Retirement plan

INDUSTRIAL FEDERAL CREDIT UNION 401(K)PLAN

Name: INDUSTRIAL FEDERAL CREDIT UNION - INDUSTRIAL FEDERAL CREDIT UNION 401(K)PLAN (2023) 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 2023

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

Prospect flagsLow returnsFailed to transmit contributions

How to read this page

Total assets (EOY)

$7.1M

+15.0% from 2022

Total participants

121

0.0% from 2022

Average account balance

$60,893

+12.0% from 2022

Annual return

11.03%

+22.05 pp from 2022

Benchmarks

See 7,176 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants25-99

Cohort7,176 peers

Snapshot2023

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 4 by compensation

Provider	Service type	Compensation
GLOBAL RETIREMENT PARTNERS LLC6+ years Service code 27 · EIN 47-1411118	Advisory (Plan)	$16,132
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: EMPOWER ANNUITY INSURANCE COMPANY Service code 64 · EIN 04-1590850	Recordkeeping Fees	$13,298
COMPENSATION SYSTEMS, INC.5 years Filed as: COMPENSATION SYSTEMS, INC Service code 13	Contract Administrator	$3,887
COMPENSATION SYSTEMS, INC.6+ years Service code 13 · EIN 35-1277460	Contract Administrator	$1,550

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

OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
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

$20K

$201 / participant

Other / not subdivided$20K100.0%

% of EOY assets

0.274%

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

$60,893

$125,797-51.6%

$170,043-64.2%

$75,173-19.0%

Participation rate

95.9%

83.6%+12.3pp

87.0%+8.9pp

67.2%+28.7pp

Annual return

11.03%

27.20%-16.2pp

53.40%-42.4pp

160.72%-149.7pp

Employer contribution / active EE

$2,402

$4,616-48.0%

$6,790-64.6%

$2,671-10.1%

Participant deferral / active EE

$3,279

$6,838-52.0%

$10,410-68.5%

$4,126-20.5%

Admin fee / account holder

$167

$8,177-98.0%

$12,824-98.7%

$5,651-97.0%

Provider

Service type

Compensation

GLOBAL RETIREMENT PARTNERS LLC6+ years

Service code 27 · EIN 47-1411118

Advisory (Plan)

$16,132

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: EMPOWER ANNUITY INSURANCE COMPANY

Service code 64 · EIN 04-1590850

Recordkeeping Fees

$13,298

COMPENSATION SYSTEMS, INC.5 years

Filed as: COMPENSATION SYSTEMS, INC

Service code 13

Contract Administrator

$3,887

COMPENSATION SYSTEMS, INC.6+ years

Service code 13 · EIN 35-1277460

Contract Administrator

$1,550

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