Retirement plan

C-L-M COMMUNITY ACTION 403B RETIREMENT PLAN

Name: CHIPPEWA LUCE MACKINAC COMMUNITY ACTION HUMAN RESOURCE AUTHORITY INC. - C-L-M COMMUNITY ACTION 403B RETIREMENT PLAN (2023) Form 5500
Creator: CHIPPEWA LUCE MACKINAC COMMUNITY ACTION HUMAN RESOURCE AUTHORITY INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, C-L-M COMMUNITY ACTION 403B RETIREMENT PLAN, CHIPPEWA LUCE MACKINAC COMMUNITY ACTION HUMAN RESOURCE AUTHORITY INC.

CHIPPEWA LUCE MACKINAC COMMUNITY ACTION HUMAN RESOURCE AUTHORITY INC.EIN 38-1798626Plan #002PY 2023

524 ASHMUN ST - SAULT STE MARIE, MI 49783906-632-3363LinkedIn201-500 employeeshospital & health care

Prospect flagsLow returnsHigh feesLow participation

How to read this page

Total assets (EOY)

$6.3M

+2.3% from 2022

Total participants

265

+2.7% from 2022

Average account balance

$33,542

+1.8% from 2022

Annual return

8.71%

+20.18 pp from 2022

Benchmarks

See 5,708 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants100-249

Cohort5,708 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$6.87M

Not enough data

1 years with asset history on file

Average account balance

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

$36K

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.

189

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.

63.6%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$681K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$3K

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

+8.87%

Not enough data

1 years with return on file

Admin fee / account holder

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

$323

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 5 by compensation

Provider	Service type	Compensation
REHMANN ROBSON1 year Filed as: REHMANN ROBSON LLC Service code 10 · EIN 38-3635706	Accounting	$26,000
KERBERROSE WEALTH MANAGEMENT2 years Filed as: KERBERROSE WEALTH MGMT Service code 26 · EIN 30-0793896	Advisory (Participants)	$23,406
AMERICAN UNITED LIFE INSURANCE CO2 years Service code 15 · EIN 35-0145825	Recordkeeping	$7,898
MAP RETIREMENT, INC.3 years Filed as: MAP RETIREMENT INC Service code 13 W6180 AEROTECH DR · APPLETON, WI 54914	Contract Administrator	$525
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: EMPOWER ANNUITY INS CO OF AMERICA Service code 64 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$175

Plan features & details

Pension benefit codes2F2G2L2J2K2T3D

Plan features

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.
2L
Code section 403(b)(1) arrangement
Plan uses a Code section 403(b)(1) annuity contract as a funding vehicle.
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 participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II

Admin total

$59K

$272 / participant

Investment mgmt$23K39.5%
Contract admin$10K16.5%
Other / not subdivided$26K43.9%

% of EOY assets

0.944%

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: REHMANN ROBSON LLC
Auditor EIN: 383635706
Audit fees: $26,000
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$33,542

$61,356-45.3%

$149,696-77.6%

$71,511-53.1%

Participation rate

64.2%

62.5%+1.7pp

78.8%-14.6pp

67.9%-3.7pp

Annual return

8.71%

35.86%-27.2pp

134.46%-125.8pp

28.86%-20.1pp

Employer contribution / active EE

$1,223

$2,382-48.6%

$4,821-74.6%

$2,589-52.7%

Participant deferral / active EE

$1,438

$2,920-50.7%

$5,682-74.7%

$4,291-66.5%

Admin fee / account holder

$317

$1,263-74.9%

$13,212-97.6%

$1,588-80.1%

Provider

Service type

Compensation

REHMANN ROBSON1 year

Filed as: REHMANN ROBSON LLC

Service code 10 · EIN 38-3635706

Accounting

$26,000

KERBERROSE WEALTH MANAGEMENT2 years

Filed as: KERBERROSE WEALTH MGMT

Service code 26 · EIN 30-0793896

Advisory (Participants)

$23,406

AMERICAN UNITED LIFE INSURANCE CO2 years

Service code 15 · EIN 35-0145825

Recordkeeping

$7,898

MAP RETIREMENT, INC.3 years

Filed as: MAP RETIREMENT INC

Service code 13

W6180 AEROTECH DR · APPLETON, WI 54914

Contract Administrator

$525

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: EMPOWER ANNUITY INS CO OF AMERICA

Service code 64

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$175

C-L-M COMMUNITY ACTION 403B RETIREMENT PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

C-L-M COMMUNITY ACTION 403B RETIREMENT 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