Panel Processing, Inc.ESOP
PANEL PROCESSING, INC. EMPLOYEE STOCK OWNERSHIP PLAN · ALPENA, MI · plan year 2022
Panel Processing, Inc.'s 2022 Form 5500 did not separately report plan administrative expenses, which is common where recordkeeping is paid through investment revenue-sharing or a master trust. The plan held $14,883,347 across 303 participant accounts, with employer contributions averaging $6,289 per active participant. See methodology for what Form 5500 does and doesn't capture.
The plan sits in the $10M–$50M size bracket, benchmarked here against 26,806 comparable plans and shown alongside other manufacturing employers. By assets it is the 1,264th-largest of 2,619 plans among Michigan employers on file, and 7,132nd of 13,661 in manufacturing.
Panel Processing, Inc.'s 2022 employer contribution ran above the $2,266 median for plans its size, placing it in the top quarter of its peers. Filings report dollars actually contributed, not the match formula; the formula itself (for example, 50% of the first 6% of pay) lives in the plan's summary plan description from HR.
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Source: U.S. Department of Labor, Form 5500 series, EIN 381946344 · Verify on EFAST2 · Amounts are as reported by the plan sponsor for the plan year shown.