Retirement plan

CHERRY CENTRAL COOPERATIVE, INC. EMPLOYEES PROFIT SHARING AND INVESTMENT PLAN

Name: CHERRY CENTRAL COOPERATIVE, INC. - CHERRY CENTRAL COOPERATIVE, INC. EMPLOYEES PROFIT SHARING AND INVESTMENT PLAN (2023) Form 5500
Creator: CHERRY CENTRAL COOPERATIVE, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, CHERRY CENTRAL COOPERATIVE, INC. EMPLOYEES PROFIT SHARING AND INVESTMENT PLAN, CHERRY CENTRAL COOPERATIVE, INC.

CHERRY CENTRAL COOPERATIVE, INC.EIN 38-2010272Plan #001PY 2023

1771 N US 31 SOUTH, PO BOX 988 - TRAVERSE CITY, MI 496850988231-946-1860

Prospect flagsLow returnsHigh fees

How to read this page

Total assets (EOY)

$14.4M

-3.2% from 2022

Total participants

308

-1.3% from 2022

Average account balance

$50,890

-2.9% from 2022

Annual return

0.53%

+7.28 pp from 2022

Benchmarks

See 938 peers

Peer group

Industry31 - Manufacturing

Plan typeDefined contribution

Participants100-249

Cohort938 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$18.49M

Not enough data

1 years with asset history on file

Average account balance

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

$64K

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.

287

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.

86.4%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.23M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$5K

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

+8.88%

Not enough data

1 years with return on file

Admin fee / account holder

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

$274

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 3 by compensation

Provider	Service type	Compensation
CAPFINANCIAL PARTNERS LLC3 years Filed as: CAPTRUST Service code 26 · EIN 26-0058143	Advisory (Participants)	$45,921
SENTINEL PENSION ADVISORS3 years Filed as: SENTINEL BENEFITS GROUP, INC. Service code 15 · EIN 04-3015875	Recordkeeping	$44,292
CHARLES SCHWAB & CO., INC.2 years Filed as: CHARLES SCHWAB TRUST BANK Service code 19 · EIN 82-3967259	Securities Custodian	$7,665

Plan features & details

Pension benefit codes2E2F2G2J3D3H2T

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.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

Opportunity flags

2 tripped

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

$98K

$468 / participant

Investment mgmt$46K46.9%
Other / not subdivided$52K53.1%

% of EOY assets

0.680%

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: FORVIS, LLP
Auditor EIN: 440160260
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$50,890

$56,438-9.8%

$76,872-33.8%

$71,511-28.8%

Participation rate

88.0%

64.3%+23.7pp

69.6%+18.4pp

67.9%+20.1pp

Annual return

0.53%

19.05%-18.5pp

37.90%-37.4pp

28.86%-28.3pp

Employer contribution / active EE

$1,497

$1,864-19.6%

$2,533-40.9%

$2,589-42.2%

Participant deferral / active EE

$3,470

$3,136+10.6%

$3,832-9.5%

$4,291-19.1%

Admin fee / account holder

$346

$1,430-75.8%

$5,476-93.7%

$1,588-78.2%

Provider

Service type

Compensation

CAPFINANCIAL PARTNERS LLC3 years

Filed as: CAPTRUST

Service code 26 · EIN 26-0058143

Advisory (Participants)

$45,921

SENTINEL PENSION ADVISORS3 years

Filed as: SENTINEL BENEFITS GROUP, INC.

Service code 15 · EIN 04-3015875

Recordkeeping

$44,292

CHARLES SCHWAB & CO., INC.2 years

Filed as: CHARLES SCHWAB TRUST BANK

Service code 19 · EIN 82-3967259

Securities Custodian

$7,665

CHERRY CENTRAL COOPERATIVE, INC. EMPLOYEES PROFIT SHARING AND INVESTMENT PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

CHERRY CENTRAL COOPERATIVE, INC. EMPLOYEES PROFIT SHARING AND INVESTMENT 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