Retirement plan

THE CORKEN STEEL PRODUCTS COMPANY 401(K) AND PROFIT SHARING PLAN

Name: THE CORKEN STEEL PRODUCTS COMPANY - THE CORKEN STEEL PRODUCTS COMPANY 401(K) AND PROFIT SHARING PLAN (2023) Form 5500
Creator: THE CORKEN STEEL PRODUCTS COMPANY
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, THE CORKEN STEEL PRODUCTS COMPANY 401(K) AND PROFIT SHARING PLAN, THE CORKEN STEEL PRODUCTS COMPANY

THE CORKEN STEEL PRODUCTS COMPANYEIN 61-0503239Plan #001PY 2023

7910 KENTUCKY DRIVE - FLORENCE, KY 41042859-815-1232corkensteel.comLinkedIn201-500 employeeswholesale

Other plans on this EIN

1 filing

#002Retirement-$32.5M assets

Prospect flagsLow returnsHigh fees

How to read this page

Total assets (EOY)

$30.3M

+44.8% from 2022

Total participants

325

+10.5% from 2022

Average account balance

$98,558

+34.4% from 2022

Annual return

7.92%

-19.26 pp from 2022

Benchmarks

See 1,359 peers

Peer group

Industry42 - Wholesale Trade

Plan typeDefined contribution

Participants250-999

Cohort1,359 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$31.95M

Not enough data

1 years with asset history on file

Average account balance

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

$92K

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.

347

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.

95.4%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$2.45M

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

+8.78%

Not enough data

1 years with return on file

Admin fee / account holder

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

$476

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 6 by compensation

Provider	Service type	Compensation
MERRILL LYNCH PIERCE FENNER & SMITH1 year Service code 17 · EIN 13-5674085	Pension Consulting	$134,501
LATITUDE SERVICE COMPANY INC1 year Filed as: LATITUDE SERVICE COMPANY, INC. Service code 15 · EIN 82-1371994	Recordkeeping	$26,180
PRINCIPAL LIFE INSURANCE COMPANY1 year Service code 13 · EIN 42-0127290	Contract Administrator	$19,546
VONLEHMAN & COMPANY, INC.1 year Filed as: VONLEHMAN CPA & ADVISORY Service code 10 · EIN 31-0905417	Accounting	$15,000
AMERICAN FUNDS4 years Filed as: QUADRANT CAPITAL GROUP LLC Service code 28 · EIN 26-3941439	Investment Management	$9,727
CHARLES SCHWAB & CO., INC.1 year Service code 28 · EIN 94-1737782	Investment Management	$90

Plan features & details

Pension benefit codes2E2F2G2J2S2T3D

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.
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.

Opportunity flags

2 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.

Expense breakdown

Schedule H Part II

Admin total

$194K

$646 / participant

Investment mgmt$133K68.7%
Valuation$26K13.5%
Contract admin$20K10.1%
Other / not subdivided$15K7.7%

% of EOY assets

0.640%

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: DEAN DORTON ALLEN FORD, PLLC
Auditor EIN: 273858252
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$98,558

$91,406+7.8%

$130,062-24.2%

$74,473+32.3%

Participation rate

94.0%

77.8%+16.2pp

78.5%+15.5pp

70.7%+23.3pp

Annual return

7.92%

23.21%-15.3pp

-137.37%+145.3pp

34.36%-26.4pp

Employer contribution / active EE

$2,269

$2,565-11.5%

$4,322-47.5%

$2,638-14.0%

Participant deferral / active EE

$4,987

$4,724+5.6%

$5,821-14.3%

$4,530+10.1%

Admin fee / account holder

$631

$283+122.7%

$10,601-94.0%

$347+81.9%

Provider

Service type

Compensation

MERRILL LYNCH PIERCE FENNER & SMITH1 year

Service code 17 · EIN 13-5674085

Pension Consulting

$134,501

LATITUDE SERVICE COMPANY INC1 year

Filed as: LATITUDE SERVICE COMPANY, INC.

Service code 15 · EIN 82-1371994

Recordkeeping

$26,180

PRINCIPAL LIFE INSURANCE COMPANY1 year

Service code 13 · EIN 42-0127290

Contract Administrator

$19,546

VONLEHMAN & COMPANY, INC.1 year

Filed as: VONLEHMAN CPA & ADVISORY

Service code 10 · EIN 31-0905417

Accounting

$15,000

AMERICAN FUNDS4 years

Filed as: QUADRANT CAPITAL GROUP LLC

Service code 28 · EIN 26-3941439

Investment Management

$9,727

CHARLES SCHWAB & CO., INC.1 year

Service code 28 · EIN 94-1737782

Investment Management

$90

THE CORKEN STEEL PRODUCTS COMPANY 401(K) AND PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

THE CORKEN STEEL PRODUCTS COMPANY 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