Retirement plan

BURKES MECHANICAL, INC. 401(K) PLAN

Name: BURKES MECHANICAL, INC. - BURKES MECHANICAL, INC. 401(K) PLAN (2024) Form 5500
Creator: BURKES MECHANICAL, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, BURKES MECHANICAL, INC. 401(K) PLAN, BURKES MECHANICAL, INC.

BURKES MECHANICAL, INC.EIN 63-0934099Plan #001PY 2024

2 INDUSTRIAL ROAD - BRENT, AL 35034205-926-5847burkesmechanical.comLinkedIn201-500 employeesconstruction

Prospect flagsLow participationLow employer contributionCorrective distributions

How to read this page

Total assets (EOY)

$27.7M

+18.1% from 2023

Total participants

664

+1.2% from 2023

Average account balance

$88,909

+27.1% from 2023

Annual return

14.21%

-4.03 pp from 2023

Benchmarks

See 1,563 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants250-999

Cohort1,563 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$27.74M

Not enough data

1 years with asset history on file

Average account balance

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

$89K

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.

312

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.

42.9%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$2.17M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$4K

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

+14.21%

Not enough data

1 years with return on file

Admin fee / account holder

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

$299

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 5 by compensation

Provider	Service type	Compensation
TRUEWEALTH ADVISORS LLC4 years Service code 27 2000 SOUTHLAKE PARK STE 200 · BIRMINGHAM, AL 35244	Advisory (Plan)	$45,921
GREAT-WEST LIFE & ANNUITY INSURANCE3 years Filed as: EMPOWER ANNUITY INSURANCE CO OF AME Service code 64 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$19,320
ENVESTNET RETIREMENT SOLUTIONS, LLC4 years Filed as: ENVESTNET RETIREMENT SOLUTIONS Service code 27 · EIN 61-1732930	Advisory (Plan)	$12,188
ERISA SERVICES, INC.4 years Filed as: ERISA SERVICES INC Service code 13 · EIN 62-1200951	Contract Administrator	$12,150
GREAT-WEST LIFE & ANNUITY INSURANCE3 years Filed as: EMPOWER ADVISORY GROUP, LLC Service code 28 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Investment Management	$2,880

Plan features & details

Pension benefit codes2E2F2G2J2K3D3H

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.
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

3 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$93K

$151 / participant

Recordkeeping$93K100.0%

% of EOY assets

0.336%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: JONES & KIRKPATRICK, PC
Auditor EIN: 631128247
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$88,909

$82,979+7.1%

$102,383-13.2%

$77,714+14.4%

Participation rate

42.9%

71.5%-28.6pp

74.5%-31.6pp

70.6%-27.6pp

Annual return

14.21%

19.11%-4.9pp

24.94%-10.7pp

31.26%-17.0pp

Employer contribution / active EE

$422

$3,554-88.1%

$3,870-89.1%

$2,727-84.5%

Participant deferral / active EE

$3,096

$4,109-24.6%

$5,060-38.8%

$4,649-33.4%

Admin fee / account holder

$299

$639-53.2%

$8,391-96.4%

$433-31.1%

Provider

Service type

Compensation

TRUEWEALTH ADVISORS LLC4 years

Service code 27

2000 SOUTHLAKE PARK STE 200 · BIRMINGHAM, AL 35244

Advisory (Plan)

$45,921

GREAT-WEST LIFE & ANNUITY INSURANCE3 years

Filed as: EMPOWER ANNUITY INSURANCE CO OF AME

Service code 64

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$19,320

ENVESTNET RETIREMENT SOLUTIONS, LLC4 years

Filed as: ENVESTNET RETIREMENT SOLUTIONS

Service code 27 · EIN 61-1732930

Advisory (Plan)

$12,188

ERISA SERVICES, INC.4 years

Filed as: ERISA SERVICES INC

Service code 13 · EIN 62-1200951

Contract Administrator

$12,150

GREAT-WEST LIFE & ANNUITY INSURANCE3 years

Filed as: EMPOWER ADVISORY GROUP, LLC

Service code 28

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Investment Management

$2,880

BURKES MECHANICAL, INC. 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

BURKES MECHANICAL, INC. 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