Retirement plan

PRIORITY PLUS FEDERAL CREDIT UNION 401(K) PLAN AND TRUST

Name: PRIORITY PLUS FEDERAL CREDIT UNION - PRIORITY PLUS FEDERAL CREDIT UNION 401(K) PLAN AND TRUST (2023) Form 5500
Creator: PRIORITY PLUS FEDERAL CREDIT UNION
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, PRIORITY PLUS FEDERAL CREDIT UNION 401(K) PLAN AND TRUST, PRIORITY PLUS FEDERAL CREDIT UNION

PRIORITY PLUS FEDERAL CREDIT UNIONEIN 51-0066079Plan #001PY 2023

6 LYNAM ST - WILMINGTON, DE 198043135302-633-6480priorityplusfcu.orgLinkedIn1-10 employeesfinancial services

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$759K

+22.8% from 2022

Total participants

+16.7% from 2022

Average account balance

$108,383

+5.3% from 2022

Annual return

20.74%

+41.16 pp from 2022

Benchmarks

See 36,165 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants<25

Cohort36,165 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$564K

Not enough data

1 years with asset history on file

Average account balance

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

$188K

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.

150.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$25K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$12K

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

+9.47%

Not enough data

1 years with return on file

Admin fee / account holder

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

$97627

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 codes2F2G3D2J2E

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

$25K

$8260 / participant

Other / not subdivided$25K100.0%

% of EOY assets

3.266%

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

$108,383

$185,883-41.7%

$170,043-36.3%

$139,466-22.3%

Participation rate

100.0%

87.8%+12.2pp

87.0%+13.0pp

80.3%+19.7pp

Annual return

20.74%

60.54%-39.8pp

53.40%-32.7pp

373.66%-352.9pp

Employer contribution / active EE

$3,528

$7,596-53.6%

$6,790-48.0%

$4,754-25.8%

Participant deferral / active EE

$8,938

$11,626-23.1%

$10,410-14.1%

$6,712+33.2%

Admin fee / account holder

$3,540

$15,393-77.0%

$12,824-72.4%

$11,409-69.0%

PRIORITY PLUS FEDERAL CREDIT UNION 401(K) PLAN AND TRUST

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

PRIORITY PLUS FEDERAL CREDIT UNION 401(K) PLAN AND TRUST

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