Retirement plan

MIDREX 401(K) PLAN

Name: MIDREX TECHNOLOGIES, INC. - MIDREX 401(K) PLAN (2020) Form 5500
Creator: MIDREX TECHNOLOGIES, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, MIDREX 401(K) PLAN, MIDREX TECHNOLOGIES, INC.

MIDREX TECHNOLOGIES, INC.EIN 52-1791274Plan #002PY 2020

3735 GLEN LAKES DRIVE, SUITE 400 - CHARLOTTE, NC 28208704-373-1600midrex.comLinkedIn201-500 employeesmechanical or industrial engineering

Prospect flagsLow returnsHigh feesHigh assets / participant

Top hat statement on fileNQDC

Filed September 20, 2024 (most recent of 2 filings on file)

Plan administrator

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3735 Glen Lake Drive, Suite 400

Charlotte, NC 28208

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Plans declared (1)

Midrex Deferred Compensation Plan30 emp

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Total assets (EOY)

$51.1M

+5.4% from 2019

Total participants

197

-10.5% from 2019

Average account balance

$271,604

+15.5% from 2019

Annual return

11.78%

-9.29 pp from 2019

Benchmarks

See 5,591 peers

Peer group

Industry54 - Professional, Scientific, and Technical Services

Plan typeDefined contribution

Participants100-249

Cohort5,591 peers

Snapshot2020

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

Analytics

Total assets (EOY)

Plan-year ending balance

$59.89M

Not enough data

1 years with asset history on file

Average account balance

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

$216K

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.

277

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.

97.6%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$4.32M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$20K

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

+13.94%

Not enough data

1 years with return on file

Admin fee / account holder

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

$457

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 10 of 15 by compensation

Provider	Service type	Compensation
MASSACHUSETTS MUTUAL LIFE INS. CO.5 years Service code 52 · EIN 04-1590850	Indirect Investment Fees	$123,339
ENVESTNET RETIREMENT SOLUTIONS, LLC5 years Service code 26 · EIN 61-1732930	Advisory (Participants)	$131
AB FUNDS4 years Service code 52 · EIN 13-4071393	Indirect Investment Fees	$0
AMERICAN CENTURY4 years Service code 52 · EIN 43-1646043	Indirect Investment Fees	$0
AMERICAN FUNDS4 years Service code 52 · EIN 95-1411037	Indirect Investment Fees	$0
THE BANK OF NEW YORK MELLON2 years Filed as: BNY MELLON Service code 52 · EIN 13-3851784	Indirect Investment Fees	$0
FIDELITY INVESTMENTS INSTITUTIONAL4 years Filed as: FIDELITY ADVISOR Service code 52 · EIN 04-3022712	Indirect Investment Fees	$0
INVESCO2 years Service code 52 · EIN 93-1036175	Indirect Investment Fees	$0
IVY FUNDS4 years Service code 52 · EIN 04-6006759	Indirect Investment Fees	$0
MANNING & NAPIER4 years Service code 52 · EIN 16-1371994	Indirect Investment Fees	$0

Plan features & details

Pension benefit codes2E2J2F2G2K3D3F3H2T

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.
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.
3F
Leased employees
Plan sponsor(s) received services of leased employees as defined in Code section 414(n) during the plan year.
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

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.
InformationalHigh assets / participant
Assets per participant exceed $250,000 - top-decile high-value plan.

Expense breakdown

Schedule H Part II

Admin total

$123K

$811 / participant

Investment mgmt$121K97.8%
Contract admin$2K1.5%
Other / not subdivided$8690.7%

% of EOY assets

0.242%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Disclaimer opinion

Auditor declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.

Auditor firm: BGW CPA, PLLC
Auditor EIN: 461302809
Audit fees: (not subdivided)
Opinion code: Disclaimer

Metric

This plan

Peer set

Industry

Size

Avg account balance

$271,604

$99,957+171.7%

$149,715+81.4%

$73,493+269.6%

Participation rate

94.1%

75.7%+18.4pp

82.5%+11.6pp

70.7%+23.4pp

Annual return

11.78%

53.87%-42.1pp

276.66%-264.9pp

28.51%-16.7pp

Employer contribution / active EE

$6,744

$3,191+111.3%

$4,645+45.2%

$2,270+197.1%

Participant deferral / active EE

$10,589

$6,073+74.4%

$6,842+54.8%

$3,740+183.2%

Admin fee / account holder

$656

$551+19.1%

$9,310-93.0%

$513+27.9%

Provider

Service type

Compensation

MASSACHUSETTS MUTUAL LIFE INS. CO.5 years

Service code 52 · EIN 04-1590850

Indirect Investment Fees

$123,339

ENVESTNET RETIREMENT SOLUTIONS, LLC5 years

Service code 26 · EIN 61-1732930

Advisory (Participants)

$131

AB FUNDS4 years

Service code 52 · EIN 13-4071393

Indirect Investment Fees

AMERICAN CENTURY4 years

Service code 52 · EIN 43-1646043

Indirect Investment Fees

AMERICAN FUNDS4 years

Service code 52 · EIN 95-1411037

Indirect Investment Fees

THE BANK OF NEW YORK MELLON2 years

Filed as: BNY MELLON

Service code 52 · EIN 13-3851784

Indirect Investment Fees

FIDELITY INVESTMENTS INSTITUTIONAL4 years

Filed as: FIDELITY ADVISOR

Service code 52 · EIN 04-3022712

Indirect Investment Fees

INVESCO2 years

Service code 52 · EIN 93-1036175

Indirect Investment Fees

IVY FUNDS4 years

Service code 52 · EIN 04-6006759

Indirect Investment Fees

MANNING & NAPIER4 years

Service code 52 · EIN 16-1371994

Indirect Investment Fees

MIDREX 401(K) PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

MIDREX 401(K) PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

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