Retirement plan

CENTRAL MINNESOTA MENTAL HEALTH CENTER 403(B) RETIREMENT PLAN

Name: CENTRAL MINNESOTA MENTAL HEALTH CENTER - CENTRAL MINNESOTA MENTAL HEALTH CENTER 403(B) RETIREMENT PLAN (2023) Form 5500
Creator: CENTRAL MINNESOTA MENTAL HEALTH CENTER
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, CENTRAL MINNESOTA MENTAL HEALTH CENTER 403(B) RETIREMENT PLAN, CENTRAL MINNESOTA MENTAL HEALTH CENTER

CENTRAL MINNESOTA MENTAL HEALTH CENTEREIN 41-0873142Plan #001PY 2023

411 3RD STREET NORTH - WAITE PARK, MN 56387320-202-2044cmmhc.orgLinkedIn201-500 employeesmental health care

Prospect flagsFailed to transmit contributions

How to read this page

Total assets (EOY)

$14.4M

+19.8% from 2022

Total participants

397

-1.0% from 2022

Average account balance

$37,227

+20.1% from 2022

Annual return

19.48%

+37.45 pp from 2022

Benchmarks

See 4,038 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants250-999

Cohort4,038 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$15.21M

Not enough data

1 years with asset history on file

Average account balance

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

$40K

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.

385

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.

95.8%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.36M

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

+15.07%

Not enough data

1 years with return on file

Admin fee / account holder

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

$181

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

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

Service providers

Top 3 by compensation

Provider	Service type	Compensation
BREMER BANK NATIONAL ASSOCIATION5 years Service code 25 PO BOX 986 1100 W ST GERMAIN ST · ST CLOUD, MN 56301	Directed Trustee	$43,267
GREAT-WEST LIFE & ANNUITY INSURANCE2 years Filed as: EMPOWER ADVISORY GROUP, LLC Service code 28 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Investment Management	$6,468
GREAT-WEST LIFE & ANNUITY INSURANCE2 years Filed as: EMPOWER ANNUITY INSURANCE COMPANY O Service code 64 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$3,492

Plan features & details

Pension benefit codes2E2F2G2J2L3D

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

ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).

Expense breakdown

Schedule H Part II

Admin total

$53K

$198 / participant

Recordkeeping$3K6.6%
Trustee / custodial$43K81.3%
Investment mgmt$6K12.2%

% of EOY assets

0.369%

all-in expense ratio

Categories reported

3 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: BERGANKDV, LTD.
Auditor EIN: 411431613
Audit fees: $0
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$37,227

$47,163-21.1%

$149,696-75.1%

$74,460-50.0%

Participation rate

96.3%

63.4%+32.9pp

78.8%+17.5pp

70.7%+25.5pp

Annual return

19.48%

22.75%-3.3pp

134.46%-115.0pp

34.38%-14.9pp

Employer contribution / active EE

$2,320

$1,907+21.7%

$4,821-51.9%

$2,638-12.1%

Participant deferral / active EE

$2,673

$2,730-2.1%

$5,682-52.9%

$4,530-41.0%

Admin fee / account holder

$138

$343-59.9%

$13,212-99.0%

$348-60.5%

Provider

Service type

Compensation

BREMER BANK NATIONAL ASSOCIATION5 years

Service code 25

PO BOX 986 1100 W ST GERMAIN ST · ST CLOUD, MN 56301

Directed Trustee

$43,267

GREAT-WEST LIFE & ANNUITY INSURANCE2 years

Filed as: EMPOWER ADVISORY GROUP, LLC

Service code 28

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Investment Management

$6,468

GREAT-WEST LIFE & ANNUITY INSURANCE2 years

Filed as: EMPOWER ANNUITY INSURANCE COMPANY O

Service code 64

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$3,492

CENTRAL MINNESOTA MENTAL HEALTH CENTER 403(B) RETIREMENT PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

CENTRAL MINNESOTA MENTAL HEALTH CENTER 403(B) RETIREMENT 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