Retirement plan

TOPLINE FINANCIAL CREDIT UNION 401K PLAN

Name: TOPLINE FINANCIAL CREDIT UNION - TOPLINE FINANCIAL CREDIT UNION 401K PLAN (2022) Form 5500
Creator: TOPLINE FINANCIAL CREDIT UNION
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, TOPLINE FINANCIAL CREDIT UNION 401K PLAN, TOPLINE FINANCIAL CREDIT UNION

TOPLINE FINANCIAL CREDIT UNIONEIN 41-0415960Plan #002PY 2022

9353 JEFFERSON HWY - MAPLE GROVE, MN 553694240763-391-9494toplinecu.comLinkedIn51-200 employeesbanking

Prospect flagsLow returnsHigh fees

Top hat statement on fileNQDC

Filed June 17, 1

This is a legacy paper filing. Plan administrator and contact details are recorded in the original filing, which has not been digitised into structured fields.

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Total assets (EOY)

$14.2M

-14.9% from 2021

Total participants

143

+4.4% from 2021

Average account balance

$99,350

-19.1% from 2021

Annual return

-19.47%

-35.11 pp from 2021

Benchmarks

See 2,163 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants100-249

Cohort2,163 peers

Snapshot2022

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

Analytics

Total assets (EOY)

Plan-year ending balance

$24.84M

Not enough data

1 years with asset history on file

Average account balance

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

$112K

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.

222

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.

98.2%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.47M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$9K

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

+56.56%

Not enough data

1 years with return on file

Admin fee / account holder

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

$195

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 5 by compensation

Provider	Service type	Compensation
NFP RETIREMENT INC8+ years Filed as: NFP CORPORATE SERVICES (MN) INC Service code 27 · EIN 41-1505971 9655 SCHMIDT LAKE ROAD · PLYMOUTH, MN 55442	Advisory (Plan)	$26,902
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: EMPOWER ANNUITY INSURANCE COMPANY Service code 64 · EIN 84-0467907 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$13,260
ASCENSUS LLC2 years Filed as: ASCENSUS HOLDINGS, INC. Service code 13	Contract Administrator	$10,000
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: EMPOWER ADVISORY GROUP, LLC Service code 28 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Investment Management	$5,692
ASCENSUS LLC2 years Filed as: FUTUREPLAN BY ASCENSUS Service code 13 · EIN 82-3719843 P.O. BOX 55757 · BOSTON, MA 02205	Contract Administrator	$1,105

Plan features & details

Pension benefit codes2E2F2G2J2K2S2T3D

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.
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

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

$48K

$442 / participant

Contract admin$48K100.0%

% of EOY assets

0.339%

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

Metric

This plan

Peer set

Industry

Size

Avg account balance

$99,350

$102,661-3.2%

$151,639-34.5%

$66,938+48.4%

Participation rate

100.0%

85.5%+14.5pp

87.5%+12.5pp

69.8%+30.2pp

Annual return

-19.47%

-10.81%-8.7pp

3.34%-22.8pp

1.58%-21.1pp

Employer contribution / active EE

$4,736

$4,184+13.2%

$6,165-23.2%

$2,545+86.1%

Participant deferral / active EE

$7,024

$6,645+5.7%

$8,363-16.0%

$4,238+65.7%

Admin fee / account holder

$337

$630-46.5%

$11,613-97.1%

$594-43.2%

Provider

Service type

Compensation

NFP RETIREMENT INC8+ years

Filed as: NFP CORPORATE SERVICES (MN) INC

Service code 27 · EIN 41-1505971

9655 SCHMIDT LAKE ROAD · PLYMOUTH, MN 55442

Advisory (Plan)

$26,902

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: EMPOWER ANNUITY INSURANCE COMPANY

Service code 64 · EIN 84-0467907

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$13,260

ASCENSUS LLC2 years

Filed as: ASCENSUS HOLDINGS, INC.

Service code 13

Contract Administrator

$10,000

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: EMPOWER ADVISORY GROUP, LLC

Service code 28

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Investment Management

$5,692

ASCENSUS LLC2 years

Filed as: FUTUREPLAN BY ASCENSUS

Service code 13 · EIN 82-3719843

P.O. BOX 55757 · BOSTON, MA 02205

Contract Administrator

$1,105

TOPLINE FINANCIAL CREDIT UNION 401K PLAN

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

TOPLINE FINANCIAL CREDIT UNION 401K PLAN

Top hat statement on fileNQDC

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