Retirement plan

FIRST COMMERCE CREDIT UNION PROFIT SHARING 401(K) SAVINGS PLAN

Name: FIRST COMMERCE CREDIT UNION - FIRST COMMERCE CREDIT UNION PROFIT SHARING 401(K) SAVINGS PLAN (2023) Form 5500
Creator: FIRST COMMERCE CREDIT UNION
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, FIRST COMMERCE CREDIT UNION PROFIT SHARING 401(K) SAVINGS PLAN, FIRST COMMERCE CREDIT UNION

FIRST COMMERCE CREDIT UNIONEIN 59-0687423Plan #002PY 2023

2073 SUMMIT LAKE DRIVE - TALLAHASSEE, FL 32317850-410-3587firstcommercecu.orgLinkedIn51-200 employeesbanking

Prospect flagsCorrective distributions

Top hat statement on fileNQDC

Filed November 11, 2024

Plan administrator

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2073 Summit Lake Drive, Suite 100

Tallahassee, FL 32317

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Plans declared (1)

457(f) Plan1 emp

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Total assets (EOY)

$15.6M

+22.0% from 2022

Total participants

184

-21.0% from 2022

Average account balance

$99,943

+65.1% from 2022

Annual return

17.10%

+32.18 pp from 2022

Benchmarks

See 2,152 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants100-249

Cohort2,152 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$17.50M

Not enough data

1 years with asset history on file

Average account balance

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

$97K

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.

181

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.

82.3%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.18M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$8K

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

+15.52%

Not enough data

1 years with return on file

Admin fee / account holder

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

$72

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
VOYA RETIREMENT INSURANCE & ANNUITY9+ years Service code 26 · EIN 71-0294708	Advisory (Participants)	$16,236
MORNINGSTAR4 years Filed as: MORNINGSTAR INVESTMENT MANAGEMENT Service code 26 · EIN 36-4317381	Advisory (Participants)	$6,511

Plan features & details

Pension benefit codes2E2F2G2J2K

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.
2K
Code section 401(m) arrangement
Employee contributions are allocated to separate accounts under the plan or employer contributions are based in whole or in part on employee deferrals or contributions to the plan. Not applicable to 401(k) plans with only QNECs and/or QMACs or to 403(b)(1) 403(b)(7) or 408 arrangements.

Opportunity flags

1 tripped

ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$21K

$145 / participant

Contract admin$21K100.0%

% of EOY assets

0.136%

all-in expense ratio

Categories reported

1 / 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
Auditor EIN: 382492570
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$99,943

$130,294-23.3%

$170,057-41.2%

$71,529+39.7%

Participation rate

80.8%

86.2%-5.3pp

87.0%-6.2pp

67.9%+12.9pp

Annual return

17.10%

20.36%-3.3pp

53.42%-36.3pp

28.97%-11.9pp

Employer contribution / active EE

$4,103

$4,385-6.4%

$6,790-39.6%

$2,590+58.4%

Participant deferral / active EE

$3,912

$6,928-43.5%

$10,411-62.4%

$4,291-8.8%

Admin fee / account holder

$136

$966-85.9%

$12,826-98.9%

$1,588-91.4%

Provider

Service type

Compensation

VOYA RETIREMENT INSURANCE & ANNUITY9+ years

Service code 26 · EIN 71-0294708

Advisory (Participants)

$16,236

MORNINGSTAR4 years

Filed as: MORNINGSTAR INVESTMENT MANAGEMENT

Service code 26 · EIN 36-4317381

Advisory (Participants)

$6,511

FIRST COMMERCE CREDIT UNION PROFIT SHARING 401(K) SAVINGS PLAN

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

FIRST COMMERCE CREDIT UNION PROFIT SHARING 401(K) SAVINGS PLAN

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