Retirement plan

REGION VII 401(K) RETIREMENT PLAN

Name: REGION VII AREA AGENCY ON AGING - REGION VII 401(K) RETIREMENT PLAN (2024) Form 5500
Creator: REGION VII AREA AGENCY ON AGING
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, REGION VII 401(K) RETIREMENT PLAN, REGION VII AREA AGENCY ON AGING

REGION VII AREA AGENCY ON AGINGEIN 38-2077462Plan #001PY 2024

1615 S EUCLID AVE - BAY CITY, MI 487063319989-893-4506areaagencyonaging.orgLinkedIn51-200 employeesnon-profit organization management

Prospect flagsHigh retiree %Low participationFailed to transmit contributions

How to read this page

Total assets (EOY)

$4.8M

+23.7% from 2023

Total participants

288

+78.9% from 2023

Average account balance

$22,585

-7.5% from 2023

Annual return

20.47%

+8.00 pp from 2023

Benchmarks

See 2,059 peers

Peer group

Industry81 - Other Services (except Public Administration)

Plan typeDefined contribution

Participants100-249

Cohort2,059 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$4.83M

Not enough data

1 years with asset history on file

Average account balance

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

$23K

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.

214

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.

64.8%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$790K

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

+20.47%

Not enough data

1 years with return on file

Admin fee / account holder

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

$48

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 2 by compensation

Provider	Service type	Compensation
CAMBRIDGE INVESTMENT RESEARCH2 years Service code 16 1776 PLEASANT PLAIN RD. · FAIRFIELD, IA 52556	Consulting	$20,435
NATIONWIDE2 years Service code 15 · EIN 31-4156830	Recordkeeping	$10,252

Plan features & details

Pension benefit codes2E2F2G2J2K2R2S2T3D

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.
2R
Participant-directed brokerage accounts
Participant-directed brokerage accounts provided as an investment option under the plan.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
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.
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
InformationalHigh retiree %
Retirees and beneficiaries make up 25% or more of total participants - indicates an ageing workforce or a frozen plan.

Expense breakdown

Schedule H Part II

Admin total

$10K

$49 / participant

Other / not subdivided$10K100.0%

% of EOY assets

0.212%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: RETIREMENT PLAN AUDIT SERVICES, LLC
Auditor EIN: 861928438
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$22,585

$60,305-62.5%

$81,780-72.4%

$74,400-69.6%

Participation rate

64.8%

62.9%+1.9pp

72.4%-7.6pp

67.2%-2.5pp

Annual return

20.47%

16.89%+3.6pp

776.27%-755.8pp

1367.51%-1347.0pp

Employer contribution / active EE

$2,392

$2,623-8.8%

$2,914-17.9%

$2,624-8.9%

Participant deferral / active EE

$1,371

$3,390-59.5%

$4,321-68.3%

$4,348-68.5%

Admin fee / account holder

$48

$1,484-96.8%

$7,384-99.4%

$1,944-97.5%

Provider

Service type

Compensation

CAMBRIDGE INVESTMENT RESEARCH2 years

Service code 16

1776 PLEASANT PLAIN RD. · FAIRFIELD, IA 52556

Consulting

$20,435

NATIONWIDE2 years

Service code 15 · EIN 31-4156830

Recordkeeping

$10,252

REGION VII 401(K) RETIREMENT PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

REGION VII 401(K) 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