Retirement plan

MEMBERS FIRST CREDIT UNION 401(K) PLAN

Name: MEMBERS FIRST CREDIT UNION - MEMBERS FIRST CREDIT UNION 401(K) PLAN (2024) Form 5500
Creator: MEMBERS FIRST CREDIT UNION
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, MEMBERS FIRST CREDIT UNION 401(K) PLAN, MEMBERS FIRST CREDIT UNION

MEMBERS FIRST CREDIT UNIONEIN 38-1489454Plan #001PY 2024

P.O. BOX 2165 - MIDLAND, MI 486412165989-835-5100mfcu.netLinkedIn201-500 employeesfinancial services

Prospect flagsFailed to transmit contributionsCorrective distributions

Top hat statement on fileNQDC

Filed August 29, 2006 (most recent of 3 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)

$22.2M

+19.0% from 2023

Total participants

305

-2.6% from 2023

Average account balance

$73,902

+21.8% from 2023

Annual return

14.62%

-3.59 pp from 2023

Benchmarks

See 2,174 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants100-249

Cohort2,174 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$22.24M

Not enough data

1 years with asset history on file

Average account balance

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

$74K

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.

301

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.

98.4%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$2.48M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$10K

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

+14.62%

Not enough data

1 years with return on file

Admin fee / account holder

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

$37

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
ASCENSUS LLC5 years Filed as: ASCENSUS Service code 49 C/O FUTUREPLAN P.O. BOX 734602 · CHICAGO, IL 60673	Other Services	$0
AXA EQUITABLE LIFE INSURANCE CO2 years Filed as: AXA EQUITABLE LIFE INS CO Service code 66 · EIN 13-5570651	Insurance mortality and expense charge	$0
MORGAN STANLEY SMITH BARNEY4 years Service code 55	Other Commissions	$0
MORGAN STANLEY SMITH BARNEY5 years Filed as: MORGAN STANLEY SMITH BARNEY LLC Service code 55 · EIN 36-3297908 1 NEW YORK PLZ FL 12 · NEW YORK, NY 10004	Other Commissions	$0
MORNINGSTAR7 years Service code 27 · EIN 36-3297908	Advisory (Plan)	$0
NATIONWIDE2 years Filed as: NATIONWIDE LIFE INS CO Service code 66 · EIN 31-4156830	Insurance mortality and expense charge	$0
VOYA RETIREMENT INSURANCE & ANNUITY8 years Filed as: VOYA RETIREMENT INS & ANNUITY CO Service code 26 · EIN 71-0294708	Advisory (Participants)	$0

Plan features & details

Pension benefit codes2E2J2K2F2G3D2S2T

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.
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.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
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

ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$11K

$45 / participant

Contract admin$11K100.0%

% of EOY assets

0.050%

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

Metric

This plan

Peer set

Industry

Size

Avg account balance

$73,902

$122,042-39.4%

$184,260-59.9%

$74,459-0.7%

Participation rate

98.4%

85.5%+12.9pp

86.8%+11.6pp

67.2%+31.2pp

Annual return

14.62%

19.91%-5.3pp

28.84%-14.2pp

1369.70%-1355.1pp

Employer contribution / active EE

$4,565

$4,537+0.6%

$6,427-29.0%

$2,626+73.8%

Participant deferral / active EE

$5,461

$7,143-23.5%

$9,133-40.2%

$4,350+25.5%

Admin fee / account holder

$37

$1,252-97.0%

$13,898-99.7%

$1,945-98.1%

Provider

Service type

Compensation

ASCENSUS LLC5 years

Filed as: ASCENSUS

Service code 49

C/O FUTUREPLAN P.O. BOX 734602 · CHICAGO, IL 60673

Other Services

AXA EQUITABLE LIFE INSURANCE CO2 years

Filed as: AXA EQUITABLE LIFE INS CO

Service code 66 · EIN 13-5570651

Insurance mortality and expense charge

MORGAN STANLEY SMITH BARNEY4 years

Service code 55

Other Commissions

MORGAN STANLEY SMITH BARNEY5 years

Filed as: MORGAN STANLEY SMITH BARNEY LLC

Service code 55 · EIN 36-3297908

1 NEW YORK PLZ FL 12 · NEW YORK, NY 10004

Other Commissions

MORNINGSTAR7 years

Service code 27 · EIN 36-3297908

Advisory (Plan)

NATIONWIDE2 years

Filed as: NATIONWIDE LIFE INS CO

Service code 66 · EIN 31-4156830

Insurance mortality and expense charge

VOYA RETIREMENT INSURANCE & ANNUITY8 years

Filed as: VOYA RETIREMENT INS & ANNUITY CO

Service code 26 · EIN 71-0294708

Advisory (Participants)

MEMBERS FIRST CREDIT UNION 401(K) PLAN

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

MEMBERS FIRST CREDIT UNION 401(K) 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