Retirement plan

LAKELAND ELECTRIC, INC. EMPLOYEE'S PROFIT SHARING PLAN

Name: LAKELAND ELECTRIC, INC. - LAKELAND ELECTRIC, INC. EMPLOYEE'S PROFIT SHARING PLAN (2020) Form 5500
Creator: LAKELAND ELECTRIC, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, LAKELAND ELECTRIC, INC. EMPLOYEE'S PROFIT SHARING PLAN, LAKELAND ELECTRIC, INC.

LAKELAND ELECTRIC, INC.EIN 62-0787560Plan #001PY 2020

1560 BROWN AVENUE - COOKEVILLE, TN 38501931-526-7216lakelande.comLinkedIn51-200 employeesutilities

Prospect flagsLow returnsHigh feesLow participant contribution

How to read this page

Total assets (EOY)

$2.2M

+8.0% from 2019

Total participants

+1.5% from 2019

Average account balance

$33,551

+6.4% from 2019

Annual return

7.96%

+5.60 pp from 2019

Benchmarks

See 569 peers

Peer group

Industry22 - Utilities

Plan typeDefined contribution

Participants25-99

Cohort569 peers

Snapshot2020

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

Analytics

Total assets (EOY)

Plan-year ending balance

$2.94M

Not enough data

1 years with asset history on file

Average account balance

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

$40K

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.

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.

154.2%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$73K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$2K

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

+20.06%

Not enough data

1 years with return on file

Admin fee / account holder

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

$273

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

0 years with F_SCH_H allocation on file

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

Service providers

Providers data not reported

Schedule C was not filed on this plan's most recent Form 5500, so no compensated service providers are available to display.

Plan features & details

Pension benefit codes2E2F2G2J2T3D

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.
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

3 tripped

OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.
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

$75K

$1366 / participant

Other / not subdivided$75K100.0%

% of EOY assets

3.394%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

No opinion code on file for this filing.

Auditor firm: (not reported)
Auditor EIN: -
Audit fees: (not subdivided)
Opinion code: -

Metric

This plan

Peer set

Industry

Size

Avg account balance

$33,551

$88,370-62.0%

$112,977-70.3%

$79,856-58.0%

Participation rate

100.0%

76.8%+23.2pp

82.6%+17.4pp

69.6%+30.4pp

Annual return

7.96%

23.16%-15.2pp

24.24%-16.3pp

31.71%-23.8pp

Employer contribution / active EE

$909

$3,398-73.2%

$4,255-78.6%

$2,471-63.2%

Participant deferral / active EE

$466

$4,536-89.7%

$5,836-92.0%

$3,741-87.5%

Admin fee / account holder

$1,139

$5,750-80.2%

$6,294-81.9%

$5,306-78.5%

LAKELAND ELECTRIC, INC. EMPLOYEE'S PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

LAKELAND ELECTRIC, INC. EMPLOYEE'S 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