Retirement plan

THE CULTURAL INSTITUTIONS SAVINGS PLAN

Name: THE CULTURAL INSTITUTIONS RETIREMENT SYSTEM - THE CULTURAL INSTITUTIONS SAVINGS PLAN (2023) Form 5500
Creator: THE CULTURAL INSTITUTIONS RETIREMENT SYSTEM
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, THE CULTURAL INSTITUTIONS SAVINGS PLAN, THE CULTURAL INSTITUTIONS RETIREMENT SYSTEM

THE CULTURAL INSTITUTIONS RETIREMENT SYSTEMEIN 11-2001170Plan #002PY 2023

225 WEST 34TH STREET, SUITE 1106 - NEW YORK, NY 10122212-674-0101cirsplans.orgLinkedIn11-50 employeescivic & social organization

Other plans on this EIN

1 filing

#001Retirement-$1.48B assets

Prospect flagsLow returnsLow participationLow employer contribution

Top hat statement on fileNQDC

Filed May 26, 2004

This is a legacy paper filing. Plan administrator and contact details are recorded in the original filing, which has not been digitised into structured fields.

Open the filing PDF

How to read this page

Total assets (EOY)

$628.7M

-7.5% from 2017

Total participants

14,305

+12.2% from 2017

Average account balance

$59,336

-17.9% from 2017

Annual return

9.12%

-8.32 pp from 2017

Benchmarks

See 1,192 peers

Peer group

Industryany (size+type match)

Plan typeDefined contribution

Participants5,000-9,999

Cohort1,192 peers

Snapshot2023

Participant deferral / active EE

$3,121

median $4,583

Employer contribution / active EE

$369

median $2,242

Participation rate

53.5%

median 90.0%

Avg account balance

$59,336

median $64,799

Admin fee / account holder

$248

median $70

Annual return

9.12%

median 18.45%

Overall peer rank

21of 100

21st percentileavg across 6 metrics

Analytics

2016 - 2025

Total assets (EOY)

Plan-year ending balance

$728.98M

Average account balance

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

$73K

Participants with account balance

Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.

10,004

Eligible Participants and Participation

Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.

44.2%

Contributions (total)

Employer and participant dollars contributed each year

$29.85M

Contributions per participant

Average employer and participant contribution per enrolled participant

$3K

Asset flow

BOY + contributions + return - distributions = EOY

Year

Annual return

Diverging bars; negative years highlighted

+9.25%

Admin fee / account holder

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

$392

Asset composition

Cash / stocks / bonds / mutual funds / real estate / loans over time

Mutual / pooled
Stocks
Bonds
Cash
Real estate
Loans

Service providers

Top 10 of 24 by compensation

Provider	Service type	Compensation
M. SCADUTO8+ years Service code 30 · EIN 11-2001170	Employee (plan); Direct payment from ...	$360,823
M. KOLLE8+ years Service code 30 · EIN 11-2001170	Direct payment from the plan; Employe...	$155,809
R. SCHEER8+ years Service code 30 · EIN 11-2001170	Direct payment from the plan; Employe...	$151,674
THE SEGAL COMPANY8+ years Service code 17 · EIN 13-1835864	Pension Consulting	$136,677
P. MCSHARRY4 years Service code 30 · EIN 11-2001170	Employee (plan); Direct payment from ...	$80,970
R. SINGH1 year Service code 30 · EIN 11-2001170	Employee (plan); Direct payment from ...	$75,995
W. CHING6 years Service code 30 · EIN 11-2001170	Employee (plan); Direct payment from ...	$72,675
T. LOZADA8+ years Service code 30 · EIN 21-2001170	Employee (plan); Direct payment from ...	$67,050
L. CHARLEY8+ years Service code 30 · EIN 11-2001170	Employee (plan); Direct payment from ...	$58,050
S. BARROS8+ years Service code 30 · EIN 11-2001170	Direct payment from the plan; Employe...	$56,025

Plan features & details

Pension benefit codes2E2F2G2J2K2R2S2T

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.
2K
Code section 401(m) arrangement
Employee contributions are allocated to separate accounts under the plan or employer contributions are based in whole or in part on employee deferrals or contributions to the plan. Not applicable to 401(k) plans with only QNECs and/or QMACs or to 403(b)(1) 403(b)(7) or 408 arrangements.
2R
Participant-directed brokerage accounts
Participant-directed brokerage accounts provided as an investment option under the plan.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
2T
Default investment account
Total or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.

Opportunity flags

3 tripped

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

Expense breakdown

Schedule H Part II

Admin total

$2.6M

$329 / participant

Other / not subdivided$3M100.0%

% of EOY assets

0.418%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: PKF O'CONNOR DAVIES, LLP
Auditor EIN: 271728945
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$59,336

$103,657-42.8%

$86,681-31.5%

$103,657-42.8%

Participation rate

53.5%

73.4%-19.9pp

71.7%-18.2pp

73.4%-19.9pp

Annual return

9.12%

33.13%-24.0pp

593.32%-584.2pp

33.13%-24.0pp

Employer contribution / active EE

$369

$3,216-88.5%

$3,026-87.8%

$3,216-88.5%

Participant deferral / active EE

$3,121

$5,218-40.2%

$4,440-29.7%

$5,218-40.2%

Admin fee / account holder

$248

$114+117.1%

$5,620-95.6%

$114+117.1%

Provider

Service type

Compensation

M. SCADUTO8+ years

Service code 30 · EIN 11-2001170

Employee (plan); Direct payment from ...

$360,823

M. KOLLE8+ years

Service code 30 · EIN 11-2001170

Direct payment from the plan; Employe...

$155,809

R. SCHEER8+ years

Service code 30 · EIN 11-2001170

Direct payment from the plan; Employe...

$151,674

THE SEGAL COMPANY8+ years

Service code 17 · EIN 13-1835864

Pension Consulting

$136,677

P. MCSHARRY4 years

Service code 30 · EIN 11-2001170

Employee (plan); Direct payment from ...

$80,970

R. SINGH1 year

Service code 30 · EIN 11-2001170

Employee (plan); Direct payment from ...

$75,995

W. CHING6 years

Service code 30 · EIN 11-2001170

Employee (plan); Direct payment from ...

$72,675

T. LOZADA8+ years

Service code 30 · EIN 21-2001170

Employee (plan); Direct payment from ...

$67,050

L. CHARLEY8+ years

Service code 30 · EIN 11-2001170

Employee (plan); Direct payment from ...

$58,050

S. BARROS8+ years

Service code 30 · EIN 11-2001170

Direct payment from the plan; Employe...

$56,025

THE CULTURAL INSTITUTIONS SAVINGS PLAN

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

THE CULTURAL INSTITUTIONS SAVINGS PLAN

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion