Retirement plan

INDUSTRIAL FEDERAL CREDIT UNION 401(K)PLAN

Name: INDUSTRIAL FEDERAL CREDIT UNION - INDUSTRIAL FEDERAL CREDIT UNION 401(K)PLAN (2019) Form 5500
Creator: INDUSTRIAL FEDERAL CREDIT UNION
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, INDUSTRIAL FEDERAL CREDIT UNION 401(K)PLAN, INDUSTRIAL FEDERAL CREDIT UNION

INDUSTRIAL FEDERAL CREDIT UNIONEIN 35-1090338Plan #001PY 2019

1115 SAGAMORE PARKWAY SOUTH - LAFAYETTE, IN 47905765-771-8000ifcu.comLinkedIn51-200 employeesfinancial services

Prospect flagsLow returnsHigh feesRecently reached 100 employees

How to read this page

Total assets (EOY)

$4.5M

+6.0% from 2018

Total participants

109

+5.8% from 2018

Average account balance

$43,500

-5.3% from 2018

Annual return

2.90%

-7.69 pp from 2018

Benchmarks

See 7,338 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants25-99

Cohort7,338 peers

Snapshot2019

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

Analytics

Total assets (EOY)

Plan-year ending balance

$8.97M

Not enough data

1 years with asset history on file

Average account balance

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

$80K

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.

112

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.

96.4%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$580K

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

+10.66%

Not enough data

1 years with return on file

Admin fee / account holder

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

$193

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 10 by compensation

Provider	Service type	Compensation
MASSACHUSETTS MUTUAL LIFE INS. CO.2+ years Filed as: MASSACHUSETTS MUTUAL LIFE INSURANCE Service code 52 · EIN 04-1590850	Indirect Investment Fees	$19,400
GLOBAL RETIREMENT PARTNERS LLC2+ years Service code 27 · EIN 47-1411118	Advisory (Plan)	$15,722
COMPENSATION SYSTEMS, INC.1 year Filed as: COMPENSATION SYSTEMS, INC Service code 13	Contract Administrator	$4,596
COMPENSATION SYSTEMS, INC.2+ years Service code 13 · EIN 35-1277460	Contract Administrator	$50
AMERICAN CENTURY1 year Service code 52 · EIN 44-6006315	Indirect Investment Fees	$0
AMERICAN FUNDS1 year Service code 52 · EIN 94-6050854	Indirect Investment Fees	$0
THE BANK OF NEW YORK MELLON1 year Filed as: DREYFUS Service code 52 · EIN 13-3851784	Indirect Investment Fees	$0
FIDELITY INVESTMENTS INSTITUTIONAL1 year Filed as: FIDELITY ADVISOR Service code 52	Indirect Investment Fees	$0
MASSACHUSETTS MUTUAL LIFE INS. CO.1 year Filed as: MASSACHUESETTS MUTUAL LIFE INSURANC Service code 52	Indirect Investment Fees	$0
MASSACHUSETTS MUTUAL LIFE INS. CO.2+ years Filed as: MASSMUTAL LIFE INSURANCE CO Service code 52	Indirect Investment Fees	$0

Plan features & details

Pension benefit codes2E2F2G2J3D2T

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

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.
InformationalRecently reached 100 employees
Sponsor crossed the 100-balance-holder threshold in the most recent filing - large-plan audit requirement now applies.

Expense breakdown

Schedule H Part II

Admin total

$35K

$390 / participant

Other / not subdivided$35K100.0%

% of EOY assets

0.784%

all-in expense ratio

Categories reported

0 / 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: KRUGGEL, LAWTON & CO, LLC
Auditor EIN: 351307701
Audit fees: (not subdivided)
Opinion code: Disclaimer

Metric

This plan

Peer set

Industry

Size

Avg account balance

$43,500

$109,359-60.2%

$162,177-73.2%

$72,975-40.4%

Participation rate

93.3%

84.3%+9.1pp

87.6%+5.8pp

69.5%+23.8pp

Annual return

2.90%

25.46%-22.6pp

115.60%-112.7pp

81.01%-78.1pp

Employer contribution / active EE

$2,029

$3,907-48.1%

$5,613-63.8%

$2,440-16.8%

Participant deferral / active EE

$2,688

$5,481-51.0%

$7,297-63.2%

$3,608-25.5%

Admin fee / account holder

$341

$7,972-95.7%

$10,843-96.9%

$5,124-93.3%

Provider

Service type

Compensation

MASSACHUSETTS MUTUAL LIFE INS. CO.2+ years

Filed as: MASSACHUSETTS MUTUAL LIFE INSURANCE

Service code 52 · EIN 04-1590850

Indirect Investment Fees

$19,400

GLOBAL RETIREMENT PARTNERS LLC2+ years

Service code 27 · EIN 47-1411118

Advisory (Plan)

$15,722

COMPENSATION SYSTEMS, INC.1 year

Filed as: COMPENSATION SYSTEMS, INC

Service code 13

Contract Administrator

$4,596

COMPENSATION SYSTEMS, INC.2+ years

Service code 13 · EIN 35-1277460

Contract Administrator

$50

AMERICAN CENTURY1 year

Service code 52 · EIN 44-6006315

Indirect Investment Fees

AMERICAN FUNDS1 year

Service code 52 · EIN 94-6050854

Indirect Investment Fees

THE BANK OF NEW YORK MELLON1 year

Filed as: DREYFUS

Service code 52 · EIN 13-3851784

Indirect Investment Fees

FIDELITY INVESTMENTS INSTITUTIONAL1 year

Filed as: FIDELITY ADVISOR

Service code 52

Indirect Investment Fees

MASSACHUSETTS MUTUAL LIFE INS. CO.1 year

Filed as: MASSACHUESETTS MUTUAL LIFE INSURANC

Service code 52

Indirect Investment Fees

MASSACHUSETTS MUTUAL LIFE INS. CO.2+ years

Filed as: MASSMUTAL LIFE INSURANCE CO

Service code 52

Indirect Investment Fees

INDUSTRIAL FEDERAL CREDIT UNION 401(K)PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

INDUSTRIAL FEDERAL CREDIT UNION 401(K)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