Retirement plan

T.B. PENICK & SONS, INC. 401(K) PLAN

Name: T.B. PENICK & SONS, INC. - T.B. PENICK & SONS, INC. 401(K) PLAN (2022) Form 5500
Creator: T.B. PENICK & SONS, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, T.B. PENICK & SONS, INC. 401(K) PLAN, T.B. PENICK & SONS, INC.

T.B. PENICK & SONS, INC.EIN 95-2056465Plan #003PY 2022

15435 INNOVATIONS DRIVE. SUITE 200 - SAN DIEGO, CA 92128858-558-1800

Prospect flagsHigh feesLow participationLow employer contributionCorrective distributions

How to read this page

Total assets (EOY)

$6.4M

-22.2% from 2021

Total participants

144

-16.8% from 2021

Average account balance

$85,944

-18.1% from 2021

Annual return

-14.67%

-24.02 pp from 2021

Benchmarks

See 2,998 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants100-249

Cohort2,998 peers

Snapshot2022

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

Analytics

Total assets (EOY)

Plan-year ending balance

$7.04M

Not enough data

1 years with asset history on file

Average account balance

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

$105K

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.

51.9%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$415K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$3K

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

+10.52%

Not enough data

1 years with return on file

Admin fee / account holder

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

$16480

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

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Service providers

Top 5 by compensation

Provider	Service type	Compensation
LINCOLN NATIONAL CORPORATION2 years Filed as: LINCOLN FINANCIAL ADVISORS Service code 27 · EIN 23-1702591 1300 S CLINTON ST 1H-50 · FORT WAYNE, IN 46802	Advisory (Plan)	$20,435
AKT LLP2 years Service code 10 · EIN 93-0623286 680 HAWTHORNE AVE SE STE 140 · SALEM, OR 973010041	Accounting	$16,551
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: EMPOWER ANNUITY INSURANCE COMPANY Service code 15 · EIN 84-0467907 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping	$14,110
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: EMPOWER ADVISORY GROUP LLC Service code 28 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Investment Management	$2,342
PREMIER PLAN CONSULTANTS1 year Filed as: PREMIER PLAN CONSULTANTS INC Service code 13 · EIN 82-0986372 6215 FERRIS SQ. SUITE 125 · SAN DIEGO, CA 92121	Contract Administrator	$1,125

Plan features & details

Pension benefit codes2E2J2K2F2G3D3H2T

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.
2T
Default investment account
Total or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.
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.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

Opportunity flags

4 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
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.)
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$54K

$472 / participant

Contract admin$54K100.0%

% of EOY assets

0.842%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: JGD & ASSOCIATES LLP
Auditor EIN: 953132551
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$85,944

$64,176+33.9%

$112,263-23.4%

$66,949+28.4%

Participation rate

40.0%

68.4%-28.4pp

75.1%-35.1pp

69.8%-29.8pp

Annual return

-14.67%

-13.80%-0.9pp

27.49%-42.2pp

1.57%-16.2pp

Employer contribution / active EE

$3,007-100.0%

$3,636-100.0%

$2,545-100.0%

Participant deferral / active EE

$3,902

$3,694+5.6%

$4,729-17.5%

$4,239-8.0%

Admin fee / account holder

$723

$626+15.6%

$6,410-88.7%

$594+21.9%

Provider

Service type

Compensation

LINCOLN NATIONAL CORPORATION2 years

Filed as: LINCOLN FINANCIAL ADVISORS

Service code 27 · EIN 23-1702591

1300 S CLINTON ST 1H-50 · FORT WAYNE, IN 46802

Advisory (Plan)

$20,435

AKT LLP2 years

Service code 10 · EIN 93-0623286

680 HAWTHORNE AVE SE STE 140 · SALEM, OR 973010041

Accounting

$16,551

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: EMPOWER ANNUITY INSURANCE COMPANY

Service code 15 · EIN 84-0467907

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping

$14,110

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: EMPOWER ADVISORY GROUP LLC

Service code 28

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Investment Management

$2,342

PREMIER PLAN CONSULTANTS1 year

Filed as: PREMIER PLAN CONSULTANTS INC

Service code 13 · EIN 82-0986372

6215 FERRIS SQ. SUITE 125 · SAN DIEGO, CA 92121

Contract Administrator

$1,125

T.B. PENICK & SONS, INC. 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

T.B. PENICK & SONS, INC. 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