Retirement plan

MEMBERS FIRST CREDIT UNION 401(K) PLAN

Name: MEMBERS FIRST CREDIT UNION - MEMBERS FIRST CREDIT UNION 401(K) PLAN (2020) 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 2020

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

Prospect flagsNo flags tripped

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)

$15.7M

+26.4% from 2019

Total participants

271

-7.8% from 2019

Average account balance

$58,912

+35.9% from 2019

Annual return

15.85%

-9.50 pp from 2019

Benchmarks

See 2,211 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants100-249

Cohort2,211 peers

Snapshot2020

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

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

Service providers

Top 4 by compensation

Provider	Service type	Compensation
MORNINGSTAR3 years Service code 26 · EIN 36-3297908	Advisory (Participants)	$32
VOYA RETIREMENT INSURANCE & ANNUITY4 years Filed as: VOYA RETIREMENT INS & ANNUITY CO Service code 26 · EIN 71-0294708	Advisory (Participants)	$32
ASCENSUS LLC1 year Filed as: ASCENSUS Service code 49 PO BOX 806 · ROSEVILLE, CA 95661	Other Services	$0
MORGAN STANLEY SMITH BARNEY1 year Filed as: MORGAN STANLEY SMITH BARNEY LLC Service code 55 1 NEW YORK PLZ FL 12 · NEW YORK, NY 10004	Other Commissions	$0

Plan features & details

Pension benefit codes2E2J2K2F2G3D

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.
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

$7K

$31 / participant

Contract admin$7K100.0%

% of EOY assets

0.043%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Disclaimer opinion

Auditor declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.

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

Metric

This plan

Peer set

Industry

Size

Avg account balance

$58,912

$136,307-56.8%

$177,827-66.9%

$73,493-19.8%

Participation rate

98.2%

86.1%+12.1pp

87.7%+10.5pp

70.7%+27.5pp

Annual return

15.85%

18.68%-2.8pp

48.32%-32.5pp

28.51%-12.7pp

Employer contribution / active EE

$3,557

$3,712-4.2%

$5,918-39.9%

$2,270+56.7%

Participant deferral / active EE

$3,706

$5,829-36.4%

$7,713-52.0%

$3,740-0.9%

Admin fee / account holder

$25

$596-95.7%

$12,429-99.8%

$513-95.1%

Provider

Service type

Compensation

MORNINGSTAR3 years

Service code 26 · EIN 36-3297908

Advisory (Participants)

$32

VOYA RETIREMENT INSURANCE & ANNUITY4 years

Filed as: VOYA RETIREMENT INS & ANNUITY CO

Service code 26 · EIN 71-0294708

Advisory (Participants)

$32

ASCENSUS LLC1 year

Filed as: ASCENSUS

Service code 49

PO BOX 806 · ROSEVILLE, CA 95661

Other Services

MORGAN STANLEY SMITH BARNEY1 year

Filed as: MORGAN STANLEY SMITH BARNEY LLC

Service code 55

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

Other Commissions

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