Retirement plan

INDUSTRIAL FEDERAL CREDIT UNION 401(K)PLAN

Name: INDUSTRIAL FEDERAL CREDIT UNION - INDUSTRIAL FEDERAL CREDIT UNION 401(K)PLAN (2024) 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 2024

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

Prospect flagsNo flags tripped

How to read this page

Total assets (EOY)

$7.9M

+11.0% from 2023

Total participants

117

-3.3% from 2023

Average account balance

$70,601

+15.9% from 2023

Annual return

16.67%

+5.63 pp from 2023

Benchmarks

See 7,155 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants25-99

Cohort7,155 peers

Snapshot2024

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 LLC7+ years Service code 27 · EIN 47-1411118	Advisory (Plan)	$21,389
GREAT-WEST LIFE & ANNUITY INSURANCE2 years Filed as: EMPOWER ANNUITY INSURANCE COMPANY Service code 64 · EIN 04-1590850	Recordkeeping Fees	$17,253
COMPENSATION SYSTEMS, INC.6 years Filed as: COMPENSATION SYSTEMS, INC Service code 13	Contract Administrator	$5,751
COMPENSATION SYSTEMS, INC.7+ years Service code 13 · EIN 35-1277460	Contract Administrator	$1,600

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

0 tripped

No flags tripped for this filing year. This plan looks clean.

Expense breakdown

Schedule H Part II

Admin total

$19K

$233 / participant

Recordkeeping$19K100.0%

% of EOY assets

0.238%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: FORVIS MAZARS, LLP
Auditor EIN: 440160260
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$70,601

$138,385-49.0%

$184,243-61.7%

$80,925-12.8%

Participation rate

93.8%

83.9%+9.9pp

86.8%+7.0pp

67.7%+26.2pp

Annual return

16.67%

20.02%-3.4pp

28.82%-12.2pp

35.65%-19.0pp

Employer contribution / active EE

$2,733

$4,851-43.6%

$6,427-57.5%

$2,756-0.8%

Participant deferral / active EE

$3,963

$7,075-44.0%

$9,132-56.6%

$4,299-7.8%

Admin fee / account holder

$168

$10,489-98.4%

$13,914-98.8%

$6,940-97.6%

Provider

Service type

Compensation

GLOBAL RETIREMENT PARTNERS LLC7+ years

Service code 27 · EIN 47-1411118

Advisory (Plan)

$21,389

GREAT-WEST LIFE & ANNUITY INSURANCE2 years

Filed as: EMPOWER ANNUITY INSURANCE COMPANY

Service code 64 · EIN 04-1590850

Recordkeeping Fees

$17,253

COMPENSATION SYSTEMS, INC.6 years

Filed as: COMPENSATION SYSTEMS, INC

Service code 13

Contract Administrator

$5,751

COMPENSATION SYSTEMS, INC.7+ years

Service code 13 · EIN 35-1277460

Contract Administrator

$1,600

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