Retirement plan

NORTH SHORE FEDERAL CREDIT UNION 401(K) PLAN

Name: NORTH SHORE FEDERAL CREDIT UNION - NORTH SHORE FEDERAL CREDIT UNION 401(K) PLAN (2024) Form 5500
Creator: NORTH SHORE FEDERAL CREDIT UNION
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, NORTH SHORE FEDERAL CREDIT UNION 401(K) PLAN, NORTH SHORE FEDERAL CREDIT UNION

NORTH SHORE FEDERAL CREDIT UNIONEIN 41-0840330Plan #001PY 2024

85 OUTER DR - SILVER BAY, MN 55614218-226-4401northshorefcu.orgLinkedIn11-50 employeesfinancial services

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$3.1M

+29.6% from 2023

Total participants

+6.6% from 2023

Average account balance

$48,376

+19.6% from 2023

Annual return

14.52%

-2.03 pp from 2023

Benchmarks

See 7,155 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants25-99

Cohort7,155 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$3.14M

Not enough data

1 years with asset history on file

Average account balance

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

$48K

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.

120.4%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$463K

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

+14.52%

Not enough data

1 years with return on file

Admin fee / account holder

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

$2200

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 codes2E2F2G2J2T3D

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.
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

1 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)

Expense breakdown

Schedule H Part II

Admin total

$143K

$2648 / participant

Other / not subdivided$143K100.0%

% of EOY assets

4.548%

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

$48,376

$138,386-65.0%

$184,260-73.7%

$80,935-40.2%

Participation rate

100.0%

83.9%+16.1pp

86.8%+13.2pp

67.7%+32.3pp

Annual return

14.52%

20.02%-5.5pp

28.84%-14.3pp

35.66%-21.1pp

Employer contribution / active EE

$3,604

$4,851-25.7%

$6,427-43.9%

$2,757+30.8%

Participant deferral / active EE

$4,969

$7,076-29.8%

$9,133-45.6%

$4,299+15.6%

Admin fee / account holder

$2,200

$10,489-79.0%

$13,898-84.2%

$6,924-68.2%

NORTH SHORE FEDERAL CREDIT UNION 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

NORTH SHORE FEDERAL CREDIT UNION 401(K) 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