Retirement plan

AIR POWER, INC. AND PRODUCTION SYSTEMS, INC. RETIREMENT SAVINGS AND PROFIT SHARING PLAN

Name: AIR POWER, INC. - AIR POWER, INC. AND PRODUCTION SYSTEMS, INC. RETIREMENT SAVINGS AND PROFIT SHARING PLAN (2016) Form 5500
Creator: AIR POWER, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, AIR POWER, INC. AND PRODUCTION SYSTEMS, INC. RETIREMENT SAVINGS AND PROFIT SHARING PLAN, AIR POWER, INC.

AIR POWER, INC.EIN 56-0898308Plan #001PY 2016

1430 TRINITY AVENUE - HIGH POINT, NC 27260336-886-5081

Prospect flagsLow returnsHigh feesFailed to transmit contributionsCorrective distributions

How to read this page

Total assets (EOY)

$14.8M

No prior year

Total participants

152

No prior year

Average account balance

$132,032

No prior year

Annual return

4.59%

No prior year

Benchmarks

See 4,221 peers

Peer group

Industry33 - Manufacturing

Plan typeDefined contribution

Participants100-249

Cohort4,221 peers

Snapshot2016

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

Analytics

Total assets (EOY)

Plan-year ending balance

$18.05M

Not enough data

1 years with asset history on file

Average account balance

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

$121K

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.

149

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.

94.5%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$77K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$609

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

-2.89%

Not enough data

1 years with return on file

Admin fee / account holder

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

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 2 by compensation

Provider	Service type	Compensation
DAVENPORT & COMPANY LLC1+ years Filed as: DAVENPORT & COMPANY, LLC Service code 26 · EIN 54-1835842	Advisory (Participants)	$55,371
CDM RETIREMENT CONSULTANTS, INC.1+ years Service code 15 · EIN 52-2136664	Recordkeeping	$18,695

Plan features & details

Pension benefit codes2E2F2G2J2K3D3H2T

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.
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

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.
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

$74K

$537 / participant

Investment mgmt$55K74.8%
Other / not subdivided$19K25.2%

% of EOY assets

0.501%

all-in expense ratio

Categories reported

1 / 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: SHARRARD, MCGEE & CO., P.A.
Auditor EIN: 561146197
Audit fees: (not subdivided)
Opinion code: Disclaimer

Metric

This plan

Peer set

Industry

Size

Avg account balance

$132,032

$60,165+119.4%

$74,184+78.0%

$55,167+139.3%

Participation rate

71.0%

74.2%-3.1pp

76.6%-5.6pp

69.0%+2.0pp

Annual return

4.59%

10.00%-5.4pp

17.74%-13.1pp

169.23%-164.6pp

Employer contribution / active EE

$1,001

$1,600-37.4%

$2,370-57.8%

$1,963-49.0%

Participant deferral / active EE

$2,749

$2,973-7.5%

$3,550-22.5%

$3,054-10.0%

Admin fee / account holder

$661

$419+57.7%

$5,586-88.2%

$504+31.2%

Provider

Service type

Compensation

DAVENPORT & COMPANY LLC1+ years

Filed as: DAVENPORT & COMPANY, LLC

Service code 26 · EIN 54-1835842

Advisory (Participants)

$55,371

CDM RETIREMENT CONSULTANTS, INC.1+ years

Service code 15 · EIN 52-2136664

Recordkeeping

$18,695

AIR POWER, INC. AND PRODUCTION SYSTEMS, INC. RETIREMENT SAVINGS AND PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

AIR POWER, INC. AND PRODUCTION SYSTEMS, INC. RETIREMENT SAVINGS 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