Wisconsin › Manufacturing › 500 to 999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Twin Disc, Inc. Combined Retirement Plan for Racine Hourly and Salaried Employees
Sponsored by Twin Disc, Incorporated, Milwaukee, WI
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.
Twin Disc, Incorporated of Milwaukee, Wisconsin sponsors Twin Disc, Inc. Combined Retirement Plan for Racine Hourly and Salaried Employees, a cash balance pension plan. Its Form 5500 for the plan year ending 31 Dec 2024 shows 851 participants (37 active) and $51.4M in net assets.
Net assets came to $60,435 per participant, well below the $86,583 median for defined benefit plans with 500 to 999 participants and below the $67,961 median for defined benefit plans in manufacturing. 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 8 service provider organisations paid $5,000 or more, with reported compensation of $251K: $294 per participant, well below the same-size median of $377. Administrative expenses charged to the plan were $502K. 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 $61.0M in 2022 to $51.4M in 2024 (down 16%), and participants from 907 to 851 (down 6%).
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 DB plans |
|---|---|---|---|---|
| Net assets per participant | $60,435 | $86,583 | $67,961 | $86,221 |
| Employer contributions per active participant | — | $10,758 | $6,915 | $10,244 |
| Schedule C compensation per participant | $294 | $377 | $299 | $344 |
| Schedule C compensation, share of net assets | 0.49% | 0.48% | 0.47% | 0.42% |
| Administrative expenses per participant | $590 | $591 | $498 | $527 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 500 to 999 participants (873 plans), manufacturing (1,532) and all US plans (5,308). 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 | 851 | $51.4M | $60,435 | — | — | $251K |
| 2023 | 870 | $58.5M | $67,275 | — | — | $274K |
| 2022 | 907 | $61.0M | $67,216 | — | — | $0 |
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$58,528,742
- Employer contributions—
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$0
- Total income, including investment results$478,180
- Benefits paid$7,074,273
- Administrative expenses$502,204
- Total expenses$7,576,477
- Net income−$7,098,297
- Net transfers$0
- Net assets, end of year$51,430,445
Participants
- Active participants37
- Retired or separated, receiving benefits562
- Retired or separated, entitled to future benefits45
- Total participants, end of year851
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Income Research and Management | Investment management | $99,692 | $0 |
| Marquette Associates Investment | Investment advisory (plan) | $49,000 | $0 |
| Willis Towers Watson | Actuarial | $48,667 | $0 |
| Midwest Institutional Trust Company | Custodial (securities); Trustee (bank, trust company, or similar financial institution) | $15,406 | $0 |
| Wipfli LLP | Accounting (including auditing) | $14,000 | $0 |
| Eagle Asset Management | Investment management | $9,827 | $0 |
| Fiduciary Trust International | Investment management | $9,637 | $0 |
| LSV Management | Investment management | $4,358 | $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
- Other administrative expenses$251,618
- Investment advisory and management fees$172,513
- Actuarial fees$48,667
- Trustee and custodial fees$15,406
- IQPA audit fees$14,000
- Total administrative expenses$502,204
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.
- Partnership/joint venture interests$38.9M · 75.6%
- Registered investment companies (mutual funds)$7.5M · 14.6%
- Pooled separate accounts$3.9M · 7.6%
- Employer securities$1.2M · 2.2%
- Receivables$1,216 · 0.0%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmWipfli LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $3,000,000
- 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
3HPlan sponsor(s) is (are) a member(s) of a controlled group1BBenefits are primarily flat dollar (includes dollars per year of service)1CCash balance or similar plan
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 333610: Engine, Turbine & Power Transmission Equipment Mfg.
Other plans of Twin Disc, Incorporated
| Plan | Participants | Net assets |
|---|---|---|
| Twin Disc, Incorporated - the Accelerator 401(k) Savings Plan | 408 | $74.8M |
Similar plans in Wisconsin
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Nortek Retirement Plan | Broan-Nutone LLC | 858 | $43.2M | $50,327 |
| American Water Heater Company Pension Plan for the Johnson City, Tennessee Manufacturing Bargaining Unit | A.O. Smith Corporation | 845 | $18.3M | $21,638 |
| Retirement Plan for Office and Salaried Employees of Green Bay Packaging Inc. | Green Bay Packaging Inc. | 1,086 | $168M | $154,628 |
| Thermotron Employees Retirement Plan | Venturedyne Ltd. | 764 | $37.9M | $49,622 |
| Spectrum Brands, Inc. Merged Pension Plan | Spectrum Brands, Inc. | 1,237 | $50.2M | $40,613 |
| Briggs & Stratton, LLC Cash Balance Retirement Plan | Briggs & Stratton, LLC | 697 | $9.2M | $13,260 |
Defined benefit plans in manufacturing closest in size.
Questions and answers
How big is Twin Disc, Inc. Combined Retirement Plan for Racine Hourly and Salaried Employees?
851 participants at the end of the plan year ending 31 Dec 2024, of whom 37 were active employees, with net assets of $51,430,445. Among defined benefit plans that places it in the 500 to 999 participants band, which held 873 plans in plan year 2024.
What does Twin Disc, Incorporated 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 $250,587 in compensation to service provider organisations, $294 per participant or 0.49% of net assets. The same-size median among plans reporting any Schedule C compensation was $377 per participant. Administrative expenses on Schedule H were $502,204. 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 Twin Disc, Incorporated. Investment advisory or management: Income Research and Management, Marquette Associates Investment and Eagle Asset Management. Trustee or custodian: Midwest Institutional Trust Company. The financial statements were audited by Wipfli LLP. 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 15 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 39-0667110, plan 004, received 15 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.