Retirement plan

MICHIGAN INDEPENDENT COLLEGES AND UNIVERSITIES 403(B) MULTIPLE EMPLOYER PLAN

Name: THE GOVERNING BOARD OF THE MI INDEPENDENT COLLEGES AND UNIVERSITIES - MICHIGAN INDEPENDENT COLLEGES AND UNIVERSITIES 403(B) MULTIPLE EMPLOYER PLAN (2019) Form 5500
Creator: THE GOVERNING BOARD OF THE MI INDEPENDENT COLLEGES AND UNIVERSITIES
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, MICHIGAN INDEPENDENT COLLEGES AND UNIVERSITIES 403(B) MULTIPLE EMPLOYER PLAN, THE GOVERNING BOARD OF THE MI INDEPENDENT COLLEGES AND UNIVERSITIES

THE GOVERNING BOARD OF THE MI INDEPENDENT COLLEGES AND UNIVERSITIESEIN 84-2495214Plan #333PY 2019

120 NORTH WASHINGTON SQUARE, SUITE 950 - LANSING, MI 49933517-372-9160

Prospect flagsLow returnsLow employer contributionLow participant contribution

How to read this page

Total assets (EOY)

$157M

-7.0% from 2020

Total participants

1,480

-1.4% from 2020

Average account balance

$107,167

-5.3% from 2020

Annual return

1.76%

-10.75 pp from 2020

Benchmarks

See 946 peers

Peer group

Industry61 - Educational Services

Plan typeDefined contribution

Participants250-999

Cohort946 peers

Snapshot2019

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

Analytics

Total assets (EOY)

Plan-year ending balance

$334.92M

Not enough data

1 years with asset history on file

Average account balance

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

$101K

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.

3,324

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.

89.8%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$8.24M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$6K

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

+13.88%

Not enough data

1 years with return on file

Admin fee / account holder

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

$329

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

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

Service providers

Top 3 by compensation

Provider	Service type	Compensation
ALMA COLLEGE1+ years Service code 35 · EIN 38-1359083 614 W SUPERIOR ST · ALMA, MI 488011504	Employee (plan sponsor)	$36,667
BKD, LLP1+ years Filed as: BKD LLP Service code 27 · EIN 44-0160260 200 E MAIN STREET · FORT WAYNE, IN 468021900	Advisory (Plan)	$13,000
TIAA1+ years Service code 15 · EIN 13-1624203 730 THIRD AVE · NEW YORK, NY 100173206	Recordkeeping	$933

Plan features & details

Pension benefit codes2E2F2G2J2K3D3H

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.
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

3 tripped

OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.
OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II

Admin total

$66K

$104 / participant

Investment mgmt$2K3.0%
Contract admin$51K77.3%
Other / not subdivided$13K19.6%

% of EOY assets

0.042%

all-in expense ratio

Categories reported

2 / 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

$107,167

$95,542+12.2%

$69,480+54.2%

$67,584+58.6%

Participation rate

97.6%

79.4%+18.3pp

74.6%+23.0pp

71.3%+26.4pp

Annual return

1.76%

17.67%-15.9pp

28.99%-27.2pp

378.59%-376.8pp

Employer contribution / active EE

$132

$2,989-95.6%

$2,780-95.2%

$2,148-93.8%

Participant deferral / active EE

$179

$3,263-94.5%

$3,537-94.9%

$3,540-94.9%

Admin fee / account holder

$45

$90-50.2%

$3,840-98.8%

$142-68.5%

Provider

Service type

Compensation

ALMA COLLEGE1+ years

Service code 35 · EIN 38-1359083

614 W SUPERIOR ST · ALMA, MI 488011504

Employee (plan sponsor)

$36,667

BKD, LLP1+ years

Filed as: BKD LLP

Service code 27 · EIN 44-0160260

200 E MAIN STREET · FORT WAYNE, IN 468021900

Advisory (Plan)

$13,000

TIAA1+ years

Service code 15 · EIN 13-1624203

730 THIRD AVE · NEW YORK, NY 100173206

Recordkeeping

$933

MICHIGAN INDEPENDENT COLLEGES AND UNIVERSITIES 403(B) MULTIPLE EMPLOYER PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

MICHIGAN INDEPENDENT COLLEGES AND UNIVERSITIES 403(B) MULTIPLE EMPLOYER 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