Retirement plan

TAX DEFERRED ANNUITY PLAN FOR EMPLOYEES OF CONNECT DETROIT

Name: CONNECT DETROIT - TAX DEFERRED ANNUITY PLAN FOR EMPLOYEES OF CONNECT DETROIT (2022) Form 5500
Creator: CONNECT DETROIT
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, TAX DEFERRED ANNUITY PLAN FOR EMPLOYEES OF CONNECT DETROIT, CONNECT DETROIT

CONNECT DETROITEIN 38-3570727Plan #001PY 2022

613 ABBOTT ST FL 3RD - DETROIT, MI 482261348313-967-5043connectdetroit.orgLinkedIn11-50 employeesnon-profit organization management

Prospect flagsLow participationLow fidelity bond

How to read this page

Total assets (EOY)

$454K

-4.9% from 2021

Total participants

+25.0% from 2021

Average account balance

$75,666

-4.9% from 2021

Annual return

-18.92%

-33.83 pp from 2021

Benchmarks

See 39,322 peers

Peer group

Industry81 - Other Services (except Public Administration)

Plan typeDefined contribution

Participants<25

Cohort39,322 peers

Snapshot2022

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

Analytics

Total assets (EOY)

Plan-year ending balance

$735K

Not enough data

1 years with asset history on file

Average account balance

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

$92K

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.

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.

61.5%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$64K

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

+10.55%

Not enough data

1 years with return on file

Admin fee / account holder

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

$30

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

0 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 codes2F2G2L2M2T3D

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.
2L
Code section 403(b)(1) arrangement
Plan uses a Code section 403(b)(1) annuity contract as a funding vehicle.
2M
Code section 403(b)(7) accounts
Plan uses Code section 403(b)(7) custodial accounts 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

2 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
ComplianceLow fidelity bond
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).

Expense breakdown

Schedule H Part II

Admin total

$240

$24 / participant

Other / not subdivided$240100.0%

% of EOY assets

0.053%

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

$75,666

$92,684-18.4%

$82,706-8.5%

$134,509-43.7%

Participation rate

60.0%

75.2%-15.2pp

72.6%-12.6pp

81.2%-21.2pp

Annual return

-18.92%

945.84%-964.8pp

701.76%-720.7pp

418.13%-437.1pp

Employer contribution / active EE

$1,265

$3,272-61.3%

$3,007-57.9%

$4,741-73.3%

Participant deferral / active EE

$5,426

$4,800+13.0%

$4,394+23.5%

$6,400-15.2%

Admin fee / account holder

$40

$5,982-99.3%

$5,329-99.2%

$11,427-99.6%

TAX DEFERRED ANNUITY PLAN FOR EMPLOYEES OF CONNECT DETROIT

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

TAX DEFERRED ANNUITY PLAN FOR EMPLOYEES OF CONNECT DETROIT

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