Retirement plan

PUERTO RICO TELEPHONE COMPANY CONSOLIDATED RETIREMENT PLAN FOR SALARIED AND HOURLY EMPLOYEES

Name: PUERTO RICO TELEPHONE COMPANY - PUERTO RICO TELEPHONE COMPANY CONSOLIDATED RETIREMENT PLAN FOR SALARIED AND HOURLY EMPLOYEES (2023) Form 5500
Creator: PUERTO RICO TELEPHONE COMPANY
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, PUERTO RICO TELEPHONE COMPANY CONSOLIDATED RETIREMENT PLAN FOR SALARIED AND HOURLY EMPLOYEES, PUERTO RICO TELEPHONE COMPANY

PUERTO RICO TELEPHONE COMPANYEIN 66-0564397Plan #008PY 2023

GPO BOX 360998, 1513 ROOSEVELT AVENUE, 10TH FLOOR - SAN JUAN, PR 009360998787-706-6360

Other plans on this EIN

3 filings

#005Retirement-$76.6M assets #004Retirement-$17.6M assets #009Retirement-$876K assets

Prospect flagsHigh retiree %Low employer contributionWind-down / frozen

How to read this page

Total assets (EOY)

$800.4M

-4.2% from 2020

Total participants

7,213

+1.2% from 2020

Average account balance

No prior year

Annual return

5.65%

-7.03 pp from 2020

Benchmarks

See 831 peers

Peer group

Industryany (size+type match)

Plan typeDefined benefit

Participants1,000-4,999

Cohort831 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$797.45M

Not enough data

1 years with asset history on file

Average account balance

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

$112K

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.

5,803

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.

0.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$46.60M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$36K

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

+6.89%

Not enough data

1 years with return on file

Admin fee / account holder

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

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

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Service providers

Top 7 by compensation

Provider	Service type	Compensation
AB FUNDS5+ years Filed as: ALLIANCEBERNSTEIN L.P. Service code 28 · EIN 13-4064930	Investment Management	$1,020,523
MERCER5+ years Service code 11 · EIN 61-0736136	Actuarial	$606,635
PIMCO FUNDS5+ years Filed as: PIMCO Service code 28 · EIN 33-0629048	Investment Management	$597,511
KBI GLOBAL INVESTORS5+ years Service code 28 · EIN 98-0460079	Investment Management	$557,684
BANCO POPULAR DE PUERTO RICO5+ years Service code 21 · EIN 66-0561870	Bank Trustee	$402,505
JPMORGAN INVEST HOLDINGS LLC5+ years Filed as: JPMORGAN CHASE BANK, N.A. Service code 21 · EIN 13-4994650	Bank Trustee	$330,234
DRIVEN PSC3 years Service code 10 · EIN 66-0961896	Accounting	$16,029

Enrolled actuary

1 attachment

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Plan features & details

Pension benefit codes1A1B1C3J

Plan features

1A
Benefits are primarily pay related
Benefits under the plan are primarily determined with reference to a participant's pay (e.g. final-average-pay formula).
1B
Benefits are primarily flat dollar
Benefits are primarily a flat dollar amount (including a dollar amount per year of service).
1C
Cash balance or similar plan
A cash balance formula in a defined benefit plan that expresses the accrued benefit in terms more common to a defined contribution plan such as a hypothetical account balance or single sum amount (includes personal account plan pension equity plan life cycle plan and cash account plan).
3J
U.S.-based Puerto Rico dual-qualified plan
U.S.-based plan that covers residents of Puerto Rico and is qualified under both Code section 401 and section 1165 of the Internal Revenue Code of Puerto Rico.

Opportunity flags

3 tripped

OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.
InformationalHigh retiree %
Retirees and beneficiaries make up 25% or more of total participants - indicates an ageing workforce or a frozen plan.
InformationalWind-down / frozen
Plan appears closed to new enrollment or frozen - balance-holders far exceed active participants, or the plan reports active distributions with no inflows. Exclude from peer benchmarks.

Expense breakdown

Schedule H Part II

Admin total

$9.5M

$6468 / participant

Trustee / custodial$733K7.7%
Investment mgmt$2M25.7%
Actuarial$343K3.6%
Other / not subdivided$6M63.0%

% of EOY assets

1.186%

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: DRIVEN PSC
Auditor EIN: 660961896
Audit fees: $16,029
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$13,363-100.0%

$331,632-100.0%

$13,363-100.0%

Participation rate

0.0%

2.2%-2.2pp

50.0%-50.0pp

2.2%-2.2pp

Annual return

5.65%

9.11%-3.5pp

10.60%-5.0pp

9.11%-3.5pp

Employer contribution / active EE

$12,231-100.0%

$43,831-100.0%

$12,231-100.0%

Participant deferral / active EE

$1,272-100.0%

$166-100.0%

$1,272-100.0%

Admin fee / account holder

$125-100.0%

$25,063-100.0%

$125-100.0%

Provider

Service type

Compensation

AB FUNDS5+ years

Filed as: ALLIANCEBERNSTEIN L.P.

Service code 28 · EIN 13-4064930

Investment Management

$1,020,523

MERCER5+ years

Service code 11 · EIN 61-0736136

Actuarial

$606,635

PIMCO FUNDS5+ years

Filed as: PIMCO

Service code 28 · EIN 33-0629048

Investment Management

$597,511

KBI GLOBAL INVESTORS5+ years

Service code 28 · EIN 98-0460079

Investment Management

$557,684

BANCO POPULAR DE PUERTO RICO5+ years

Service code 21 · EIN 66-0561870

Bank Trustee

$402,505

JPMORGAN INVEST HOLDINGS LLC5+ years

Filed as: JPMORGAN CHASE BANK, N.A.

Service code 21 · EIN 13-4994650

Bank Trustee

$330,234

DRIVEN PSC3 years

Service code 10 · EIN 66-0961896

Accounting

$16,029

PUERTO RICO TELEPHONE COMPANY CONSOLIDATED RETIREMENT PLAN FOR SALARIED AND HOURLY EMPLOYEES

Summary metrics

Benchmarksi

Analytics

Service providersi

Enrolled actuary

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

PUERTO RICO TELEPHONE COMPANY CONSOLIDATED RETIREMENT PLAN FOR SALARIED AND HOURLY EMPLOYEES

Summary metrics

Benchmarksi

Analytics

Service providersi

Enrolled actuary

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