Retirement plan

WAICU RETIREMENT READINESS PLAN

Name: WISCONSIN ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES - WAICU RETIREMENT READINESS PLAN (2024) 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 2024

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)

$418M

+4.6% from 2023

Total participants

4,130

+0.1% from 2023

Average account balance

$105,076

+0.2% from 2023

Annual return

11.48%

-8.83 pp from 2023

Benchmarks

See 309 peers

Peer group

Industry61 - Educational Services

Plan typeDefined contribution

Participants1,000-4,999

Cohort309 peers

Snapshot2024

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Analytics

Total assets (EOY)

Plan-year ending balance

$424.36M

Not enough data

1 years with asset history on file

Average account balance

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

$115K

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.

3,683

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.

69.4%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$13.28M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$6K

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

+11.11%

Not enough data

1 years with return on file

Admin fee / account holder

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

$92

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 4 by compensation

Provider	Service type	Compensation
TRANSAMERICA RETIREMENT SOLUTIONS6 years Service code 12 · EIN 13-3689044	Distribution (12b-1) fees; Account ma...	$184,070
AMERICAN FUNDS2 years Filed as: ADVANCED CAPITAL GROUP Service code 16 50 S. SIXTH STREET · MINNEAPOLIS, MN 55402	Consulting	$49,816
WISCONSIN ASSOCIATION OF INDEPENDEN6 years Service code 99 · EIN 39-1039417	Other Fees	$32,817
NATIONAL FINANCIAL SERVICES6 years Service code 33 · EIN 04-3523567	Securities brokerage; Securities brok...	$0

Plan features & details

Pension benefit codes2F2G2K2L2M2R2S2T3D2U

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

$270K

$142 / participant

Recordkeeping$187K69.3%
Investment mgmt$50K18.5%
Contract admin$33K12.2%

% of EOY assets

0.064%

all-in expense ratio

Categories reported

3 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Disclaimer opinion

The auditor declined to give an opinion. This is usually a 103(a)(3)(C) limited-scope election.

Auditor firm: SIKICH CPA LLC
Auditor EIN: 541172176
Audit fees: (not subdivided)
Opinion code: Disclaimer

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$105,076

$113,293-7.3%

$67,502+55.7%

$199,593-47.4%

Participation rate

92.0%

73.3%+18.7pp

72.9%+19.1pp

72.0%+20.0pp

Annual return

11.48%

15.88%-4.4pp

3512.12%-3500.6pp

34.25%-22.8pp

Employer contribution / active EE

$2,761

$3,401-18.8%

$2,731+1.1%

$3,034-9.0%

Participant deferral / active EE

$4,504

$4,159+8.3%

$4,000+12.6%

$5,087-11.5%

Admin fee / account holder

$68

$103-33.9%

$3,998-98.3%

$269-74.8%

Provider

Service type

Compensation

TRANSAMERICA RETIREMENT SOLUTIONS6 years

Service code 12 · EIN 13-3689044

Distribution (12b-1) fees; Account ma...

$184,070

AMERICAN FUNDS2 years

Filed as: ADVANCED CAPITAL GROUP

Service code 16

50 S. SIXTH STREET · MINNEAPOLIS, MN 55402

Consulting

$49,816

WISCONSIN ASSOCIATION OF INDEPENDEN6 years

Service code 99 · EIN 39-1039417

Other Fees

$32,817

NATIONAL FINANCIAL SERVICES6 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