Retirement plan

MARKET LUBBOCK ECONOMIC DEVELOPMENT CORP 401(K) PLAN

Name: MARKET LUBBOCK ECONOMIC DEVELOPMENT CORP - MARKET LUBBOCK ECONOMIC DEVELOPMENT CORP 401(K) PLAN (2023) Form 5500
Creator: MARKET LUBBOCK ECONOMIC DEVELOPMENT CORP
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, MARKET LUBBOCK ECONOMIC DEVELOPMENT CORP 401(K) PLAN, MARKET LUBBOCK ECONOMIC DEVELOPMENT CORP

MARKET LUBBOCK ECONOMIC DEVELOPMENT CORPEIN 75-2621353Plan #001PY 2023

1500 BROADWAY, STE 600 - LUBBOCK, TX 794013117806-749-4500LinkedIn11-50 employeescivic & social organization

Prospect flagsHigh feesLow fidelity bond

How to read this page

Total assets (EOY)

$883K

+19.7% from 2022

Total participants

-7.7% from 2022

Average account balance

$36,788

+29.7% from 2022

Annual return

13.79%

+29.69 pp from 2022

Benchmarks

See 41,854 peers

Peer group

Industry81 - Other Services (except Public Administration)

Plan typeDefined contribution

Participants<25

Cohort41,854 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$1.10M

Not enough data

1 years with asset history on file

Average account balance

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

$50K

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.

275.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$58K

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

+12.80%

Not enough data

1 years with return on file

Admin fee / account holder

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

$4394

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 codes2E2F2G2J3D

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.
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.)
ComplianceLow fidelity bond
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).

Expense breakdown

Schedule H Part II

Admin total

$17K

$2171 / participant

Other / not subdivided$17K100.0%

% of EOY assets

1.967%

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

$36,788

$96,643-61.9%

$86,617-57.5%

$139,456-73.6%

Participation rate

100.0%

74.4%+25.6pp

71.7%+28.3pp

80.3%+19.7pp

Annual return

13.79%

106.57%-92.8pp

591.91%-578.1pp

373.45%-359.7pp

Employer contribution / active EE

$4,203

$3,264+28.8%

$3,023+39.0%

$4,753-11.6%

Participant deferral / active EE

$3,403

$4,835-29.6%

$4,437-23.3%

$6,711-49.3%

Admin fee / account holder

$724

$6,406-88.7%

$5,613-87.1%

$11,407-93.7%

MARKET LUBBOCK ECONOMIC DEVELOPMENT CORP 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

MARKET LUBBOCK ECONOMIC DEVELOPMENT CORP 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