Retirement plan

UTAH MANUFACTURERS ASSOCIATION 401(K) PROFIT SHARING MULTIPLE EMPLOYER PLAN

Name: UTAH MANUFACTURERS ASSOCATION - UTAH MANUFACTURERS ASSOCIATION 401(K) PROFIT SHARING MULTIPLE EMPLOYER PLAN (2022) Form 5500
Creator: UTAH MANUFACTURERS ASSOCATION
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, UTAH MANUFACTURERS ASSOCIATION 401(K) PROFIT SHARING MULTIPLE EMPLOYER PLAN, UTAH MANUFACTURERS ASSOCATION

UTAH MANUFACTURERS ASSOCATIONEIN 87-0187660Plan #333PY 2022

428 EAST WINCHESTER, STE 135 - SALT LAKE CITY, UT 84107801-363-3885umaweb.orgLinkedIn1-10 employeesnon-profit organization management

Prospect flagsHigh feesLow participationFailed to transmit contributions

How to read this page

Total assets (EOY)

$22.5M

+7.7% from 2021

Total participants

1,005

+11.2% from 2021

Average account balance

$44,147

+43.1% from 2021

Annual return

1.98%

-231.05 pp from 2021

Benchmarks

See 2,391 peers

Peer group

Industry33 - Manufacturing

Plan typeDefined contribution

Participants250-999

Cohort2,391 peers

Snapshot2022

See peer percentile detail. $4.99 for your first month.

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Analytics

Total assets (EOY)

Plan-year ending balance

$17.13M

Not enough data

1 years with asset history on file

Average account balance

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

$26K

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.

648

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.

57.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$3.61M

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

-12.30%

Not enough data

1 years with return on file

Admin fee / account holder

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

$282

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

See the 5-year trajectory. $4.99 for your first month.

Solo adds 10-year history, peer benchmarks, provider and welfare analytics, saves, and exports. Then $34.99 a month.

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Service providers

Top 7 by compensation

Provider	Service type	Compensation
TRANSAMERICA RETIREMENT SOLUTIONS2 years Filed as: TRANSAMERICA FINANCIAL LIFE INSURAN Service code 15 · EIN 36-6071399	Recordkeeping	$91,966
CETERA ADVISOR NETWORKS LLC2 years Filed as: CETERA ADVISOR NETWORKS, LLC Service code 27 · EIN 95-3845382	Advisory (Plan)	$58,896
NATIONAL BENEFIT SERVICES, LLC2 years Filed as: NATIONAL BENEFIT SERVICES Service code 15 · EIN 20-3886993	Recordkeeping	$50,079
JONES SIMKINS LLC1 year Filed as: JONES SIMKINS Service code 10 · EIN 46-1592906	Accounting	$17,997
NATIONAL BENEFIT SERVICES, LLC1 year Service code 14 · EIN 20-3886993	Plan Administrator	$8,860
MESIROW FINANCIAL INVESTMENT MANAGE2 years Filed as: MESIROW FINANCIAL, INC. Service code 27 · EIN 36-3194849	Advisory (Plan)	$4,438
DWC - THE 401(K) EXPERTS1 year Filed as: DWC THE 401(K) EXPERTS Service code 15 · EIN 26-2091417	Recordkeeping	$1,984

Plan features & details

Pension benefit codes2F2G2J2K3D2E

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.

Opportunity flags

3 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).

Expense breakdown

Schedule H Part II

Admin total

$222K

$253 / participant

Contract admin$222K100.0%

% of EOY assets

0.989%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

The auditor signed off without reservation. This is the cleanest opinion.

Auditor firm: JONES SIMKINS LLC
Auditor EIN: 461592906
Audit fees: (not subdivided)
Opinion code: Unqualified

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$44,147

$72,254-38.9%

$86,677-49.1%

$64,808-31.9%

Participation rate

43.5%

80.4%-36.9pp

76.6%-33.1pp

71.5%-28.0pp

Annual return

1.98%

392.42%-390.4pp

35.91%-33.9pp

32.82%-30.8pp

Employer contribution / active EE

$1,444

$2,393-39.7%

$2,836-49.1%

$2,506-42.4%

Participant deferral / active EE

$3,011

$4,658-35.4%

$4,656-35.3%

$4,310-30.1%

Admin fee / account holder

$437

$174+151.1%

$7,493-94.2%

$188+132.5%

Provider

Service type

Compensation

TRANSAMERICA RETIREMENT SOLUTIONS2 years

Filed as: TRANSAMERICA FINANCIAL LIFE INSURAN

Service code 15 · EIN 36-6071399

Recordkeeping

$91,966

CETERA ADVISOR NETWORKS LLC2 years

Filed as: CETERA ADVISOR NETWORKS, LLC

Service code 27 · EIN 95-3845382

Advisory (Plan)

$58,896

NATIONAL BENEFIT SERVICES, LLC2 years

Filed as: NATIONAL BENEFIT SERVICES

Service code 15 · EIN 20-3886993

Recordkeeping

$50,079

JONES SIMKINS LLC1 year

Filed as: JONES SIMKINS

Service code 10 · EIN 46-1592906

Accounting

$17,997

NATIONAL BENEFIT SERVICES, LLC1 year

Service code 14 · EIN 20-3886993

Plan Administrator

$8,860

MESIROW FINANCIAL INVESTMENT MANAGE2 years

Filed as: MESIROW FINANCIAL, INC.

Service code 27 · EIN 36-3194849

Advisory (Plan)

$4,438

DWC - THE 401(K) EXPERTS1 year

Filed as: DWC THE 401(K) EXPERTS

Service code 15 · EIN 26-2091417

Recordkeeping

$1,984

UTAH MANUFACTURERS ASSOCIATION 401(K) PROFIT SHARING MULTIPLE EMPLOYER PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

UTAH MANUFACTURERS ASSOCIATION 401(K) PROFIT SHARING MULTIPLE EMPLOYER 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