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 (2023) 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 2023

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

Prospect flagsHigh feesFailed to transmit contributions

How to read this page

Total assets (EOY)

$315.2M

-7.0% from 2020

Total participants

3,311

-1.4% from 2020

Average account balance

$96,685

-5.3% from 2020

Annual return

14.78%

-10.75 pp from 2020

Benchmarks

See 300 peers

Peer group

Industry61 - Educational Services

Plan typeDefined contribution

Participants1,000-4,999

Cohort300 peers

Snapshot2023

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 7 by compensation

Provider	Service type	Compensation
MILLENNIUM INVESTMENT & RETIREMENT4 years Filed as: MILLENNIUM ADVISORY SERVICES Service code 16 · EIN 54-2020086 5340 TWIN HICKORY RD · GLENN ALLEN, VA 230595682	Consulting	$263,936
PLANPILOT, LLC4 years Filed as: PLANPILOT Service code 27 · EIN 45-4168388 223 W JACKSON BLVD · CHICAGO, IL 606066913	Advisory (Plan)	$102,454
TIAA5+ years Service code 15 · EIN 13-1624203 730 THIRD AVE · NEW YORK, NY 100173206	Recordkeeping	$84,273
PENTEGRA SERVICES, INC.3 years Filed as: PENTEGRA SERVICES, INC Service code 14 · EIN 13-3745616 701 WESTCHESTER AVE · WHITE PLAINS, NY 106043027	Plan Administrator	$77,150
RIGGS COUNSELMAN MICHAELS & DOWNES3 years Filed as: RIGGS, CNSLMN, MICHALES & DOWNES IN Service code 16 · EIN 52-0555835 555 FIARMOUNT AVE · BALTIMORE, MD 21286	Consulting	$26,659
PLANCHEC(K) CPAS LLC1 year Filed as: PLANCHEC(K) CPAS Service code 10 · EIN 84-2614035 501 MORRISON RD · GAHANNA, OH 432303314	Accounting	$12,000
PRM CONSULTING INC3 years Service code 16 · EIN 52-2156813 1814 13TH ST NW · WASHINGTON, DC 200094424	Consulting	$12,000

Plan features & details

Pension benefit codes2L2F2G

Plan features

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.
2L
Code section 403(b)(1) arrangement
Plan uses a Code section 403(b)(1) annuity contract as a funding vehicle.

Opportunity flags

2 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).

Expense breakdown

Schedule H Part II

Admin total

$1.1M

$869 / participant

Recordkeeping$249K23.7%
Investment mgmt$472K44.9%
Contract admin$330K31.3%
Other / not subdivided$2K0.2%

% of EOY assets

0.334%

all-in expense ratio

Categories reported

3 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Disclaimer opinion

Auditor declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.

Auditor firm: PLANCHECK(S)CPA'S LLC
Auditor EIN: 842614035
Audit fees: (not subdivided)
Opinion code: Disclaimer

Metric

This plan

Peer set

Industry

Size

Avg account balance

$96,685

$105,179-8.1%

$64,110+50.8%

$80,187+20.6%

Participation rate

95.8%

73.5%+22.3pp

72.3%+23.5pp

72.9%+22.9pp

Annual return

14.78%

20.34%-5.6pp

33.75%-19.0pp

40.40%-25.6pp

Employer contribution / active EE

$3,212

$3,311-3.0%

$2,751+16.8%

$2,980+7.8%

Participant deferral / active EE

$3,314

$4,020-17.6%

$3,883-14.7%

$5,016-33.9%

Admin fee / account holder

$323

$113+185.2%

$3,071-89.5%

$145+122.8%

Provider

Service type

Compensation

MILLENNIUM INVESTMENT & RETIREMENT4 years

Filed as: MILLENNIUM ADVISORY SERVICES

Service code 16 · EIN 54-2020086

5340 TWIN HICKORY RD · GLENN ALLEN, VA 230595682

Consulting

$263,936

PLANPILOT, LLC4 years

Filed as: PLANPILOT

Service code 27 · EIN 45-4168388

223 W JACKSON BLVD · CHICAGO, IL 606066913

Advisory (Plan)

$102,454

TIAA5+ years

Service code 15 · EIN 13-1624203

730 THIRD AVE · NEW YORK, NY 100173206

Recordkeeping

$84,273

PENTEGRA SERVICES, INC.3 years

Filed as: PENTEGRA SERVICES, INC

Service code 14 · EIN 13-3745616

701 WESTCHESTER AVE · WHITE PLAINS, NY 106043027

Plan Administrator

$77,150

RIGGS COUNSELMAN MICHAELS & DOWNES3 years

Filed as: RIGGS, CNSLMN, MICHALES & DOWNES IN

Service code 16 · EIN 52-0555835

555 FIARMOUNT AVE · BALTIMORE, MD 21286

Consulting

$26,659

PLANCHEC(K) CPAS LLC1 year

Filed as: PLANCHEC(K) CPAS

Service code 10 · EIN 84-2614035

501 MORRISON RD · GAHANNA, OH 432303314

Accounting

$12,000

PRM CONSULTING INC3 years

Service code 16 · EIN 52-2156813

1814 13TH ST NW · WASHINGTON, DC 200094424

Consulting

$12,000

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