Retirement plan

TIME MANUFACTURING COMPANY 401(K) PLAN

Name: TIME MANUFACTURING COMPANY - TIME MANUFACTURING COMPANY 401(K) PLAN (2023) Form 5500
Creator: TIME MANUFACTURING COMPANY
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, TIME MANUFACTURING COMPANY 401(K) PLAN, TIME MANUFACTURING COMPANY

TIME MANUFACTURING COMPANYEIN 74-1609717Plan #001PY 2023

PO BOX 20368 - WACO, TX 76702254-399-2100versalift.comLinkedIn1001-5000 employeesmachinery

Prospect flagsLow returnsHigh feesLow assets / participantLow employer contributionFailed to transmit contributionsCorrective distributions

How to read this page

Total assets (EOY)

$30.3M

+14.0% from 2022

Total participants

1,119

+2.9% from 2022

Average account balance

$31,359

+8.1% from 2022

Annual return

14.78%

+28.95 pp from 2022

Benchmarks

See 2,423 peers

Peer group

Industry33 - Manufacturing

Plan typeDefined contribution

Participants250-999

Cohort2,423 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$33.21M

Not enough data

1 years with asset history on file

Average account balance

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

$33K

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.

1,015

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.

85.3%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$4.61M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$6K

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

+10.82%

Not enough data

1 years with return on file

Admin fee / account holder

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

$371

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
NATIONWIDE4 years Filed as: NATIONWIDE FINANCIAL Service code 19 ONE NATIONWIDE PLAZA · COLUMBUS, OH 43215	Securities Custodian	$275,850
AMERIPRISE FINANCIAL SERVICES INC5 years Filed as: AMERIPRISE FINANCIAL SERVICES Service code 28 50082 AMERIPRISE FINANCIAL CTR · MINNEAPOLIS, MN 55474	Investment Management	$139,187
INWEST RETIREMENT SOLUTIONS3 years Service code 15 4305 N GARFIELD · MIDLAND, TX 79705	Recordkeeping	$47,761
IRON-CO-FID-COMPREHENSIVE4 years Filed as: IRON CO FID INDEX COMPREHENSIVE Service code 28 630 DUNDEE RD, STE 200 · NORTHBROOK, IL 60062	Investment Management	$11,744
FIDUCIARY WISE, LLC3 years Filed as: FIDUCIARY WISE Service code 28 2487 S GILBERT · GILBERT, AZ 85295	Investment Management	$11,000

Plan features & details

Pension benefit codes2A2E2F2G2J2R3D

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.
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.
2R
Participant-directed brokerage accounts
Participant-directed brokerage accounts provided as an investment option under the plan.
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

6 tripped

OpportunityLow employer contribution
Employer 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.
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).
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$346K

$370 / participant

Investment mgmt$322K93.1%
Contract admin$24K6.9%

% of EOY assets

1.143%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: JAYNES REITMEIER BOYD & THERRELL PC
Auditor EIN: 742533381
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$31,359

$99,168-68.4%

$96,534-67.5%

$74,460-57.9%

Participation rate

83.7%

80.7%+3.0pp

76.0%+7.7pp

70.7%+12.9pp

Annual return

14.78%

22.40%-7.6pp

25.88%-11.1pp

34.38%-19.6pp

Employer contribution / active EE

$786

$2,570-69.4%

$2,965-73.5%

$2,638-70.2%

Participant deferral / active EE

$3,852

$4,936-22.0%

$4,851-20.6%

$4,530-15.0%

Admin fee / account holder

$359

$225+59.5%

$8,253-95.7%

$348+3.1%

Provider

Service type

Compensation

NATIONWIDE4 years

Filed as: NATIONWIDE FINANCIAL

Service code 19

ONE NATIONWIDE PLAZA · COLUMBUS, OH 43215

Securities Custodian

$275,850

AMERIPRISE FINANCIAL SERVICES INC5 years

Filed as: AMERIPRISE FINANCIAL SERVICES

Service code 28

50082 AMERIPRISE FINANCIAL CTR · MINNEAPOLIS, MN 55474

Investment Management

$139,187

INWEST RETIREMENT SOLUTIONS3 years

Service code 15

4305 N GARFIELD · MIDLAND, TX 79705

Recordkeeping

$47,761

IRON-CO-FID-COMPREHENSIVE4 years

Filed as: IRON CO FID INDEX COMPREHENSIVE

Service code 28

630 DUNDEE RD, STE 200 · NORTHBROOK, IL 60062

Investment Management

$11,744

FIDUCIARY WISE, LLC3 years

Filed as: FIDUCIARY WISE

Service code 28

2487 S GILBERT · GILBERT, AZ 85295

Investment Management

$11,000

TIME MANUFACTURING COMPANY 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

TIME MANUFACTURING COMPANY 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