Retirement plan

SUNMARK CREDIT UNION 401(K) PLAN

Name: SUNMARK CREDIT UNION - SUNMARK CREDIT UNION 401(K) PLAN (2023) Form 5500
Creator: SUNMARK CREDIT UNION
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SUNMARK CREDIT UNION 401(K) PLAN, SUNMARK CREDIT UNION

SUNMARK CREDIT UNIONEIN 14-1364933Plan #034PY 2023

1187 TROY SCHENECTADY ROAD - LATHAM, NY 121101086866-786-6275sunmark.orgLinkedIn51-200 employeesfinancial services

Other plans on this EIN

1 filing

#022Retirement-$27.1M assets

Prospect flagsLow employer contributionFailed to transmit contributions

Top hat statement on fileNQDC

Filed August 27, 2020 (most recent of 4 filings on file)

Plan administrator

Plan administrator name— Sign in and upgrade to view

1187 Troy Schenectady Road

Latham, NY 12110

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Plans declared (1)

457(b) Eligible Deferred Compensation Plan24 emp

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Total assets (EOY)

$22.2M

+19.3% from 2022

Total participants

335

-5.1% from 2022

Average account balance

$68,221

+27.7% from 2022

Annual return

17.75%

+21.45 pp from 2022

Benchmarks

See 1,521 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants250-999

Cohort1,521 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$23.03M

Not enough data

1 years with asset history on file

Average account balance

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

$71K

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.

326

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.

97.3%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.90M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$7K

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

+10.11%

Not enough data

1 years with return on file

Admin fee / account holder

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

$269

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

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Service providers

Top 2 by compensation

Provider	Service type	Compensation
PRINCIPAL LIFE INSURANCE COMPANY4+ years Service code 13 · EIN 42-0127290	Contract Administrator	$78,918
MORGAN STANLEY SMITH BARNEY1 year Filed as: MORGAN STANLEY GLOBAL BANKING OPERA Service code 28 · EIN 26-4310632	Investment Management	$38,602

Plan features & details

Pension benefit codes2E2F2G2J2K2S2T3D3F

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.
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.
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.
3F
Leased employees
Plan sponsor(s) received services of leased employees as defined in Code section 414(n) during the plan year.

Opportunity flags

2 tripped

OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).

Expense breakdown

Schedule H Part II

Admin total

$79K

$301 / participant

Contract admin$79K100.0%

% of EOY assets

0.356%

all-in expense ratio

Categories reported

1 / 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: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$68,221

$100,272-32.0%

$170,057-59.9%

$74,473-8.4%

Participation rate

96.2%

87.4%+8.8pp

87.0%+9.2pp

70.7%+25.4pp

Annual return

17.75%

66.12%-48.4pp

53.42%-35.7pp

34.36%-16.6pp

Employer contribution / active EE

$1,471

$4,266-65.5%

$6,790-78.3%

$2,638-44.2%

Participant deferral / active EE

$5,206

$7,147-27.2%

$10,411-50.0%

$4,530+14.9%

Admin fee / account holder

$243

$235+3.5%

$12,826-98.1%

$347-30.0%

Provider

Service type

Compensation

PRINCIPAL LIFE INSURANCE COMPANY4+ years

Service code 13 · EIN 42-0127290

Contract Administrator

$78,918

MORGAN STANLEY SMITH BARNEY1 year

Filed as: MORGAN STANLEY GLOBAL BANKING OPERA

Service code 28 · EIN 26-4310632

Investment Management

$38,602

SUNMARK CREDIT UNION 401(K) PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SUNMARK CREDIT UNION 401(K) PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

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