Retirement plan

IBEW LOCAL 332 PENSION PLAN PART B

Name: BOARD OF TRUSTEEES, IBEW LOCAL 332 PENSION PLAN PART B - IBEW LOCAL 332 PENSION PLAN PART B (2023) Form 5500
Creator: BOARD OF TRUSTEEES, IBEW LOCAL 332 PENSION PLAN PART B
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, IBEW LOCAL 332 PENSION PLAN PART B, BOARD OF TRUSTEEES, IBEW LOCAL 332 PENSION PLAN PART B

BOARD OF TRUSTEEES, IBEW LOCAL 332 PENSION PLAN PART BEIN 51-6105118Plan #005PY 2023

6800 SANTA TERESA BLVD STE 100 - SAN JOSE, CA 95119408-288-4400

Prospect flagsHigh feesFailed to transmit contributions

How to read this page

Total assets (EOY)

$788.5M

-5.9% from 2016

Total participants

4,102

+18.5% from 2016

Average account balance

$197,573

-21.0% from 2016

Annual return

11.83%

-6.33 pp from 2016

Benchmarks

See 531 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants1,000-4,999

Cohort531 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$885.74M

Not enough data

1 years with asset history on file

Average account balance

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

$222K

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.

3,981

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.

92.4%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$54.74M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$25K

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

+10.93%

Not enough data

1 years with return on file

Admin fee / account holder

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

$336

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 10 by compensation

Provider	Service type	Compensation
UNITED ADMINISTRATIVE SERVICES9+ years Service code 13 · EIN 94-1749354	Contract Administrator	$298,642
NWPS1 year Service code 15 · EIN 91-2090931	Recordkeeping	$210,195
FERGUSON WELLMAN CAPITAL MANAGEMENT9+ years Filed as: FERGUSON WELLMAN Service code 28 · EIN 93-0646988	Investment Management	$182,782
EIDE BAILLY LLP4 years Service code 10 · EIN 45-0250958	Accounting	$103,764
MATRIX TRUST COMPANY9+ years Service code 21 · EIN 75-3182674	Bank Trustee	$87,293
WELLS FARGO BANK, N.A.9+ years Filed as: WELLS FARGO ADVISORS Service code 26 · EIN 23-2384840	Advisory (Participants)	$69,000
KRAW LAW GROUP9+ years Service code 29 · EIN 77-0171216	Legal	$45,111
SMART SOURCE LLC1 year Filed as: SMART SOURCE CRITICAL COMMUNICATION Service code 36 7270 MCGINNIS FERRY RD · SUWANEE, GA 30024	Direct payment from the plan; Copying...	$44,051
J HERRLE1 year Filed as: JOSEPH HERRLE Service code 17 · EIN 93-0692196	Pension Consulting	$24,420
RVK, INC.1 year Filed as: RV KUHNS & ASSOCIATES, INC Service code 16 222 SW COLUMBIA ST STE 600 · PORTLAND, OR 97201	Consulting	$7,500

Plan features & details

Pension benefit codes2E2J2S2T

Plan features

2E
Profit-sharing
Profit-sharing plan.
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.
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.

Opportunity flags

2 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).

Expense breakdown

Schedule H Part II

Admin total

$1.5M

$696 / participant

Recordkeeping$266K17.3%
Trustee / custodial$87K5.7%
Investment mgmt$515K33.4%
Legal$45K2.9%
Other trustee fees$19K1.2%
Contract admin$299K19.4%
Other / not subdivided$310K20.1%

% of EOY assets

0.195%

all-in expense ratio

Categories reported

6 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: MILLER KAPLAN ARASE LLP
Auditor EIN: 952036255
Audit fees: $47,470
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$197,573

$88,479+123.3%

$96,543+104.6%

$80,187+146.4%

Participation rate

95.0%

79.9%+15.1pp

74.3%+20.6pp

72.9%+22.0pp

Annual return

11.83%

22.53%-10.7pp

35.75%-23.9pp

40.40%-28.6pp

Employer contribution / active EE

$14,168

$4,177+239.2%

$3,741+278.8%

$2,980+375.5%

Participant deferral / active EE

$7,540

$3,961+90.4%

$4,880+54.5%

$5,016+50.3%

Admin fee / account holder

$386

$211+82.7%

$6,737-94.3%

$145+166.4%

Provider

Service type

Compensation

UNITED ADMINISTRATIVE SERVICES9+ years

Service code 13 · EIN 94-1749354

Contract Administrator

$298,642

NWPS1 year

Service code 15 · EIN 91-2090931

Recordkeeping

$210,195

FERGUSON WELLMAN CAPITAL MANAGEMENT9+ years

Filed as: FERGUSON WELLMAN

Service code 28 · EIN 93-0646988

Investment Management

$182,782

EIDE BAILLY LLP4 years

Service code 10 · EIN 45-0250958

Accounting

$103,764

MATRIX TRUST COMPANY9+ years

Service code 21 · EIN 75-3182674

Bank Trustee

$87,293

WELLS FARGO BANK, N.A.9+ years

Filed as: WELLS FARGO ADVISORS

Service code 26 · EIN 23-2384840

Advisory (Participants)

$69,000

KRAW LAW GROUP9+ years

Service code 29 · EIN 77-0171216

Legal

$45,111

SMART SOURCE LLC1 year

Filed as: SMART SOURCE CRITICAL COMMUNICATION

Service code 36

7270 MCGINNIS FERRY RD · SUWANEE, GA 30024

Direct payment from the plan; Copying...

$44,051

J HERRLE1 year

Filed as: JOSEPH HERRLE

Service code 17 · EIN 93-0692196

Pension Consulting

$24,420

RVK, INC.1 year

Filed as: RV KUHNS & ASSOCIATES, INC

Service code 16

222 SW COLUMBIA ST STE 600 · PORTLAND, OR 97201

Consulting

$7,500

IBEW LOCAL 332 PENSION PLAN PART B

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

IBEW LOCAL 332 PENSION PLAN PART B

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