Plan Snapshot
- Plan Sponsor: Board Of Trustees For Local 489 Health And Welfare Plan
- Sponsor EIN: 521045309
- Sponsor Address: 2 PARK STREET, CUMBERLAND, MD, 21502
- Plan Type: Health & Welfare
- Plan Number: 501
- Total Participants: 110
- Total Assets: $1.6M
Key Plan Design Features
- Auto-Enrollment: No
- Auto-Escalation: No
- Allows Roth Contributions: No
- Participant Loans: No
- Participant-Directed Investments: No
- ERISA Section 404(c) Fiduciary Safe Harbor: No
Plan Financials by Year
| Year | Participants | Total Assets | Employer Contrib. | Employee Contrib. |
|---|---|---|---|---|
| 2024 | 110 | $1.6M | $1.8M | $85,744 |
| 2023 | 105 | $1.6M | $1.6M | $94,942 |
| 2022 | 106 | $1.3M | $1.6M | $92,509 |
Service Providers (Schedule C)
Vendors paid $5,000 or more for services to the plan, ranked by total compensation (direct + indirect fees).
| Provider Name | Role | Direct Compensation | Indirect Compensation | Total Fees |
|---|---|---|---|---|
| 90 DEGREE BENEFITS | Other Service Provider | $62,170 | — | $62,170 |
| CIGNA | Other Service Provider | — | $28,646 | $28,646 |
| FRANK GERWIG & ASSOCIATES P.A. | Other Service Provider | $25,400 | — | $25,400 |
| NATIONAL BROKERAGE SERVICES, INC. | Other Service Provider | $16,583 | — | $16,583 |
| TURNBULL, HOOVER & KAHL, P.A. | Other Service Provider | $16,000 | — | $16,000 |
| MORGAN STANLEY SMITH BARNEY | Other Service Provider | $15,831 | — | $15,831 |
| AHDI | Other Service Provider | — | $8,361 | $8,361 |
| TELADOC | Other Service Provider | — | $7,453 | $7,453 |
| BEINS, AXELROD & KEATING, P.C. | Other Service Provider | $6,250 | — | $6,250 |
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $186,694
- Estimated Expense Ratio: 11.926% of plan assets
Historical Administrative Expenses
Breakdown of administrative expense categories reported on Form 5500 filings.
| Year | Total Admin Expenses | Investment Mgmt Fees | Contract Admin Fees | IQPA Audit Fees | Professional Fees |
|---|---|---|---|---|---|
| 2024 | $98,769 | $15,831 | $41,983 | $16,000 | — |
| 2023 | $100,293 | $14,370 | $41,259 | $14,100 | — |
| 2022 | $89,299 | $13,760 | $40,751 | — | $15,750 |