Retirement plan

FIRST HERITAGE FEDERAL CREDIT UNION 401(K) RETIREMENT SAVINGS PLAN

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

FIRST HERITAGE FEDERAL CREDIT UNIONEIN 16-0802201Plan #003PY 2023

202 DENISON PKWY E. - CORNING, NY 14830800-833-3338fhfcu.orgLinkedIn51-200 employeesfinancial services

Prospect flagsHigh fees

Top hat statement on fileNQDC

Filed December 1, 2010 (most recent of 3 filings on file)

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.

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Total assets (EOY)

$13.7M

+21.8% from 2022

Total participants

181

+7.7% from 2022

Average account balance

$76,356

+12.2% from 2022

Annual return

16.52%

+32.17 pp from 2022

Benchmarks

See 2,154 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants100-249

Cohort2,154 peers

Snapshot2023

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Analytics

Total assets (EOY)

Plan-year ending balance

$18.74M

Not enough data

1 years with asset history on file

Average account balance

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

$112K

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.

167

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.

99.3%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.49M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$10K

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

+16.27%

Not enough data

1 years with return on file

Admin fee / account holder

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

$418

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
SAGE, RUTTY AND CO., INC.5 years Filed as: SAGE RUTTY AND CO., INC. Service code 26 · EIN 16-0620690	Advisory (Participants)	$33,607
JOHN HANCOCK LIFE INSURANCE COMPANY5 years Filed as: JOHN HANCOCK LIFE INS COMPANY OF NY Service code 15 · EIN 13-3646501	Recordkeeping	$496

Plan features & details

Pension benefit codes2A2E2F2G2J2K2T3D

Plan features

2A
Age/service weighted or new comparability plan
Age/service weighted plan where allocations are based on age service or age and service; or new comparability or similar plan where allocations are based on participant classifications consisting entirely or predominantly of highly compensated employees or the plan provides an additional allocation rate on compensation above a specified threshold that exceeds the permitted disparity limits of Code section 401(l).
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.
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

1 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)

Expense breakdown

Schedule H Part II

Admin total

$72K

$534 / participant

Investment mgmt$34K46.6%
Contract admin$39K53.4%

% of EOY assets

0.528%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

The auditor signed off without reservation. This is the cleanest opinion.

Auditor firm: MENGEL METZGER BARR & CO. LLC
Auditor EIN: 161092347
Audit fees: $0
Opinion code: Unqualified

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$76,356

$130,194-41.4%

$169,993-55.1%

$71,457+6.9%

Participation rate

98.5%

86.1%+12.4pp

87.0%+11.5pp

67.9%+30.6pp

Annual return

16.52%

20.37%-3.8pp

53.37%-36.9pp

28.85%-12.3pp

Employer contribution / active EE

$4,664

$4,381+6.4%

$6,785-31.3%

$2,588+80.2%

Participant deferral / active EE

$4,157

$6,923-40.0%

$10,408-60.1%

$4,289-3.1%

Admin fee / account holder

$403

$966-58.3%

$12,815-96.9%

$1,587-74.6%

Provider

Service type

Compensation

SAGE, RUTTY AND CO., INC.5 years

Filed as: SAGE RUTTY AND CO., INC.

Service code 26 · EIN 16-0620690

Advisory (Participants)

$33,607

JOHN HANCOCK LIFE INSURANCE COMPANY5 years

Filed as: JOHN HANCOCK LIFE INS COMPANY OF NY

Service code 15 · EIN 13-3646501

Recordkeeping

$496

FIRST HERITAGE FEDERAL CREDIT UNION 401(K) RETIREMENT SAVINGS PLAN

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

FIRST HERITAGE FEDERAL CREDIT UNION 401(K) RETIREMENT 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