Retirement plan

ERNEST SPENCER METALS, INC. SALARY SAVINGS PLAN

Name: ERNEST SPENCER METALS, INC. - ERNEST SPENCER METALS, INC. SALARY SAVINGS PLAN (2024) Form 5500
Creator: ERNEST SPENCER METALS, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, ERNEST SPENCER METALS, INC. SALARY SAVINGS PLAN, ERNEST SPENCER METALS, INC.

ERNEST SPENCER METALS, INC.EIN 48-1134102Plan #001PY 2024

3323 EAST 82ND STREET - MERIDEN, KS 66512785-484-3165ernestspencer.comLinkedIn201-500 employeesconstruction

Prospect flagsLow returnsHigh feesLow employer contributionLow fidelity bond

How to read this page

Total assets (EOY)

$4.3M

+17.0% from 2023

Total participants

185

+5.1% from 2023

Average account balance

$27,853

+8.7% from 2023

Annual return

11.08%

-4.51 pp from 2023

Benchmarks

See 3,445 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants100-249

Cohort3,445 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$4.35M

Not enough data

1 years with asset history on file

Average account balance

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

$28K

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.

156

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.

81.8%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$520K

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

+11.08%

Not enough data

1 years with return on file

Admin fee / account holder

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

$392

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 7 by compensation

Provider	Service type	Compensation
CHANGE PATH LLC4 years Service code 27 11460 TOMAHAWK CREEK PKWY · LEAWOOD, KS 66211	Advisory (Plan)	$19,743
GREAT-WEST LIFE & ANNUITY INSURANCE3 years Filed as: EMPOWER ANNUITY INSURANCE COMPANY Service code 64 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$18,064
SUMMERS, SPENCER & COMPANY PA9 years Filed as: SUMMERS SPENCER & COMPANY, PA Service code 10 5825 SW 29TH ST · TOPEKA, KS 66614	Accounting	$12,250
ERP RETIREMENT SERVICES2 years Filed as: ERP NATIONAL LLC Service code 13 DBA ERP RETIREMENT SERVICES · MELVILLE, NY 11747	Contract Administrator	$8,836
CREATIVE PLANNING LLC3 years Service code 27 5440 W 110TH ST · OVERLAND PARK, KS 66211	Advisory (Plan)	$3,949
ERP RETIREMENT SERVICES2 years Filed as: ERP NATIONAL LLC DBA ERP RETIREMENT Service code 13	Contract Administrator	$3,948
GREAT-WEST LIFE & ANNUITY INSURANCE3 years Filed as: EMPOWER ADVISORY GROUP, LLC Service code 28 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Investment Management	$2,032

Plan features & details

Pension benefit codes2E2F2G2J2K2S2T3D

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.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
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.
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.

Opportunity flags

4 tripped

OpportunityLow employer contribution
Employer 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.)
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
ComplianceLow fidelity bond
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).

Expense breakdown

Schedule H Part II

Admin total

$61K

$385 / participant

Salaries / allowances$61K100.0%

% of EOY assets

1.408%

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: SSC CPAS, P.A.
Auditor EIN: 481215584
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$27,853

$80,763-65.5%

$102,412-72.8%

$74,459-62.6%

Participation rate

81.8%

65.7%+16.1pp

74.5%+7.3pp

67.2%+14.5pp

Annual return

11.08%

27.57%-16.5pp

24.94%-13.9pp

1369.70%-1358.6pp

Employer contribution / active EE

$548

$3,160-82.7%

$3,870-85.8%

$2,626-79.1%

Participant deferral / active EE

$2,724

$3,862-29.5%

$5,060-46.2%

$4,350-37.4%

Admin fee / account holder

$392

$2,371-83.5%

$8,388-95.3%

$1,945-79.8%

Provider

Service type

Compensation

CHANGE PATH LLC4 years

Service code 27

11460 TOMAHAWK CREEK PKWY · LEAWOOD, KS 66211

Advisory (Plan)

$19,743

GREAT-WEST LIFE & ANNUITY INSURANCE3 years

Filed as: EMPOWER ANNUITY INSURANCE COMPANY

Service code 64

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$18,064

SUMMERS, SPENCER & COMPANY PA9 years

Filed as: SUMMERS SPENCER & COMPANY, PA

Service code 10

5825 SW 29TH ST · TOPEKA, KS 66614

Accounting

$12,250

ERP RETIREMENT SERVICES2 years

Filed as: ERP NATIONAL LLC

Service code 13

DBA ERP RETIREMENT SERVICES · MELVILLE, NY 11747

Contract Administrator

$8,836

CREATIVE PLANNING LLC3 years

Service code 27

5440 W 110TH ST · OVERLAND PARK, KS 66211

Advisory (Plan)

$3,949

ERP RETIREMENT SERVICES2 years

Filed as: ERP NATIONAL LLC DBA ERP RETIREMENT

Service code 13

Contract Administrator

$3,948

GREAT-WEST LIFE & ANNUITY INSURANCE3 years

Filed as: EMPOWER ADVISORY GROUP, LLC

Service code 28

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Investment Management

$2,032

ERNEST SPENCER METALS, INC. SALARY SAVINGS PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

ERNEST SPENCER METALS, INC. SALARY 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