Retirement plan

UFCW LOCAL 342 SAVINGS AND 401(K) PLAN

Name: BOARD OF TRUSTEES UFCW LOCAL 342 SAVINGS AND 401(K) - UFCW LOCAL 342 SAVINGS AND 401(K) PLAN (2024) Form 5500
Creator: BOARD OF TRUSTEES UFCW LOCAL 342 SAVINGS AND 401(K)
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, UFCW LOCAL 342 SAVINGS AND 401(K) PLAN, BOARD OF TRUSTEES UFCW LOCAL 342 SAVINGS AND 401(K)

BOARD OF TRUSTEES UFCW LOCAL 342 SAVINGS AND 401(K)EIN 56-2364474Plan #001PY 2024

1461 LAKELAND AVE. SUITE 1 - BOHEMIA, NY 117162174516-747-5980

Prospect flagsLow returnsLow assets / participantLow participant contributionFailed to transmit contributions

How to read this page

Total assets (EOY)

$125M

+12.8% from 2023

Total participants

12,041

+16.3% from 2023

Average account balance

$10,385

-3.0% from 2023

Annual return

11.10%

-3.46 pp from 2023

Benchmarks

See 61 peers

Peer group

Industry44 - Retail Trade

Plan typeDefined contribution

Participants5,000-9,999

Cohort61 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$125.05M

Not enough data

1 years with asset history on file

Average account balance

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

$10K

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.

12,041

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.

100.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$9.53M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$1K

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

+11.10%

Not enough data

1 years with return on file

Admin fee / account holder

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

$105

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 8 by compensation

Provider	Service type	Compensation
JOHN HANCOCK LIFE INSURANCE COMPANY9 years Filed as: JOHN HANCOCK RETIREMENT PLAN SERVIC Service code 13 · EIN 01-0233346	Contract Administrator	$351,457
AMCU & RFSEU LOCAL 342 WELFARE FUND10+ years Filed as: UFCW LOCAL 342 WELFARE FUND Service code 15 · EIN 11-1896894	Recordkeeping	$130,000
UFCW LOCAL 342 UNION10+ years Filed as: UFCW LOCAL 342 OPERATING ACCOUNT Service code 14 · EIN 11-1890603	Plan Administrator	$120,000
UFCW LOCAL 342 UNION9 years Filed as: UFCW LOCAL 342 Service code 15 · EIN 11-1890603	Recordkeeping	$59,000
ARCHER, BYINGTON, GLENNON & LEVINE10+ years Filed as: ARCHER BYINGTON GLENNON & LEVINE Service code 29 · EIN 26-0873462	Legal	$40,480
NOVAK FRANCELLA LLC10+ years Service code 10 · EIN 61-1436956	Accounting	$39,062
QUAN-VEST CONSULTANTS, INC.7 years Filed as: QUAN-VEST CONSULTANTS Service code 28 · EIN 11-2559669	Investment Management	$28,413
SOLARUS TECHNOLOGIES1 year Service code 15 · EIN 45-5263753	Recordkeeping	$7,319

Plan features & details

Pension benefit codes2A2E2G

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.
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.

Opportunity flags

4 tripped

OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
OpportunityLow assets / participant
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).

Expense breakdown

Schedule H Part II

Admin total

$1.3M

$134 / participant

Recordkeeping$6K0.5%
Investment mgmt$31K2.5%
Legal$43K3.4%
Salaries / allowances$518K41.1%
Contract admin$351K27.9%
Other / not subdivided$312K24.7%

% of EOY assets

1.009%

all-in expense ratio

Categories reported

5 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: NOVAK FRANCELLA, LLC
Auditor EIN: 611436956
Audit fees: $32,990
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$10,385

$47,202-78.0%

$93,696-88.9%

$99,314-89.5%

Participation rate

100.0%

57.3%+42.7pp

68.7%+31.3pp

71.7%+28.3pp

Annual return

11.10%

13.08%-2.0pp

133.74%-122.6pp

17.67%-6.6pp

Employer contribution / active EE

$798

$1,134-29.6%

$2,422-67.1%

$3,264-75.6%

Participant deferral / active EE

$211

$2,296-90.8%

$4,417-95.2%

$5,346-96.0%

Admin fee / account holder

$105

$86+21.9%

$8,287-98.7%

$109-4.1%

Provider

Service type

Compensation

JOHN HANCOCK LIFE INSURANCE COMPANY9 years

Filed as: JOHN HANCOCK RETIREMENT PLAN SERVIC

Service code 13 · EIN 01-0233346

Contract Administrator

$351,457

AMCU & RFSEU LOCAL 342 WELFARE FUND10+ years

Filed as: UFCW LOCAL 342 WELFARE FUND

Service code 15 · EIN 11-1896894

Recordkeeping

$130,000

UFCW LOCAL 342 UNION10+ years

Filed as: UFCW LOCAL 342 OPERATING ACCOUNT

Service code 14 · EIN 11-1890603

Plan Administrator

$120,000

UFCW LOCAL 342 UNION9 years

Filed as: UFCW LOCAL 342

Service code 15 · EIN 11-1890603

Recordkeeping

$59,000

ARCHER, BYINGTON, GLENNON & LEVINE10+ years

Filed as: ARCHER BYINGTON GLENNON & LEVINE

Service code 29 · EIN 26-0873462

Legal

$40,480

NOVAK FRANCELLA LLC10+ years

Service code 10 · EIN 61-1436956

Accounting

$39,062

QUAN-VEST CONSULTANTS, INC.7 years

Filed as: QUAN-VEST CONSULTANTS

Service code 28 · EIN 11-2559669

Investment Management

$28,413

SOLARUS TECHNOLOGIES1 year

Service code 15 · EIN 45-5263753

Recordkeeping

$7,319

UFCW LOCAL 342 SAVINGS AND 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

UFCW LOCAL 342 SAVINGS 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