Retirement plan

WAICU RETIREMENT READINESS PLAN

Name: WISCONSIN ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES - WAICU RETIREMENT READINESS PLAN (2021) Form 5500
Creator: WISCONSIN ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, WAICU RETIREMENT READINESS PLAN, WISCONSIN ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES

WISCONSIN ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIESEIN 39-1039417Plan #002PY 2021

122 W. WASHINGTON AVE., SUITE 700 - MADISON, WI 537032723608-256-7761waicu.orgLinkedIn11-50 employeesnon-profit organization management

Prospect flagsLow returnsFailed to transmit contributionsCorrective distributions

Top hat statement on fileNQDC

Filed September 11, 2024

Plan administrator

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122 W. Washington Avenue Suite 700

Madison, WI 53703

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Plans declared (1)

Wisconsin Association of Independent Colleges and Universities 457(b) Plan1 emp

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Total assets (EOY)

$403.9M

-21.0% from 2019

Total participants

4,163

-18.7% from 2019

Average account balance

$115,546

-2.8% from 2019

Annual return

11.73%

-32.95 pp from 2019

Benchmarks

See 270 peers

Peer group

Industry61 - Educational Services

Plan typeDefined contribution

Participants1,000-4,999

Cohort270 peers

Snapshot2021

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

Analytics

Total assets (EOY)

Plan-year ending balance

$417.99M

Not enough data

1 years with asset history on file

Average account balance

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

$105K

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.

3,978

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.

92.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$13.83M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$7K

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

+11.48%

Not enough data

1 years with return on file

Admin fee / account holder

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

$68

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 6 by compensation

Provider	Service type	Compensation
TRANSAMERICA RETIREMENT SOLUTIONS3 years Service code 12 · EIN 13-3689044	Investment management; Shareholder se...	$135,530
AMERICAN FUNDS3 years Filed as: ADVANCE CAPITAL GROUP Service code 16 50 S. SIXTH STREET · MINNEAPOLIS, MN 55402	Consulting	$39,357
TIAA1 year Service code 15 · EIN 13-1624203	Recordkeeping	$34,003
WISCONSIN ASSOCIATION OF INDEPENDEN3 years Service code 99 · EIN 39-1039417	Other Fees	$25,727
CHARLES SCHWAB & CO., INC.3 years Service code 33 · EIN 94-1737782	Securities brokerage; Securities brok...	$2,827
NATIONAL FINANCIAL SERVICES3 years Service code 33 · EIN 04-3523567	Securities brokerage; Securities brok...	$0

Plan features & details

Pension benefit codes2F2G2K2L2M2R2S2T3D

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.
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.
2M
Code section 403(b)(7) accounts
Plan uses Code section 403(b)(7) custodial accounts as a funding vehicle.
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 returns
Annual investment return is in the bottom quintile of the peer cohort.
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$208K

$93 / participant

Investment mgmt$45K21.5%
Contract admin$26K12.4%
Other / not subdivided$137K66.1%

% of EOY assets

0.051%

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: CLIFTONLARSONALLEN, LLP
Auditor EIN: 410746749
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$115,546

$120,057-3.8%

$75,728+52.6%

$93,010+24.2%

Participation rate

70.2%

77.3%-7.1pp

74.8%-4.7pp

73.9%-3.7pp

Annual return

11.73%

19.62%-7.9pp

104.66%-92.9pp

158.70%-147.0pp

Employer contribution / active EE

$2,131

$3,253-34.5%

$2,743-22.3%

$2,705-21.2%

Participant deferral / active EE

$3,290

$4,089-19.5%

$3,820-13.9%

$4,561-27.9%

Admin fee / account holder

$59

$81-27.1%

$3,620-98.4%

$152-60.8%

Provider

Service type

Compensation

TRANSAMERICA RETIREMENT SOLUTIONS3 years

Service code 12 · EIN 13-3689044

Investment management; Shareholder se...

$135,530

AMERICAN FUNDS3 years

Filed as: ADVANCE CAPITAL GROUP

Service code 16

50 S. SIXTH STREET · MINNEAPOLIS, MN 55402

Consulting

$39,357

TIAA1 year

Service code 15 · EIN 13-1624203

Recordkeeping

$34,003

WISCONSIN ASSOCIATION OF INDEPENDEN3 years

Service code 99 · EIN 39-1039417

Other Fees

$25,727

CHARLES SCHWAB & CO., INC.3 years

Service code 33 · EIN 94-1737782

Securities brokerage; Securities brok...

$2,827

NATIONAL FINANCIAL SERVICES3 years

Service code 33 · EIN 04-3523567

Securities brokerage; Securities brok...

WAICU RETIREMENT READINESS PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

WAICU RETIREMENT READINESS PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

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