Retirement plan

FIRST FLORIDA CREDIT UNION 401(K) PROFIT SHARING PLAN

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

FIRST FLORIDA CREDIT UNIONEIN 59-0705380Plan #003PY 2023

500 W 1ST STREET - JACKSONVILLE, FL 322023939800-766-4328firstflorida.orgLinkedIn201-500 employeesbanking

Prospect flagsLow returnsHigh fees

Top hat statement on fileNQDC

Filed March 16, 2005 (most recent of 2 filings on file)

This is a legacy paper filing. Plan administrator and contact details are recorded in the original filing, which has not been digitised into structured fields.

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Total assets (EOY)

$20.3M

+16.8% from 2022

Total participants

249

-2.4% from 2022

Average account balance

$82,364

+18.6% from 2022

Annual return

14.15%

+29.78 pp from 2022

Benchmarks

See 2,154 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants100-249

Cohort2,154 peers

Snapshot2023

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Analytics

Total assets (EOY)

Plan-year ending balance

$26.20M

Not enough data

1 years with asset history on file

Average account balance

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

$107K

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.

245

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.

100.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$2.24M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$11K

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

+15.81%

Not enough data

1 years with return on file

Admin fee / account holder

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

$391

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 7 by compensation

Provider	Service type	Compensation
PRINCIPAL LIFE INSURANCE COMPANY9+ years Service code 13 · EIN 42-0127290	Contract Administrator	$71,932
JOHN HANCOCK LIFE INSURANCE COMPANY1 year Filed as: JOHN HANCOCK Service code 15 · EIN 80-0709115	Recordkeeping	$6,214
WILSHIRE ASSOCIATES INCORPORATED2 years Filed as: WILSHIRE ADVISORS LLC Service code 27 · EIN 95-2755361	Advisory (Plan)	$631
MASSACHUSETTS MUTUAL LIFE INS. CO.6 years Filed as: MML INSURANCE AGENCY LLC Service code 49 · EIN 04-3109325	Other Services	$0
MASSACHUSETTS MUTUAL LIFE INS. CO.4 years Filed as: MML INVESTORS SERVICES LLC Service code 49 · EIN 04-2746212	Other Services	$0
MORNINGSTAR2 years Filed as: MORNINGSTAR INVESTMENT MANAGEMENT L Service code 26	Advisory (Participants)	$0
MORNINGSTAR1 year Filed as: MORNINGSTAR INVESTMENT MANAGMNT LLC Service code 26 · EIN 36-4317381	Advisory (Participants)	$0

Plan features & details

Pension benefit codes2A2E2F2G2J2K2S2T3D

Plan features

2A
Age/service weighted or new comparability plan
Age/service weighted plan where allocations are based on age service or age and service; or new comparability or similar plan where allocations are based on participant classifications consisting entirely or predominantly of highly compensated employees or the plan provides an additional allocation rate on compensation above a specified threshold that exceeds the permitted disparity limits of Code section 401(l).
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.
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.

Opportunity flags

2 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II

Admin total

$79K

$379 / participant

Recordkeeping$6310.8%
Contract admin$78K99.2%

% of EOY assets

0.387%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

The auditor signed off without reservation. This is the cleanest opinion.

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

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$82,364

$130,194-36.7%

$169,993-51.5%

$71,457+15.3%

Participation rate

99.0%

86.1%+12.9pp

87.0%+12.0pp

67.9%+31.1pp

Annual return

14.15%

20.37%-6.2pp

53.37%-39.2pp

28.85%-14.7pp

Employer contribution / active EE

$4,247

$4,381-3.1%

$6,785-37.4%

$2,588+64.1%

Participant deferral / active EE

$5,247

$6,923-24.2%

$10,408-49.6%

$4,289+22.3%

Admin fee / account holder

$319

$966-67.0%

$12,815-97.5%

$1,587-79.9%

Provider

Service type

Compensation

PRINCIPAL LIFE INSURANCE COMPANY9+ years

Service code 13 · EIN 42-0127290

Contract Administrator

$71,932

JOHN HANCOCK LIFE INSURANCE COMPANY1 year

Filed as: JOHN HANCOCK

Service code 15 · EIN 80-0709115

Recordkeeping

$6,214

WILSHIRE ASSOCIATES INCORPORATED2 years

Filed as: WILSHIRE ADVISORS LLC

Service code 27 · EIN 95-2755361

Advisory (Plan)

$631

MASSACHUSETTS MUTUAL LIFE INS. CO.6 years

Filed as: MML INSURANCE AGENCY LLC

Service code 49 · EIN 04-3109325

Other Services

MASSACHUSETTS MUTUAL LIFE INS. CO.4 years

Filed as: MML INVESTORS SERVICES LLC

Service code 49 · EIN 04-2746212

Other Services

MORNINGSTAR2 years

Filed as: MORNINGSTAR INVESTMENT MANAGEMENT L

Service code 26

Advisory (Participants)

MORNINGSTAR1 year

Filed as: MORNINGSTAR INVESTMENT MANAGMNT LLC

Service code 26 · EIN 36-4317381

Advisory (Participants)

FIRST FLORIDA CREDIT UNION 401(K) PROFIT SHARING PLAN

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

FIRST FLORIDA CREDIT UNION 401(K) PROFIT SHARING PLAN

Top hat statement on fileNQDC

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