Retirement plan

INDUSTRIAL FEDERAL CREDIT UNION 401(K)PLAN

Name: INDUSTRIAL FEDERAL CREDIT UNION - INDUSTRIAL FEDERAL CREDIT UNION 401(K)PLAN (2022) 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 2022

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

Prospect flagsHigh feesFailed to transmit contributions

How to read this page

Total assets (EOY)

$6.2M

-12.6% from 2021

Total participants

121

+6.1% from 2021

Average account balance

$54,352

-18.0% from 2021

Annual return

-11.02%

-31.62 pp from 2021

Benchmarks

See 7,130 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants25-99

Cohort7,130 peers

Snapshot2022

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

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

Service providers

Top 10 of 11 by compensation

Provider	Service type	Compensation
GLOBAL RETIREMENT PARTNERS LLC5+ years Service code 27 · EIN 47-1411118	Advisory (Plan)	$22,642
MASSACHUSETTS MUTUAL LIFE INS. CO.5+ years Filed as: MASSACHUSETTS MUTUAL LIFE INSURANCE Service code 49 · EIN 04-1590850	Other Services	$22,308
COMPENSATION SYSTEMS, INC.4 years Filed as: COMPENSATION SYSTEMS, INC Service code 13	Contract Administrator	$6,025
AMERICAN CENTURY4 years Service code 52 · EIN 44-6006315	Indirect Investment Fees	$0
AMERICAN FUNDS4 years Service code 52 · EIN 95-1411037	Indirect Investment Fees	$0
THE BANK OF NEW YORK MELLON3 years Filed as: BNY MELLON Service code 52 · EIN 13-3851784	Indirect Investment Fees	$0
COMPENSATION SYSTEMS, INC.5+ years Service code 13 · EIN 35-1277460	Contract Administrator	$0
FIDELITY INVESTMENTS INSTITUTIONAL4 years Filed as: FIDELITY ADVISOR Service code 52 · EIN 04-3022712	Indirect Investment Fees	$0
MASSACHUSETTS MUTUAL LIFE INS. CO.3 years Filed as: MASS MUTUAL LIFE INSURANCE CO Service code 52	Indirect Investment Fees	$0
MASSACHUSETTS MUTUAL LIFE INS. CO.5+ 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

2 tripped

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

$45K

$489 / participant

Other / not subdivided$45K100.0%

% of EOY assets

0.725%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: KRUGGEL, LAWTON & CO, LLC
Auditor EIN: 351307701
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$54,352

$110,083-50.6%

$151,639-64.2%

$68,486-20.6%

Participation rate

92.4%

84.0%+8.4pp

87.5%+4.9pp

67.9%+24.5pp

Annual return

-11.02%

-10.12%-0.9pp

3.34%-14.4pp

-7.85%-3.2pp

Employer contribution / active EE

$2,431

$4,470-45.6%

$6,165-60.6%

$2,597-6.4%

Participant deferral / active EE

$3,476

$6,526-46.7%

$8,363-58.4%

$4,028-13.7%

Admin fee / account holder

$394

$7,718-94.9%

$11,613-96.6%

$5,404-92.7%

Provider

Service type

Compensation

GLOBAL RETIREMENT PARTNERS LLC5+ years

Service code 27 · EIN 47-1411118

Advisory (Plan)

$22,642

MASSACHUSETTS MUTUAL LIFE INS. CO.5+ years

Filed as: MASSACHUSETTS MUTUAL LIFE INSURANCE

Service code 49 · EIN 04-1590850

Other Services

$22,308

COMPENSATION SYSTEMS, INC.4 years

Filed as: COMPENSATION SYSTEMS, INC

Service code 13

Contract Administrator

$6,025

AMERICAN CENTURY4 years

Service code 52 · EIN 44-6006315

Indirect Investment Fees

AMERICAN FUNDS4 years

Service code 52 · EIN 95-1411037

Indirect Investment Fees

THE BANK OF NEW YORK MELLON3 years

Filed as: BNY MELLON

Service code 52 · EIN 13-3851784

Indirect Investment Fees

COMPENSATION SYSTEMS, INC.5+ years

Service code 13 · EIN 35-1277460

Contract Administrator

FIDELITY INVESTMENTS INSTITUTIONAL4 years

Filed as: FIDELITY ADVISOR

Service code 52 · EIN 04-3022712

Indirect Investment Fees

MASSACHUSETTS MUTUAL LIFE INS. CO.3 years

Filed as: MASS MUTUAL LIFE INSURANCE CO

Service code 52

Indirect Investment Fees

MASSACHUSETTS MUTUAL LIFE INS. CO.5+ 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