Retirement plan

THE ANDOVERS FEDERAL CREDIT UNION 401(K) PLAN AND TRUST

Name: THE ANDOVERS FEDERAL CREDIT UNION - THE ANDOVERS FEDERAL CREDIT UNION 401(K) PLAN AND TRUST (2022) Form 5500
Creator: THE ANDOVERS FEDERAL CREDIT UNION
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, THE ANDOVERS FEDERAL CREDIT UNION 401(K) PLAN AND TRUST, THE ANDOVERS FEDERAL CREDIT UNION

THE ANDOVERS FEDERAL CREDIT UNIONEIN 04-2390208Plan #002PY 2022

19C LUPINE RD - ANDOVER, MA 018103909978-475-6133

Prospect flagsLow participationLow participant contribution

How to read this page

Total assets (EOY)

$266K

-5.0% from 2021

Total participants

+14.3% from 2021

Average account balance

$88,677

-5.0% from 2021

Annual return

-12.85%

-19.45 pp from 2021

Benchmarks

See 35,205 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants<25

Cohort35,205 peers

Snapshot2022

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

Analytics

Total assets (EOY)

Plan-year ending balance

$399K

Not enough data

1 years with asset history on file

Average account balance

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

$133K

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.

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.

42.9%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$26K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$4K

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

+9.83%

Not enough data

1 years with return on file

Admin fee / account holder

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

$89

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

0 years with F_SCH_H allocation on file

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

Service providers

Providers data not reported

Schedule C was not filed on this plan's most recent Form 5500, so no compensated service providers are available to display.

Plan features & details

Pension benefit codes2F2G2E2J3D

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).
2G
Total participant-directed account plan
Participants have the opportunity to direct the investment of all 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.
3D
Pre-approved pension plan
A master prototype or volume submitter plan that is the subject of a favorable opinion or advisory letter from the IRS.

Opportunity flags

2 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.

Audit opinion

Schedule H Part III

No opinion code on file for this filing.

Auditor firm: (not reported)
Auditor EIN: -
Audit fees: (not subdivided)
Opinion code: -

Metric

This plan

Peer set

Industry

Size

Avg account balance

$88,677

$167,533-47.1%

$151,645-41.5%

$134,545-34.1%

Participation rate

37.5%

88.4%-50.9pp

87.5%-50.0pp

81.2%-43.7pp

Annual return

-12.85%

7.81%-20.7pp

3.34%-16.2pp

418.37%-431.2pp

Employer contribution / active EE

$6,828-100.0%

$6,165-100.0%

$4,742-100.0%

Participant deferral / active EE

$2,739

$8,985-69.5%

$8,363-67.2%

$6,401-57.2%

Admin fee / account holder

$13,781-100.0%

$11,614-100.0%

$11,431-100.0%

THE ANDOVERS FEDERAL CREDIT UNION 401(K) PLAN AND TRUST

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Audit opinioni

THE ANDOVERS FEDERAL CREDIT UNION 401(K) PLAN AND TRUST

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Audit opinion

Benchmarks

Service providers

Opportunity flags

Audit opinion