Retirement plan

JOLT CREDIT UNION 401(K) AND PROFIT SHARING PLAN

Name: JOLT CREDIT UNION - JOLT CREDIT UNION 401(K) AND PROFIT SHARING PLAN (2022) Form 5500
Creator: JOLT CREDIT UNION
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, JOLT CREDIT UNION 401(K) AND PROFIT SHARING PLAN, JOLT CREDIT UNION

JOLT CREDIT UNIONEIN 38-1544100Plan #001PY 2022

P.O. BOX 6338 - SAGINAW, MI 486086338989-797-7118joltcu.comLinkedIn51-200 employeesfinancial services

Prospect flagsLow employer contributionLow participant contributionCorrective distributions

How to read this page

Total assets (EOY)

$6.7M

-9.3% from 2021

Total participants

128

+2.4% from 2021

Average account balance

$55,679

-11.6% from 2021

Annual return

-11.86%

-23.35 pp from 2021

Benchmarks

See 2,163 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants100-249

Cohort2,163 peers

Snapshot2022

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

Analytics

Total assets (EOY)

Plan-year ending balance

$7.82M

Not enough data

1 years with asset history on file

Average account balance

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

$70K

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.

111

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.

89.8%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$474K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$4K

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

+9.08%

Not enough data

1 years with return on file

Admin fee / account holder

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

$36

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
HORNER TOWNSEND & KENT INC2 years Filed as: HORNER TOWNSEND & KENT LLC Service code 55	Other Commissions	$13,720
NFP RETIREMENT INC2 years Service code 13 120 VANTIS · ALISO VIEJO, CA 926562689	Contract Administrator	$7,121
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: EMPOWER ANNUITY INSURANCE COMPANY Service code 50 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Direct Payment	$1,400
HORNOR TOWNSEND & KENT INC2 years Filed as: HORNOR TOWNSEND & KENT LLC Service code 55 PO BOX 822215 · PHILADELPHIA, PA 191822215	Other Commissions	$0

Plan features & details

Pension benefit codes2E2F2G2J2K3D2T

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.
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

3 tripped

OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.
OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$3K

$24 / participant

Contract admin$41016.3%
Other / not subdivided$2K83.7%

% of EOY assets

0.038%

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: ANDREWS HOOPER PAVLIK PLC
Auditor EIN: 383133790
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$55,679

$102,661-45.8%

$151,628-63.3%

$66,930-16.8%

Participation rate

92.2%

85.5%+6.7pp

87.5%+4.7pp

69.8%+22.4pp

Annual return

-11.86%

-10.81%-1.0pp

3.34%-15.2pp

1.57%-13.4pp

Employer contribution / active EE

$1,607

$4,184-61.6%

$6,165-73.9%

$2,545-36.8%

Participant deferral / active EE

$2,860

$6,645-57.0%

$8,363-65.8%

$4,238-32.5%

Admin fee / account holder

$21

$630-96.7%

$11,613-99.8%

$593-96.5%

Provider

Service type

Compensation

HORNER TOWNSEND & KENT INC2 years

Filed as: HORNER TOWNSEND & KENT LLC

Service code 55

Other Commissions

$13,720

NFP RETIREMENT INC2 years

Service code 13

120 VANTIS · ALISO VIEJO, CA 926562689

Contract Administrator

$7,121

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: EMPOWER ANNUITY INSURANCE COMPANY

Service code 50

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Direct Payment

$1,400

HORNOR TOWNSEND & KENT INC2 years

Filed as: HORNOR TOWNSEND & KENT LLC

Service code 55

PO BOX 822215 · PHILADELPHIA, PA 191822215

Other Commissions

JOLT CREDIT UNION 401(K) AND PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

JOLT CREDIT UNION 401(K) AND PROFIT SHARING 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