Retirement plan

L&M FAMILY OF COMPANIES 401(K) AND PROFIT SHARING PLAN

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

L&M COMPANIES, INC.EIN 56-0811549Plan #001PY 2024

2925 HUNTLEIGH DRIVE, SUITE 204 - RALEIGH, NC 27604919-981-8097lmcompanies.comLinkedIn51-200 employeesfood production

Prospect flagsHigh feesLow participationHigh assets / participantFailed to transmit contributions

How to read this page

Total assets (EOY)

$50.3M

+10.5% from 2023

Total participants

281

+6.0% from 2023

Average account balance

$252,938

+15.5% from 2023

Annual return

11.58%

-3.45 pp from 2023

Benchmarks

See 2,344 peers

Peer group

Industry42 - Wholesale Trade

Plan typeDefined contribution

Participants100-249

Cohort2,344 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$50.33M

Not enough data

1 years with asset history on file

Average account balance

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

$253K

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.

199

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.

63.2%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$2.19M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$10K

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

+11.58%

Not enough data

1 years with return on file

Admin fee / account holder

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

$442

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 2 by compensation

Provider	Service type	Compensation
PRINCIPAL LIFE INSURANCE COMPANY4 years Service code 13 · EIN 42-0127290	Contract Administrator	$55,879
INVESTMENT RESEARCH & ADVISORY GROU4 years Filed as: INVESTMENT RESEARCH & AD Service code 27 · EIN 58-1989031	Advisory (Plan)	$32,005

Plan features & details

Pension benefit codes2A2E2F2G2J2K2S2T2U3D3H

Plan features

2A
Age/service weighted or new comparability plan
Age/service weighted plan where allocations are based on age service or age and service; or new comparability or similar plan where allocations are based on participant classifications consisting entirely or predominantly of highly compensated employees or the plan provides an additional allocation rate on compensation above a specified threshold that exceeds the permitted disparity limits of Code section 401(l).
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.
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

4 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
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).
InformationalHigh assets / participant
Assets per participant exceed $250,000 - top-decile high-value plan.

Expense breakdown

Schedule H Part II

Admin total

$88K

$394 / participant

Investment mgmt$32K36.4%
Contract admin$56K63.6%

% of EOY assets

0.175%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: CHERRY BEKAERT LLP
Auditor EIN: 560574444
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$252,938

$88,203+186.8%

$165,100+53.2%

$74,478+239.6%

Participation rate

63.2%

73.1%-9.9pp

78.6%-15.4pp

67.2%-4.0pp

Annual return

11.58%

17.13%-5.6pp

70.21%-58.6pp

1370.56%-1359.0pp

Employer contribution / active EE

$4,051

$2,601+55.8%

$4,348-6.8%

$2,626+54.3%

Participant deferral / active EE

$5,778

$4,505+28.3%

$6,035-4.3%

$4,350+32.8%

Admin fee / account holder

$442

$2,235-80.2%

$12,696-96.5%

$1,946-77.3%

Provider

Service type

Compensation

PRINCIPAL LIFE INSURANCE COMPANY4 years

Service code 13 · EIN 42-0127290

Contract Administrator

$55,879

INVESTMENT RESEARCH & ADVISORY GROU4 years

Filed as: INVESTMENT RESEARCH & AD

Service code 27 · EIN 58-1989031

Advisory (Plan)

$32,005

L&M FAMILY OF COMPANIES 401(K) AND PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

L&M FAMILY OF COMPANIES 401(K) AND PROFIT SHARING 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