Retirement plan

PENTEGRA DEFINED CONTRIBUTION PLAN FOR FINANCIAL INSTITUTIONS

Name: BOARD OF DIRECTORS OF PENTEGRA DEFINED CONTRIBUTION PLAN - PENTEGRA DEFINED CONTRIBUTION PLAN FOR FINANCIAL INSTITUTIONS (2023) Form 5500
Creator: BOARD OF DIRECTORS OF PENTEGRA DEFINED CONTRIBUTION PLAN
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, PENTEGRA DEFINED CONTRIBUTION PLAN FOR FINANCIAL INSTITUTIONS, BOARD OF DIRECTORS OF PENTEGRA DEFINED CONTRIBUTION PLAN

BOARD OF DIRECTORS OF PENTEGRA DEFINED CONTRIBUTION PLANEIN 13-6321489Plan #333PY 2023

701 WESTCHESTER AVENUE, SUITE 320E - WHITE PLAINS, NY 10604914-694-1300LinkedIn1-10 employeesinsurance

Prospect flagsLow returnsHigh feesLow participationLow employer contributionLow participant contributionCorrective distributions

How to read this page

Total assets (EOY)

$2197.7M

-6.2% from 2016

Total participants

46,285

-2.0% from 2016

Average account balance

$93,011

-5.4% from 2016

Annual return

8.50%

-5.28 pp from 2016

Benchmarks

See 90 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants>=10,000

Cohort90 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$2.26B

Not enough data

1 years with asset history on file

Average account balance

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

$103K

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.

21,969

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.

34.8%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$109.38M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$3K

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

+11.67%

Not enough data

1 years with return on file

Admin fee / account holder

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

$793

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

1 years with F_SCH_H allocation on file

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

Service providers

Top 10 of 12 by compensation

Provider	Service type	Compensation
PENTEGRA SERVICES, INC.1 year Filed as: PENTEGRA RETIREMENT SERVICES Service code 13 · EIN 13-6321489	Contract Administrator	$8,121,816
RELIANCE TRUST COMPANY9+ years Service code 21 · EIN 58-1428634	Bank Trustee	$529,321
STATE STREET GLOBAL ADVISORS9+ years Service code 18 · EIN 04-1867445	Custodial (securities); Investment ma...	$453,573
PENTEGRA SERVICES, INC.9+ years Service code 29 · EIN 13-3745616	Legal	$250,000
GLOBAL RETIREMENT PARTNERS LLC8 years Filed as: GLOBAL RETIREMENT PARTNERS Service code 27 4460 REDWOOD HWY · SAN RAFAEL, CA 94903	Advisory (Plan)	$61,498
CLIFTONLARSONALLEN LLP5 years Filed as: CLIFTON LARSON ALLEN Service code 10 · EIN 41-0746749	Accounting	$46,200
PATTERSON,BELKNAP,WEBB & TYLER1 year Filed as: PATTERSON, BELLNAP, WEBB & TAYLOR Service code 29 · EIN 13-5622951	Legal	$21,991
GROVE POINT INVESTMENTS LLC1 year Filed as: GROVE POINT ADVISORS Service code 27 · EIN 85-3242918	Advisory (Plan)	$16,218
CAMBRIDGE INVESTMENT RESEARCH1 year Service code 27 116 JEFFERSON STREET · RIPLEY, TN 92131	Advisory (Plan)	$12,393
CUSO FINANCIAL SERVICES INC1 year Filed as: CUSO FINANCIAL SERVICES Service code 27 10150 MEANLEY DRIVE · SAN DIEGO, CA 92131	Advisory (Plan)	$11,440

Plan features & details

Pension benefit codes2E2G2H2J2K2R2S2T

Plan features

2E
Profit-sharing
Profit-sharing plan.
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.
2H
Partial participant-directed account plan
Participants have the opportunity to direct the investment of a portion 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

6 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.
OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.
OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$17.5M

$500 / participant

Recordkeeping$7M38.5%
Trustee / custodial$529K3.0%
Investment mgmt$454K2.6%
Legal$281K1.6%
Contract admin$8M46.4%
Other / not subdivided$1M7.9%

% of EOY assets

0.797%

all-in expense ratio

Categories reported

5 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: CLIFTONLARSONALLEN LLP
Auditor EIN: 410746749
Audit fees: $46,200
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$93,011

$135,240-31.2%

$170,055-45.3%

$96,393-3.5%

Participation rate

35.3%

86.5%-51.2pp

87.0%-51.7pp

71.3%-36.0pp

Annual return

8.50%

22.04%-13.5pp

53.43%-44.9pp

22.88%-14.4pp

Employer contribution / active EE

$1,107

$5,029-78.0%

$6,790-83.7%

$3,239-65.8%

Participant deferral / active EE

$2,032

$8,138-75.0%

$10,410-80.5%

$5,455-62.7%

Admin fee / account holder

$741

$85+772.6%

$12,828-94.2%

$74+902.8%

Provider

Service type

Compensation

PENTEGRA SERVICES, INC.1 year

Filed as: PENTEGRA RETIREMENT SERVICES

Service code 13 · EIN 13-6321489

Contract Administrator

$8,121,816

RELIANCE TRUST COMPANY9+ years

Service code 21 · EIN 58-1428634

Bank Trustee

$529,321

STATE STREET GLOBAL ADVISORS9+ years

Service code 18 · EIN 04-1867445

Custodial (securities); Investment ma...

$453,573

PENTEGRA SERVICES, INC.9+ years

Service code 29 · EIN 13-3745616

Legal

$250,000

GLOBAL RETIREMENT PARTNERS LLC8 years

Filed as: GLOBAL RETIREMENT PARTNERS

Service code 27

4460 REDWOOD HWY · SAN RAFAEL, CA 94903

Advisory (Plan)

$61,498

CLIFTONLARSONALLEN LLP5 years

Filed as: CLIFTON LARSON ALLEN

Service code 10 · EIN 41-0746749

Accounting

$46,200

PATTERSON,BELKNAP,WEBB & TYLER1 year

Filed as: PATTERSON, BELLNAP, WEBB & TAYLOR

Service code 29 · EIN 13-5622951

Legal

$21,991

GROVE POINT INVESTMENTS LLC1 year

Filed as: GROVE POINT ADVISORS

Service code 27 · EIN 85-3242918

Advisory (Plan)

$16,218

CAMBRIDGE INVESTMENT RESEARCH1 year

Service code 27

116 JEFFERSON STREET · RIPLEY, TN 92131

Advisory (Plan)

$12,393

CUSO FINANCIAL SERVICES INC1 year

Filed as: CUSO FINANCIAL SERVICES

Service code 27

10150 MEANLEY DRIVE · SAN DIEGO, CA 92131

Advisory (Plan)

$11,440

PENTEGRA DEFINED CONTRIBUTION PLAN FOR FINANCIAL INSTITUTIONS

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

PENTEGRA DEFINED CONTRIBUTION PLAN FOR FINANCIAL INSTITUTIONS

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