Rhode Island › Construction › 250 to 499 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
National Refrigeration, Inc. 401(k) Plan
Sponsored by National Refrigeration, Inc., Warwick, RI
Form 5500 information is as filed by the plan administrator with the Department of Labor and may be amended. Figures reflect the plan year shown, not current balances. Form 5500 contains no individual account balances. Look up the original filing at EFAST2.
National Refrigeration, Inc. 401(k) Plan is a 401(k) plan sponsored by National Refrigeration, Inc. of Warwick, Rhode Island. For the plan year ending 31 Dec 2024 it reported 261 participants, 112 of them active, and net assets of $7.2M.
Net assets came to $27,691 per participant, well below the $48,746 median for defined contribution plans with 250 to 499 participants and well below the $54,962 median for defined contribution plans in construction. The figure is an average across everyone in the plan, including former employees with small balances; Form 5500 holds no individual account data.
Schedule C lists 1 service provider organisation paid $5,000 or more, with reported compensation of $39K: $148 per participant, close to the same-size median of $141. Administrative expenses charged to the plan were $58K. Schedule C does not capture every cost: fees netted from fund returns and fees the employer pays directly are outside it.
Across the filings on record, net assets went from $3.2M in 2017 to $7.2M in 2024 (up 123%), and participants from 172 to 261 (up 52%).
The independent accountant's opinion on the financial statements was unmodified (unqualified), from an audit whose scope was limited under ERISA section 103(a)(3)(C) to exclude investment information certified by a bank or insurer.
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DC plans |
|---|---|---|---|---|
| Net assets per participant | $27,691 | $48,746 | $54,962 | $53,102 |
| Employer contributions per active participant | — | $2,017 | $2,728 | $2,175 |
| Schedule C compensation per participant | $148 | $141 | $162 | $123 |
| Schedule C compensation, share of net assets | 0.53% | 0.30% | 0.33% | 0.26% |
| Administrative expenses per participant | $223 | $133 | $166 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 250 to 499 participants (17,456 plans), construction (4,204) and all US plans (63,460). Fee medians cover plans that report an amount.
Trend by plan year
| Plan year | Participants | Net assets | Per participant | Employer contributions | Participant contributions | Schedule C compensation |
|---|---|---|---|---|---|---|
| 2024 | 261 | $7.2M | $27,690 | — | $384K | $39K |
| 2023 | 290 | $6.6M | $22,745 | $137K | $393K | $31K |
| 2022 | 280 | $5.6M | $20,100 | $228K | $370K | $26K |
| 2021 | 225 | $5.7M | $25,529 | $184K | $272K | $26K |
| 2020 | 242 | $4.9M | $20,219 | $235K | $255K | $17K |
| 2019 | 223 | $4.3M | $19,215 | $216K | $214K | $18K |
| 2018 | 201 | $3.4M | $16,891 | $191K | $205K | $16K |
| 2017 | 172 | $3.2M | $18,814 | $209K | $219K | $13K |
Years in which the plan filed the full Form 5500 with 100 or more participants, from 2009. Plan year is the year in which the plan year began.
Statement for the year
- Net assets, beginning of year$6,596,464
- Employer contributions—
- Participant contributions$384,153
- Rollovers and other contributions—
- Total contributions$384,153
- Total income, including investment results$1,142,306
- Benefits paid$453,335
- Administrative expenses$58,081
- Total expenses$511,416
- Net income$630,890
- Net transfers$0
- Net assets, end of year$7,227,354
Participants
- Active participants112
- Retired or separated, receiving benefits0
- Retired or separated, entitled to future benefits149
- Participants with account balances243
- Total participants, end of year261
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Edelman Financial Engines, LLC | Contract Administrator; Recordkeeping and information management; Investment management; Investment advisory (plan) | $38,626 | $0 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. Individuals named on Schedule C (plan employees, individual trustees) are never shown and their compensation is excluded. Eligible indirect compensation disclosed by formula carries no dollar amount. See how to read Schedule C fees.
Administrative expenses on Schedule H
- Investment advisory and management fees$27,851
- Contract administrator fees$14,666
- Recordkeeping fees$8,456
- Trustee and custodial fees$4,933
- Other administrative expenses$2,175
- Total administrative expenses$58,081
Investment structure
Assets at year end by Schedule H category. The form shows the kind of vehicle holding the money, not the funds on the menu.
- Registered investment companies (mutual funds)$7.0M · 96.6%
- Participant loans$180K · 2.5%
- Common/collective trusts$67K · 0.9%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmCavanagh CPAS & Associates, LLC
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $500,000
- Blackout period during the yearNo
These are the plan administrator's own answers on Schedule H, Part IV. A reported late transmittal is the filer's disclosure of a timing lapse, usually corrected through the Department of Labor's voluntary program; the amount is the total involved, not a loss.
Plan characteristics
2EProfit-sharing plan2FERISA section 404(c) plan2GTotal participant-directed account plan2JCode section 401(k) feature3DPre-approved pension plan
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 238220: Plumbing, Heating, & Air-Conditioning Contractors.
Similar plans in Rhode Island
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Dimeo Profit Sharing Savings Plan | Dimeo Construction Company | 292 | $92.7M | $317,362 |
| Arden Building Companies, LLC Retirement Plan | Arden Building Companies, LLC | 240 | $36.6M | $152,322 |
| Acsc Retirement Plan | Atlantis Comfort Systems Corp. | 327 | $5.2M | $15,917 |
| The Contractors Retirement Plan | North-Eastern Tree Service Inc. | 153 | $2.5M | $16,467 |
| Gem Plumbing and Heating Co., Inc. Prevailing Wage Plan | Gem Plumbing and Heating Co., Inc. | 1,021 | $6.2M | $6,037 |
| Lynch 401(k) Retirement Plan | J.H. Lynch & Sons, Inc. | 127 | $40.1M | $316,073 |
Defined contribution plans in construction closest in size.
Questions and answers
How big is National Refrigeration, Inc. 401(k) Plan?
261 participants at the end of the plan year ending 31 Dec 2024, of whom 112 were active employees, with net assets of $7,227,354. Among defined contribution plans that places it in the 250 to 499 participants band, which held 17,456 plans in plan year 2024.
What does National Refrigeration, Inc. contribute per participant?
This filing has no Schedule H financial statement, so employer contributions are not reported here.
What fees does the plan pay and how do they compare?
Schedule C reports $38,626 in compensation to service provider organisations, $148 per participant or 0.53% of net assets. The same-size median among plans reporting any Schedule C compensation was $141 per participant. Administrative expenses on Schedule H were $58,081. Investment costs deducted inside mutual funds and other pooled vehicles are not itemised on Form 5500, so these figures are a floor rather than a full cost.
Who runs the plan?
The sponsor is National Refrigeration, Inc.. Recordkeeping or administration: Edelman Financial Engines, LLC. Investment advisory or management: Edelman Financial Engines, LLC. The financial statements were audited by Cavanagh CPAS & Associates, LLC. Form 5500 also names the plan administrator's signer and other individuals; this site publishes organisations only.
Was the audit opinion unqualified?
The filing reports an unmodified (unqualified) opinion from a limited-scope audit, in which the accountant did not audit investment information certified by a bank or insurance company. Unmodified (formerly "unqualified") is the standard clean opinion.
How current is this, and does it show my balance?
This is the Form 5500 for the plan year 1 Jan 2024 to 31 Dec 2024, received by the Department of Labor on 7 Oct 2025. Filings are due seven months after the plan year ends, or nine and a half with an extension, so the public record always runs a year or more behind. It contains plan-level totals only: no individual balances, contributions or names of participants exist in the data.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files (Form 5500, Schedule H, Schedule C) for plan years 2009 to 2025, public domain, with filings received through 24 Aug 2026. This page shows the latest filing on record for EIN 05-0319523, plan 002, received 7 Oct 2025; an amended filing replaces it at the next build. Medians and percentiles are computed by this site; see the methodology. Report an error through corrections.