Retirement plan

MICHIGAN STATE AFL-CIO STAFF AND CLERICAL SEVERANCE BENEFIT PLAN

Name: MICHIGAN STATE AFL-CIO STAFF & CLERICAL - MICHIGAN STATE AFL-CIO STAFF AND CLERICAL SEVERANCE BENEFIT PLAN (2022) Form 5500
Creator: MICHIGAN STATE AFL-CIO STAFF & CLERICAL
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, MICHIGAN STATE AFL-CIO STAFF AND CLERICAL SEVERANCE BENEFIT PLAN, MICHIGAN STATE AFL-CIO STAFF & CLERICAL

MICHIGAN STATE AFL-CIO STAFF & CLERICALEIN 38-0830700Plan #001PY 2022

419 S WASHINGTON SQUARE, STE 200 - LANSING, MI 489332138517-487-5966LinkedIn11-50 employeescivic & social organization

Other plans on this EIN

2 filings

#003Retirement-$2.0M assets #004Retirement-$1.0M assets

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$835K

-12.8% from 2021

Total participants

+46.2% from 2021

Average account balance

$46,388

-37.0% from 2021

Annual return

-13.10%

-27.45 pp from 2021

Benchmarks

See 39,322 peers

Peer group

Industry81 - Other Services (except Public Administration)

Plan typeDefined contribution

Participants<25

Cohort39,322 peers

Snapshot2022

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

Analytics

Total assets (EOY)

Plan-year ending balance

$1.50M

Not enough data

1 years with asset history on file

Average account balance

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

$83K

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.

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.

180.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$116K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$12K

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

+17.46%

Not enough data

1 years with return on file

Admin fee / account holder

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

$643

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

0 years with F_SCH_H allocation on file

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

Service providers

Providers data not reported

Schedule C was not filed on this plan's most recent Form 5500, so no compensated service providers are available to display.

Plan features & details

Pension benefit codes2E2G2J2F3D2T

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

1 tripped

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

Expense breakdown

Schedule H Part II

Admin total

$87K

$6214 / participant

Other / not subdivided$87K100.0%

% of EOY assets

10.419%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

No opinion code on file for this filing.

Auditor firm: (not reported)
Auditor EIN: -
Audit fees: (not subdivided)
Opinion code: -

Metric

This plan

Peer set

Industry

Size

Avg account balance

$46,388

$92,684-50.0%

$82,706-43.9%

$134,509-65.5%

Participation rate

92.9%

75.2%+17.7pp

72.6%+20.3pp

81.2%+11.6pp

Annual return

-13.10%

945.84%-958.9pp

701.76%-714.9pp

418.13%-431.2pp

Employer contribution / active EE

$3,338

$3,272+2.0%

$3,007+11.0%

$4,741-29.6%

Participant deferral / active EE

$3,078

$4,800-35.9%

$4,394-29.9%

$6,400-51.9%

Admin fee / account holder

$4,833

$5,982-19.2%

$5,329-9.3%

$11,427-57.7%

MICHIGAN STATE AFL-CIO STAFF AND CLERICAL SEVERANCE BENEFIT PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

MICHIGAN STATE AFL-CIO STAFF AND CLERICAL SEVERANCE BENEFIT 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