Retirement plan

SUMITOMO ELECTRIC GROUP 401(K) PLAN

Name: SUMITOMO ELECTRIC U.S.A HOLDINGS, INC. - SUMITOMO ELECTRIC GROUP 401(K) PLAN (2024) Form 5500
Creator: SUMITOMO ELECTRIC U.S.A HOLDINGS, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SUMITOMO ELECTRIC GROUP 401(K) PLAN, SUMITOMO ELECTRIC U.S.A HOLDINGS, INC.

SUMITOMO ELECTRIC U.S.A HOLDINGS, INC.EIN 56-1646307Plan #001PY 2024

600 5TH AVENUE18TH FLOOR - NEW YORK, NY 10020646-640-2495LinkedIn11-50 employeesexecutive office

Prospect flagsFailed to transmit contributionsCorrective distributions

How to read this page

Total assets (EOY)

$246.1M

+38.3% from 2023

Total participants

2,484

+60.5% from 2023

Average account balance

$111,190

-7.1% from 2023

Annual return

45.11%

+29.10 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

$246.06M

Not enough data

1 years with asset history on file

Average account balance

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

$111K

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.

2,213

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.

85.8%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$12.92M

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

+45.11%

Not enough data

1 years with return on file

Admin fee / account holder

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

$109

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
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: EMPOWER ANNUITY INSURANCE COMPANY Service code 64 · EIN 06-1050034 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$159,265
CAPFINANCIAL PARTNERS LLC2 years Filed as: CAPFINANCIAL PARTNERS LLC DBA CAPTR Service code 99 4208 SIX FORKS RD STE 1700 · RALEIGH, NC 27609	Other Fees	$53,066
THE WAGNER LAW GROUP5 years Service code 29 99 SUMMER ST 13TH FLOOR · BOSTON, MA 02110	Legal	$40,000

Plan features & details

Pension benefit codes2E2F2G2K2S2T3D3H

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.
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

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

$242K

$126 / participant

Recordkeeping$143K59.0%
Actuarial$40K16.6%
Other trustee fees$53K22.0%
Other / not subdivided$6K2.4%

% of EOY assets

0.098%

all-in expense ratio

Categories reported

3 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: BORIS, BENIC & ASSOCIATES LLP
Auditor EIN: 542190047
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$111,190

$110,282+0.8%

$102,423+8.6%

$199,921-44.4%

Participation rate

85.8%

86.3%-0.5pp

76.5%+9.3pp

72.0%+13.8pp

Annual return

45.11%

35.75%+9.4pp

29.42%+15.7pp

34.28%+10.8pp

Employer contribution / active EE

$2,424

$3,603-32.7%

$3,023-19.8%

$3,035-20.2%

Participant deferral / active EE

$4,335

$6,376-32.0%

$5,054-14.2%

$5,089-14.8%

Admin fee / account holder

$109

$122-10.7%

$9,455-98.8%

$269-59.4%

Provider

Service type

Compensation

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: EMPOWER ANNUITY INSURANCE COMPANY

Service code 64 · EIN 06-1050034

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$159,265

CAPFINANCIAL PARTNERS LLC2 years

Filed as: CAPFINANCIAL PARTNERS LLC DBA CAPTR

Service code 99

4208 SIX FORKS RD STE 1700 · RALEIGH, NC 27609

Other Fees

$53,066

THE WAGNER LAW GROUP5 years

Service code 29

99 SUMMER ST 13TH FLOOR · BOSTON, MA 02110

Legal

$40,000

SUMITOMO ELECTRIC GROUP 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SUMITOMO ELECTRIC GROUP 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