Retirement plan

ALCO FEDERAL CREDIT UNION 401(K) PROFIT SHARING PLAN

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

ALCO FEDERAL CREDIT UNIONEIN 16-0792170Plan #001PY 2023

2859 LINDY LANE - WELLSVILLE, NY 14895585-593-4959LinkedIn1-10 employeesfinancial services

Prospect flagsHigh feesLow assets / participantLow participant contribution

How to read this page

Total assets (EOY)

$528K

+0.1% from 2022

Total participants

+10.3% from 2022

Average account balance

$17,609

-6.6% from 2022

Annual return

13.52%

+28.96 pp from 2022

Benchmarks

See 36,165 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants<25

Cohort36,165 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$747K

Not enough data

1 years with asset history on file

Average account balance

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

$24K

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.

140.9%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$86K

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

+20.15%

Not enough data

1 years with return on file

Admin fee / account holder

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

$1318

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 codes2E2F2G2J2T3D

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.
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.

Opportunity flags

3 tripped

OpportunityLow participant contribution
Participant 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 assets / participant
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.

Expense breakdown

Schedule H Part II

Admin total

$144K

$6839 / participant

Other / not subdivided$144K100.0%

% of EOY assets

27.187%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

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

$17,609

$185,883-90.5%

$170,043-89.6%

$139,466-87.4%

Participation rate

90.5%

87.8%+2.7pp

87.0%+3.5pp

80.3%+10.1pp

Annual return

13.52%

60.54%-47.0pp

53.40%-39.9pp

373.66%-360.1pp

Employer contribution / active EE

$1,795

$7,596-76.4%

$6,790-73.6%

$4,754-62.2%

Participant deferral / active EE

$1,533

$11,626-86.8%

$10,410-85.3%

$6,712-77.2%

Admin fee / account holder

$4,787

$15,393-68.9%

$12,824-62.7%

$11,409-58.0%

ALCO FEDERAL CREDIT UNION 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

ALCO FEDERAL CREDIT UNION 401(K) PROFIT SHARING PLAN

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