Retirement plan

1ST GATEWAY CREDIT UNION 401(K) PLAN

Name: 1ST GATEWAY CREDIT UNION - 1ST GATEWAY CREDIT UNION 401(K) PLAN (2023) Form 5500
Creator: 1ST GATEWAY CREDIT UNION
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, 1ST GATEWAY CREDIT UNION 401(K) PLAN, 1ST GATEWAY CREDIT UNION

1ST GATEWAY CREDIT UNIONEIN 42-0802440Plan #002PY 2023

2603 CAMANCHE INDUSTRIAL PARK DR - CAMANCHE, IA 52730563-243-41211stgateway.orgLinkedIn11-50 employeesbanking

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$3.4M

+18.0% from 2022

Total participants

-8.6% from 2022

Average account balance

$64,873

+18.0% from 2022

Annual return

16.38%

+36.95 pp from 2022

Benchmarks

See 7,176 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants25-99

Cohort7,176 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$4.28M

Not enough data

1 years with asset history on file

Average account balance

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

$75K

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.

126.7%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$314K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$7K

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

+16.51%

Not enough data

1 years with return on file

Admin fee / account holder

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

$707

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 codes2E2F2G2J3D

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.
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

$279K

$6647 / participant

Other / not subdivided$279K100.0%

% of EOY assets

8.119%

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

$64,873

$125,797-48.4%

$170,057-61.9%

$75,177-13.7%

Participation rate

100.0%

83.6%+16.4pp

87.0%+13.0pp

67.2%+32.8pp

Annual return

16.38%

27.20%-10.8pp

53.42%-37.0pp

160.75%-144.4pp

Employer contribution / active EE

$3,765

$4,616-18.4%

$6,790-44.6%

$2,671+41.0%

Participant deferral / active EE

$3,724

$6,838-45.5%

$10,411-64.2%

$4,126-9.8%

Admin fee / account holder

$5,267

$8,177-35.6%

$12,826-58.9%

$5,651-6.8%

1ST GATEWAY CREDIT UNION 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

1ST GATEWAY 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