Retirement plan

MINNESOTA VALLEY ACTION COUNCIL 401K PLAN

Name: MINNESOTA VALLEY ACTION COUNCIL - MINNESOTA VALLEY ACTION COUNCIL 401K PLAN (2021) Form 5500
Creator: MINNESOTA VALLEY ACTION COUNCIL
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, MINNESOTA VALLEY ACTION COUNCIL 401K PLAN, MINNESOTA VALLEY ACTION COUNCIL

MINNESOTA VALLEY ACTION COUNCILEIN 41-6050353Plan #002PY 2021

706 NORTH VICTORY DRIVE - MANKATO, MN 56001507-345-2400mnvac.orgLinkedIn51-200 employeescivic & social organization

Prospect flagsLow returnsLow participation

How to read this page

Total assets (EOY)

$1.8M

+16.9% from 2020

Total participants

238

+0.8% from 2020

Average account balance

$19,824

+5.5% from 2020

Annual return

8.48%

-8.12 pp from 2020

Benchmarks

See 5,350 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants100-249

Cohort5,350 peers

Snapshot2021

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

Analytics

Total assets (EOY)

Plan-year ending balance

$1.95M

Not enough data

1 years with asset history on file

Average account balance

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

$31K

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.

28.8%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$234K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$1K

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

+10.76%

Not enough data

1 years with return on file

Admin fee / account holder

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

$6745

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

Top 1 by compensation

Provider	Service type	Compensation
FRINGE BENEFITS DESIGN OF MN, INC.5+ years Filed as: FRINGE BENEFITS DESIGN, INC. Service code 15 · EIN 41-1276678 7760 FRANCE AVENUE, #950 · BLOOMINGTON, MN 55435	Recordkeeping	$13,323

Plan features & details

Pension benefit codes2F2G2J3D

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.
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.
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

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II

Admin total

$14K

$65 / participant

Other / not subdivided$14K100.0%

% of EOY assets

0.790%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: CLIFTON LARSON ALLEN, LLP
Auditor EIN: 410746749
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$19,824

$61,172-67.6%

$185,851-89.3%

$79,389-75.0%

Participation rate

33.9%

66.6%-32.7pp

81.7%-47.8pp

70.7%-36.8pp

Annual return

8.48%

19.45%-11.0pp

122.11%-113.6pp

116.89%-108.4pp

Employer contribution / active EE

$2,321-100.0%

$5,168-100.0%

$2,428-100.0%

Participant deferral / active EE

$1,012

$2,788-63.7%

$5,569-81.8%

$4,046-75.0%

Admin fee / account holder

$157

$710-77.9%

$16,245-99.0%

$626-75.0%

Provider

Service type

Compensation

FRINGE BENEFITS DESIGN OF MN, INC.5+ years

Filed as: FRINGE BENEFITS DESIGN, INC.

Service code 15 · EIN 41-1276678

7760 FRANCE AVENUE, #950 · BLOOMINGTON, MN 55435

Recordkeeping

$13,323

MINNESOTA VALLEY ACTION COUNCIL 401K PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

MINNESOTA VALLEY ACTION COUNCIL 401K 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