Retirement plan

PUGET SOUND ELECTRICAL WORKERS 401(K) SAVINGS PLAN

Name: BOARD OF TRUSTEES PUGET SOUND ELECTRICAL WORKERS 401(K) SAVINGS PLAN - PUGET SOUND ELECTRICAL WORKERS 401(K) SAVINGS PLAN (2024) Form 5500
Creator: BOARD OF TRUSTEES PUGET SOUND ELECTRICAL WORKERS 401(K) SAVINGS PLAN
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, PUGET SOUND ELECTRICAL WORKERS 401(K) SAVINGS PLAN, BOARD OF TRUSTEES PUGET SOUND ELECTRICAL WORKERS 401(K) SAVINGS PLAN

BOARD OF TRUSTEES PUGET SOUND ELECTRICAL WORKERS 401(K) SAVINGS PLANEIN 91-6180326Plan #001PY 2024

PO BOX 34203 - SEATTLE, WA 981241203206-441-7574

Prospect flagsFailed to transmit contributions

How to read this page

Total assets (EOY)

$553M

-12.7% from 2017

Total participants

8,038

-7.1% from 2017

Average account balance

$68,804

-6.0% from 2017

Annual return

18.94%

-14.46 pp from 2017

Benchmarks

See 80 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants5,000-9,999

Cohort80 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$622.31M

Not enough data

1 years with asset history on file

Average account balance

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

$77K

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.

8,061

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.

100.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$42.09M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$5K

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

+10.43%

Not enough data

1 years with return on file

Admin fee / account holder

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

$169

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 6 by compensation

Provider	Service type	Compensation
WELFARE & PENSION ADMIN SERVICE INC9+ years Service code 13 · EIN 91-1363171	Contract Administrator	$689,954
JOHN HANCOCK LIFE INSURANCE COMPANY9+ years Filed as: JOHN HANCOCK RETIREMENT PLAN SERV Service code 15 · EIN 01-0233346	Recordkeeping	$425,527
VERUS9+ years Filed as: VERUS ADVISORY, INC. Service code 27 · EIN 91-1320111	Advisory (Plan)	$31,146
BARLOW COUGHRAN MORALES & JOSEPHSON6 years Service code 29 · EIN 91-0889948	Legal	$23,792
CLIFTONLARSONALLEN LLP2 years Service code 10 · EIN 41-0746749	Accounting	$23,656
RAEL & LETSON9+ years Service code 11 · EIN 94-1701048	Actuarial	$18,635

Plan features & details

Pension benefit codes2E2F2G2J2S

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.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.

Opportunity flags

1 tripped

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

$1.3M

$166 / participant

Recordkeeping$75K5.7%
Trustee / custodial$2K0.1%
Investment mgmt$31K2.4%
Legal$24K1.8%
Actuarial$19K1.4%
Other trustee fees$4K0.3%
Contract admin$1M78.5%
Other / not subdivided$129K9.8%

% of EOY assets

0.238%

all-in expense ratio

Categories reported

7 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: CLIFTONLARSONALLEN LLP
Auditor EIN: 410746749
Audit fees: $12,994
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$68,804

$86,936-20.9%

$102,437-32.8%

$99,313-30.7%

Participation rate

100.0%

81.7%+18.3pp

74.5%+25.5pp

71.7%+28.3pp

Annual return

18.94%

14.99%+4.0pp

24.95%-6.0pp

17.67%+1.3pp

Employer contribution / active EE

$2,946

$3,925-25.0%

$3,871-23.9%

$3,264-9.8%

Participant deferral / active EE

$1,671

$3,825-56.3%

$5,060-67.0%

$5,346-68.7%

Admin fee / account holder

$164

$140+16.7%

$8,388-98.0%

$109+50.0%

Provider

Service type

Compensation

WELFARE & PENSION ADMIN SERVICE INC9+ years

Service code 13 · EIN 91-1363171

Contract Administrator

$689,954

JOHN HANCOCK LIFE INSURANCE COMPANY9+ years

Filed as: JOHN HANCOCK RETIREMENT PLAN SERV

Service code 15 · EIN 01-0233346

Recordkeeping

$425,527

VERUS9+ years

Filed as: VERUS ADVISORY, INC.

Service code 27 · EIN 91-1320111

Advisory (Plan)

$31,146

BARLOW COUGHRAN MORALES & JOSEPHSON6 years

Service code 29 · EIN 91-0889948

Legal

$23,792

CLIFTONLARSONALLEN LLP2 years

Service code 10 · EIN 41-0746749

Accounting

$23,656

RAEL & LETSON9+ years

Service code 11 · EIN 94-1701048

Actuarial

$18,635

PUGET SOUND ELECTRICAL WORKERS 401(K) SAVINGS PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

PUGET SOUND ELECTRICAL WORKERS 401(K) SAVINGS 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