Retirement plan

MINNESOTA BAR ASSOCIATION 401(K) PLAN

Name: MINNESOTA BAR ASSOCIATION - MINNESOTA BAR ASSOCIATION 401(K) PLAN (2024) Form 5500
Creator: MINNESOTA BAR ASSOCIATION
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, MINNESOTA BAR ASSOCIATION 401(K) PLAN, MINNESOTA BAR ASSOCIATION

MINNESOTA BAR ASSOCIATIONEIN 41-1112298Plan #003PY 2024

33 S SIXTH ST STE 4540 - MINNEAPOLOS, MN 55402612-333-1183mnffa.orgLinkedIn1-10 employeesnon-profit organization management

Prospect flagsLow returnsHigh fees

How to read this page

Total assets (EOY)

$9.7M

+9.2% from 2023

Total participants

-10.1% from 2023

Average account balance

$155,916

+19.8% from 2023

Annual return

10.84%

-5.47 pp from 2023

Benchmarks

See 28,877 peers

Peer group

Industry54 - Professional, Scientific, and Technical Services

Plan typeDefined contribution

Participants25-99

Cohort28,877 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$9.67M

Not enough data

1 years with asset history on file

Average account balance

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

$156K

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.

200.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$466K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$15K

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

+10.84%

Not enough data

1 years with return on file

Admin fee / account holder

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

$9862

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 codes2F2G2T3D2E2J2R

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.
2R
Participant-directed brokerage accounts
Participant-directed brokerage accounts provided as an investment option under the plan.
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

$611K

$19724 / participant

Other / not subdivided$611K100.0%

% of EOY assets

6.325%

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

$155,916

$102,429+52.2%

$147,096+6.0%

$80,925+92.7%

Participation rate

100.0%

75.9%+24.1pp

82.2%+17.8pp

67.7%+32.3pp

Annual return

10.84%

135.02%-124.2pp

419.75%-408.9pp

35.65%-24.8pp

Employer contribution / active EE

$5,397

$3,716+45.3%

$4,936+9.3%

$2,756+95.8%

Participant deferral / active EE

$9,625

$6,649+44.8%

$8,071+19.3%

$4,299+123.9%

Admin fee / account holder

$9,862

$7,957+23.9%

$13,005-24.2%

$6,940+42.1%

MINNESOTA BAR ASSOCIATION 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

MINNESOTA BAR ASSOCIATION 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