INC3 years

Filed as: IMA WEALTH

Service code 27 · EIN 48-1233289

Advisory (Plan)

$87

IBEW LOCAL UNION 271 NECA 401(K) RETIREMENT PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

IBEW LOCAL UNION 271 NECA 401(K) RETIREMENT 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