Retirement plan

RETIREMENT PLAN FOR MICHIGAN CREDIT UNION EMPLOYEES 401(K) SAVINGS PLAN

Name: MICHIGAN CREDIT UNION LEAGUE - RETIREMENT PLAN FOR MICHIGAN CREDIT UNION EMPLOYEES 401(K) SAVINGS PLAN (2022) Form 5500
Creator: MICHIGAN CREDIT UNION LEAGUE
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, RETIREMENT PLAN FOR MICHIGAN CREDIT UNION EMPLOYEES 401(K) SAVINGS PLAN, MICHIGAN CREDIT UNION LEAGUE

MICHIGAN CREDIT UNION LEAGUEEIN 38-0826778Plan #334PY 2022

PO BOX 8054 - PLYMOUTH, MI 481708054800-262-6285mcul.orgLinkedIn51-200 employeesfinancial services

Prospect flagsLow assets / participantLow participant contributionFailed to transmit contributions

Top hat statement on fileNQDC

Filed February 3, 2006 (most recent of 2 filings on file)

This is a legacy paper filing. Plan administrator and contact details are recorded in the original filing, which has not been digitised into structured fields.

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Total assets (EOY)

$760.3M

-11.2% from 2016

Total participants

15,044

-0.4% from 2016

Average account balance

$53,687

-8.1% from 2016

Annual return

-16.04%

-8.15 pp from 2016

Benchmarks

See 97 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants5,000-9,999

Cohort97 peers

Snapshot2022

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

Analytics

Total assets (EOY)

Plan-year ending balance

$996.27M

Not enough data

1 years with asset history on file

Average account balance

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

$67K

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.

14,816

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.

91.2%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$72.96M

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

+11.82%

Not enough data

1 years with return on file

Admin fee / account holder

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

$125

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 7 by compensation

Provider	Service type	Compensation
CMFG LIFE INSURANCE COMPANY8+ years Service code 15 · EIN 39-0230590	Recordkeeping	$1,530,746
WARNER NORCROSS & JUDD LLP8+ years Filed as: WARNER, NORCROSS & JUDD LLP Service code 29 · EIN 38-1422647	Legal	$87,162
FIDUCIENT ADVISORS LLC1 year Filed as: FIDUCIENT ADVISORS Service code 27 500 WEST MADISON STREET · CHICAGO, IL 60661	Advisory (Plan)	$80,000
NATIONAL CU SERVICES6 years Service code 23 2801 INTERNATIONAL LANE · MADISON, WI 53704	Insurance services	$54,795
DOEREN MAYHEW8+ years Service code 10 305 W BIG BEAVER ROAD · TROY, MI 48084	Accounting	$43,000
BENEFITS INVESTMENT CONSULTING1 year Service code 28 · EIN 59-2942308	Investment Management	$0
MATRIX TRUST COMPANY8+ years Filed as: MATRIX Service code 28 · EIN 20-1591048	Investment Management	$0

Plan features & details

Pension benefit codes2A2E2F2G2J2K3H

Plan features

2A
Age/service weighted or new comparability plan
Age/service weighted plan where allocations are based on age service or age and service; or new comparability or similar plan where allocations are based on participant classifications consisting entirely or predominantly of highly compensated employees or the plan provides an additional allocation rate on compensation above a specified threshold that exceeds the permitted disparity limits of Code section 401(l).
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.
2K
Code section 401(m) arrangement
Employee contributions are allocated to separate accounts under the plan or employer contributions are based in whole or in part on employee deferrals or contributions to the plan. Not applicable to 401(k) plans with only QNECs and/or QMACs or to 403(b)(1) 403(b)(7) or 408 arrangements.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

Opportunity flags

3 tripped

OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.
OpportunityLow assets / participant
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
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

$1.8M

$203 / participant

Contract admin$266K14.8%
Other / not subdivided$2M85.2%

% of EOY assets

0.236%

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: DOEREN MAYHEW
Auditor EIN: 382492570
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$53,687

$119,153-54.9%

$151,634-64.6%

$78,104-31.3%

Participation rate

90.0%

92.5%-2.4pp

87.5%+2.5pp

74.5%+15.5pp

Annual return

-16.04%

-10.83%-5.2pp

3.32%-19.4pp

10.90%-26.9pp

Employer contribution / active EE

$3,373

$5,298-36.3%

$6,165-45.3%

$3,128+7.8%

Participant deferral / active EE

$4,001

$8,624-53.6%

$8,363-52.2%

$5,089-21.4%

Admin fee / account holder

$127

$69+84.0%

$11,614-98.9%

$79+60.3%

Provider

Service type

Compensation

CMFG LIFE INSURANCE COMPANY8+ years

Service code 15 · EIN 39-0230590

Recordkeeping

$1,530,746

WARNER NORCROSS & JUDD LLP8+ years

Filed as: WARNER, NORCROSS & JUDD LLP

Service code 29 · EIN 38-1422647

Legal

$87,162

FIDUCIENT ADVISORS LLC1 year

Filed as: FIDUCIENT ADVISORS

Service code 27

500 WEST MADISON STREET · CHICAGO, IL 60661

Advisory (Plan)

$80,000

NATIONAL CU SERVICES6 years

Service code 23

2801 INTERNATIONAL LANE · MADISON, WI 53704

Insurance services

$54,795

DOEREN MAYHEW8+ years

Service code 10

305 W BIG BEAVER ROAD · TROY, MI 48084

Accounting

$43,000

BENEFITS INVESTMENT CONSULTING1 year

Service code 28 · EIN 59-2942308

Investment Management

MATRIX TRUST COMPANY8+ years

Filed as: MATRIX

Service code 28 · EIN 20-1591048

Investment Management

RETIREMENT PLAN FOR MICHIGAN CREDIT UNION EMPLOYEES 401(K) SAVINGS PLAN

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

RETIREMENT PLAN FOR MICHIGAN CREDIT UNION EMPLOYEES 401(K) SAVINGS PLAN

Top hat statement on fileNQDC

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