Retirement plan

STEELFAB, INC. PROFIT SHARING AND 401(K) PLAN

Name: STEELFAB, INC. - STEELFAB, INC. PROFIT SHARING AND 401(K) PLAN (2024) Form 5500
Creator: STEELFAB, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, STEELFAB, INC. PROFIT SHARING AND 401(K) PLAN, STEELFAB, INC.

STEELFAB, INC.EIN 56-0713333Plan #001PY 2024

8623 OLD DOWD ROAD - CHARLOTTE, NC 28214704-394-5376steelfab-inc.comLinkedIn501-1000 employeesconstruction

Prospect flagsFailed to transmit contributionsCorrective distributions

How to read this page

Total assets (EOY)

$102.4M

+22.0% from 2023

Total participants

2,193

+18.5% from 2023

Average account balance

$54,613

+2.0% from 2023

Annual return

12.98%

-3.59 pp from 2023

Benchmarks

See 840 peers

Peer group

Industry33 - Manufacturing

Plan typeDefined contribution

Participants1,000-4,999

Cohort840 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$102.40M

Not enough data

1 years with asset history on file

Average account balance

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

$55K

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.

1,875

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.

84.2%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$14.27M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$7K

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

+12.98%

Not enough data

1 years with return on file

Admin fee / account holder

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

$130

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 3 by compensation

Provider	Service type	Compensation
PRINCIPAL LIFE INSURANCE COMPANY4 years Service code 13 · EIN 42-0127290	Contract Administrator	$188,042
NFP RETIREMENT INC2 years Filed as: NFP Service code 13 · EIN 74-2794194	Contract Administrator	$32,491
MERRILL LYNCH PIERCE FENNER & SMITH1 year Filed as: MERRILL LYNCH RETIREMENT Service code 13 · EIN 13-5674085	Contract Administrator	$23,328

Plan features & details

Pension benefit codes2E2F2G2J2K2T2U3H

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.
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

2 tripped

ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$244K

$121 / participant

Investment mgmt$32K13.3%
Contract admin$211K86.7%

% of EOY assets

0.238%

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: GREER WALKER LLP
Auditor EIN: 561734747
Audit fees: (not subdivided)
Opinion code: Disclaimer

Metric

This plan

Peer set

Industry

Size

Avg account balance

$54,613

$110,282-50.5%

$102,434-46.7%

$199,960-72.7%

Participation rate

84.2%

86.3%-2.0pp

76.5%+7.7pp

72.0%+12.2pp

Annual return

12.98%

35.75%-22.8pp

29.46%-16.5pp

34.28%-21.3pp

Employer contribution / active EE

$2,837

$3,603-21.3%

$3,023-6.2%

$3,036-6.6%

Participant deferral / active EE

$4,240

$6,376-33.5%

$5,055-16.1%

$5,087-16.7%

Admin fee / account holder

$130

$122+6.4%

$9,462-98.6%

$269-51.7%

Provider

Service type

Compensation

PRINCIPAL LIFE INSURANCE COMPANY4 years

Service code 13 · EIN 42-0127290

Contract Administrator

$188,042

NFP RETIREMENT INC2 years

Filed as: NFP

Service code 13 · EIN 74-2794194

Contract Administrator

$32,491

MERRILL LYNCH PIERCE FENNER & SMITH1 year

Filed as: MERRILL LYNCH RETIREMENT

Service code 13 · EIN 13-5674085

Contract Administrator

$23,328

STEELFAB, INC. PROFIT SHARING AND 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

STEELFAB, INC. PROFIT SHARING AND 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