Retirement plan

UNIVERSITY OF VIRGINIA COMMUNITY CREDIT UNION, INC. 401(K) PLAN AND TRUST

Name: UNIVERSITY OF VIRGINIA COMMUNITY CREDIT UNION, INC. - UNIVERSITY OF VIRGINIA COMMUNITY CREDIT UNION, INC. 401(K) PLAN AND TRUST (2023) Form 5500
Creator: UNIVERSITY OF VIRGINIA COMMUNITY CREDIT UNION, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, UNIVERSITY OF VIRGINIA COMMUNITY CREDIT UNION, INC. 401(K) PLAN AND TRUST, UNIVERSITY OF VIRGINIA COMMUNITY CREDIT UNION, INC.

UNIVERSITY OF VIRGINIA COMMUNITY CREDIT UNION, INC.EIN 54-0674170Plan #002PY 2023

3300 BERKMAR DR - CHARLOTTESVILLE, VA 229011491434-964-2001LinkedIn51-200 employeesbanking

Prospect flagsHigh fees

Top hat statement on fileNQDC

Filed December 22, 2023 (most recent of 5 filings on file)

Plan administrator

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3300 Berkmar Drive

Charlottesville, VA 22901

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Plans declared (1)

Retention Payment Plan1 emp

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Total assets (EOY)

$34.2M

+18.1% from 2022

Total participants

335

+2.1% from 2022

Average account balance

$101,957

+14.9% from 2022

Annual return

17.74%

+33.93 pp from 2022

Benchmarks

See 1,521 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants250-999

Cohort1,521 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$39.31M

Not enough data

1 years with asset history on file

Average account balance

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

$121K

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.

325

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.

98.8%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$3.22M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$13K

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

+15.01%

Not enough data

1 years with return on file

Admin fee / account holder

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

$438

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

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Service providers

Top 2 by compensation

Provider	Service type	Compensation
CMFG LIFE INSURANCE COMPANY9+ years Service code 15 · EIN 39-0230590	Recordkeeping	$91,386
CMFG LIFE INSURANCE COMPANY4 years Filed as: MEMBERS CAPITAL ADVISORS, INC. Service code 27 · EIN 42-0388260	Advisory (Plan)	$29,112

Plan features & details

Pension benefit codes2E2F2G2J2S2T3D3H

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.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
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.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

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

$120K

$474 / participant

Recordkeeping$12K10.1%
Investment mgmt$29K24.2%
Contract admin$79K65.8%

% of EOY assets

0.353%

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: DOEREN MAYHEW ASSURANCE
Auditor EIN: 382492570
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$101,957

$100,272+1.7%

$170,057-40.0%

$74,473+36.9%

Participation rate

100.0%

87.4%+12.6pp

87.0%+13.0pp

70.7%+29.3pp

Annual return

17.74%

66.12%-48.4pp

53.42%-35.7pp

34.36%-16.6pp

Employer contribution / active EE

$6,929

$4,266+62.4%

$6,790+2.0%

$2,638+162.6%

Participant deferral / active EE

$5,721

$7,147-20.0%

$10,411-45.1%

$4,530+26.3%

Admin fee / account holder

$360

$235+53.3%

$12,826-97.2%

$347+3.6%

Provider

Service type

Compensation

CMFG LIFE INSURANCE COMPANY9+ years

Service code 15 · EIN 39-0230590

Recordkeeping

$91,386

CMFG LIFE INSURANCE COMPANY4 years

Filed as: MEMBERS CAPITAL ADVISORS, INC.

Service code 27 · EIN 42-0388260

Advisory (Plan)

$29,112

UNIVERSITY OF VIRGINIA COMMUNITY CREDIT UNION, INC. 401(K) PLAN AND TRUST

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

UNIVERSITY OF VIRGINIA COMMUNITY CREDIT UNION, INC. 401(K) PLAN AND TRUST

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

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