Retirement plan

MICHIGAN CHAMBER OF COMMERCE 401(K) PLAN

Name: MICHIGAN CHAMBER OF COMMERCE - MICHIGAN CHAMBER OF COMMERCE 401(K) PLAN (2022) 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 2022

600 SOUTH WALNUT STREET - LANSING, MI 48933517-371-2100michamber.comLinkedIn11-50 employeesnon-profit organization management

Prospect flagsCorrective distributions

How to read this page

Total assets (EOY)

$23.9M

+17.9% from 2021

Total participants

540

+13.4% from 2021

Average account balance

$58,660

-17.7% from 2021

Annual return

14.00%

-72.13 pp from 2021

Benchmarks

See 934 peers

Peer group

Industry81 - Other Services (except Public Administration)

Plan typeDefined contribution

Participants250-999

Cohort934 peers

Snapshot2022

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

Top 3 by compensation

Provider	Service type	Compensation
TRI-STAR TRUST BANK1 year Service code 27 200 E. MAIN STREET · MIDLAND, MI 48640	Advisory (Plan)	$68,820
NEWPORT GROUP, INC.1 year Service code 15 · EIN 27-2037969	Recordkeeping	$32,923
NEWPORT GROUP, INC.1 year Filed as: NEWPORT TRUST COMPANY Service code 21 · EIN 27-4411131	Bank Trustee	$10,106

Plan features & details

Pension benefit codes2E2F2G2J2T2U3D

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

ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$112K

$242 / participant

Investment mgmt$69K61.5%
Contract admin$33K29.4%
Other / not subdivided$10K9.0%

% of EOY assets

0.468%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: MANER COSTERISAN
Auditor EIN: 382157462
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$58,660

$47,766+22.8%

$82,763-29.1%

$64,824-9.5%

Participation rate

71.2%

67.7%+3.5pp

72.6%-1.4pp

71.5%-0.3pp

Annual return

14.00%

-13.06%+27.1pp

702.45%-688.4pp

32.84%-18.8pp

Employer contribution / active EE

$1,775

$2,182-18.6%

$3,008-41.0%

$2,507-29.2%

Participant deferral / active EE

$3,550

$3,332+6.5%

$4,395-19.2%

$4,311-17.7%

Admin fee / account holder

$275

$143+92.2%

$5,325-94.8%

$188+46.3%

Provider

Service type

Compensation

TRI-STAR TRUST BANK1 year

Service code 27

200 E. MAIN STREET · MIDLAND, MI 48640

Advisory (Plan)

$68,820

NEWPORT GROUP, INC.1 year

Service code 15 · EIN 27-2037969

Recordkeeping

$32,923

NEWPORT GROUP, INC.1 year

Filed as: NEWPORT TRUST COMPANY

Service code 21 · EIN 27-4411131

Bank Trustee

$10,106

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