Retirement plan

MICHIGAN CHAMBER OF COMMERCE 401(K) PLAN

Name: MICHIGAN CHAMBER OF COMMERCE - MICHIGAN CHAMBER OF COMMERCE 401(K) PLAN (2020) Form 5500
Creator: MICHIGAN CHAMBER OF COMMERCE
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, MICHIGAN CHAMBER OF COMMERCE 401(K) PLAN, MICHIGAN CHAMBER OF COMMERCE

MICHIGAN CHAMBER OF COMMERCEEIN 38-1626029Plan #002PY 2020

600 SOUTH WALNUT STREET - LANSING, MI 489332209517-371-2100michamber.comLinkedIn11-50 employeesnon-profit organization management

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$10.3M

+13.4% from 2019

Total participants

+58.1% from 2019

Average account balance

$153,118

-27.2% from 2019

Annual return

22.40%

+3.73 pp from 2019

Benchmarks

See 8,767 peers

Peer group

Industry81 - Other Services (except Public Administration)

Plan typeDefined contribution

Participants25-99

Cohort8,767 peers

Snapshot2020

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

Analytics

Total assets (EOY)

Plan-year ending balance

$45.99M

Not enough data

1 years with asset history on file

Average account balance

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

$69K

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.

671

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.

66.7%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$4.41M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$6K

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

+41.75%

Not enough data

1 years with return on file

Admin fee / account holder

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

$337

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

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 codes2E2F2G2J2T3D

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

$1.4M

$26348 / participant

Other / not subdivided$1M100.0%

% of EOY assets

13.869%

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

$153,118

$60,139+154.6%

$90,461+69.3%

$79,856+91.7%

Participation rate

98.1%

65.0%+33.2pp

72.7%+25.5pp

69.6%+28.5pp

Annual return

22.40%

71.96%-49.6pp

1294.76%-1272.4pp

31.71%-9.3pp

Employer contribution / active EE

$5,954

$2,069+187.8%

$3,264+82.4%

$2,471+140.9%

Participant deferral / active EE

$4,532

$2,939+54.2%

$3,964+14.3%

$3,741+21.2%

Admin fee / account holder

$21,235

$3,978+433.8%

$5,617+278.1%

$5,306+300.2%

MICHIGAN CHAMBER OF COMMERCE 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

MICHIGAN CHAMBER OF COMMERCE 401(K) 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