Retirement plan

THE MAGNA GROUP OF COMPANIES RETIREMENT SAVINGS PLANS

Name: MAGNA INTERNATIONAL OF AMERICA, INC - THE MAGNA GROUP OF COMPANIES RETIREMENT SAVINGS PLANS (2018) Form 5500
Creator: MAGNA INTERNATIONAL OF AMERICA, INC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, THE MAGNA GROUP OF COMPANIES RETIREMENT SAVINGS PLANS, MAGNA INTERNATIONAL OF AMERICA, INC

MAGNA INTERNATIONAL OF AMERICA, INCEIN 98-0095901Plan #002PY 2018

905-726-7345

Other plans on this EIN

2 filings

#005Retirement-$192.6M assets #004Retirement--

Prospect flagsLow returnsLow assets / participantLow participant contributionFailed to transmit contributionsCorrective distributions

How to read this page

Total assets (EOY)

$1662.8M

-12.2% from 2016

Total participants

28,094

-7.2% from 2016

Average account balance

$61,818

-4.1% from 2016

Annual return

-7.54%

-22.94 pp from 2016

Benchmarks

See 87 peers

Peer group

Industry33 - Manufacturing

Plan typeDefined contribution

Participants>=10,000

Cohort87 peers

Snapshot2018

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

Analytics

Total assets (EOY)

Plan-year ending balance

$2.47B

Not enough data

1 years with asset history on file

Average account balance

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

$81K

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.

30,444

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.

96.5%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$203.98M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$8K

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

+7.77%

Not enough data

1 years with return on file

Admin fee / account holder

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

$87

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

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Service providers

Top 5 by compensation

Provider	Service type	Compensation
PRINCIPAL LIFE INSURANCE COMPANY4+ years Service code 13 · EIN 42-0127290	Contract Administrator	$939,885
BDO USA, LLP4+ years Service code 10 · EIN 13-5381590	Accounting	$60,625
MORNINGSTAR3 years Filed as: MORNINGSTAR INVESMENT MGMT, LLC. Service code 26	Advisory (Participants)	$0
MORNINGSTAR3 years Filed as: MORNINGSTAR INVESTMENT MGMT, LLC. Service code 26 · EIN 36-2923857	Advisory (Participants)	$0
WILSHIRE ASSOCIATES INCORPORATED4+ years Service code 27 · EIN 95-2755361	Advisory (Plan)	$0

Plan features & details

Pension benefit codes2E2F2H2J2K2S2T3H3I

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).
2H
Partial participant-directed account plan
Participants have the opportunity to direct the investment of a portion 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.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
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.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).
3I
Employer securities investment required
Plan requiring that all or part of employer contributions be invested and held at least for a limited period in employer securities.

Opportunity flags

5 tripped

OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.
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

$517K

$22 / participant

Contract admin$517K100.0%

% of EOY assets

0.031%

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: BDO USA, LLP
Auditor EIN: 135381590
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$61,818

$127,796-51.6%

$76,768-19.5%

$73,367-15.7%

Participation rate

95.0%

88.2%+6.8pp

77.0%+18.0pp

69.5%+25.5pp

Annual return

-7.54%

-2.31%-5.2pp

2.43%-10.0pp

173.45%-181.0pp

Employer contribution / active EE

$2,977

$3,931-24.3%

$2,485+19.8%

$2,499+19.1%

Participant deferral / active EE

$3,863

$6,924-44.2%

$3,852+0.3%

$4,033-4.2%

Admin fee / account holder

$19

$66-71.0%

$6,676-99.7%

$68-71.9%

Provider

Service type

Compensation

PRINCIPAL LIFE INSURANCE COMPANY4+ years

Service code 13 · EIN 42-0127290

Contract Administrator

$939,885

BDO USA, LLP4+ years

Service code 10 · EIN 13-5381590

Accounting

$60,625

MORNINGSTAR3 years

Filed as: MORNINGSTAR INVESMENT MGMT, LLC.

Service code 26

Advisory (Participants)

MORNINGSTAR3 years

Filed as: MORNINGSTAR INVESTMENT MGMT, LLC.

Service code 26 · EIN 36-2923857

Advisory (Participants)

WILSHIRE ASSOCIATES INCORPORATED4+ years

Service code 27 · EIN 95-2755361

Advisory (Plan)

THE MAGNA GROUP OF COMPANIES RETIREMENT SAVINGS PLANS

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

THE MAGNA GROUP OF COMPANIES RETIREMENT SAVINGS PLANS

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