Retirement plan

ERIE FEDERAL CREDIT UNION 401(K) PLAN AND TRUST

Name: ERIE FEDERAL CREDIT UNION - ERIE FEDERAL CREDIT UNION 401(K) PLAN AND TRUST (2020) Form 5500
Creator: ERIE FEDERAL CREDIT UNION
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, ERIE FEDERAL CREDIT UNION 401(K) PLAN AND TRUST, ERIE FEDERAL CREDIT UNION

ERIE FEDERAL CREDIT UNIONEIN 25-0970927Plan #003PY 2020

350 PEACH ST - ERIE, PA 165082741814-825-2436eriefcu.orgLinkedIn51-200 employeesbanking

Prospect flagsLow participant contribution

Top hat statement on fileNQDC

Filed August 27, 2021 (most recent of 4 filings on file)

Plan administrator

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3503 Peach Street

Erie, PA 16508

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Plans declared (1)

Erie Federal Credit Union 457(f) Plan6 emp

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Total assets (EOY)

$14.4M

+21.9% from 2019

Total participants

202

+2.5% from 2019

Average account balance

$75,801

+14.2% from 2019

Annual return

16.80%

-4.73 pp from 2019

Benchmarks

See 2,211 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants100-249

Cohort2,211 peers

Snapshot2020

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

Analytics

Total assets (EOY)

Plan-year ending balance

$19.85M

Not enough data

1 years with asset history on file

Average account balance

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

$102K

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.

195

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.

84.5%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.56M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$8K

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

+12.81%

Not enough data

1 years with return on file

Admin fee / account holder

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

$452

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
CMFG LIFE INSURANCE COMPANY6+ years Service code 15 · EIN 39-0230590	Recordkeeping	$45,225
CMFG LIFE INSURANCE COMPANY2 years Filed as: MEMBERS CAPITAL ADVISORS, INC. Service code 27 · EIN 42-0388260	Advisory (Plan)	$10,975

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

1 tripped

OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II

Admin total

$56K

$358 / participant

Investment mgmt$11K19.5%
Contract admin$45K80.5%

% of EOY assets

0.390%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Disclaimer opinion

Auditor declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.

Auditor firm: CLIFTONLARSONALLEN, LLP
Auditor EIN: 410746749
Audit fees: (not subdivided)
Opinion code: Disclaimer

Metric

This plan

Peer set

Industry

Size

Avg account balance

$75,801

$136,307-44.4%

$177,840-57.4%

$73,493+3.1%

Participation rate

92.4%

86.1%+6.3pp

87.7%+4.6pp

70.7%+21.7pp

Annual return

16.80%

18.68%-1.9pp

48.32%-31.5pp

28.51%-11.7pp

Employer contribution / active EE

$4,944

$3,712+33.2%

$5,919-16.5%

$2,270+117.8%

Participant deferral / active EE

$1,708

$5,829-70.7%

$7,714-77.9%

$3,740-54.3%

Admin fee / account holder

$296

$596-50.3%

$12,431-97.6%

$513-42.4%

Provider

Service type

Compensation

CMFG LIFE INSURANCE COMPANY6+ years

Service code 15 · EIN 39-0230590

Recordkeeping

$45,225

CMFG LIFE INSURANCE COMPANY2 years

Filed as: MEMBERS CAPITAL ADVISORS, INC.

Service code 27 · EIN 42-0388260

Advisory (Plan)

$10,975

ERIE FEDERAL CREDIT UNION 401(K) PLAN AND TRUST

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

ERIE FEDERAL CREDIT UNION 401(K) PLAN AND TRUST

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