Retirement plan

FINANCIAL SECURITY CREDIT UNION 401(K) PLAN AND TRUST

Name: FINANCIAL SECURITY CREDIT UNION - FINANCIAL SECURITY CREDIT UNION 401(K) PLAN AND TRUST (2024) Form 5500
Creator: FINANCIAL SECURITY CREDIT UNION
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, FINANCIAL SECURITY CREDIT UNION 401(K) PLAN AND TRUST, FINANCIAL SECURITY CREDIT UNION

FINANCIAL SECURITY CREDIT UNIONEIN 85-0161080Plan #002PY 2024

1105 W PIERCE ST - CARLSBAD, NM 882204014575-887-6030finseccu.comLinkedIn1-10 employeeshuman resources

Prospect flagsLow returnsHigh feesLow participant contribution

How to read this page

Total assets (EOY)

$2M

+6.1% from 2023

Total participants

+6.3% from 2023

Average account balance

$117,211

-0.1% from 2023

Annual return

6.85%

+5.89 pp from 2023

Benchmarks

See 37,126 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants<25

Cohort37,126 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$1.58M

Not enough data

1 years with asset history on file

Average account balance

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

$75K

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.

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.

190.9%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$75K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$7K

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

+4.17%

Not enough data

1 years with return on file

Admin fee / account holder

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

$27450

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

0 years with F_SCH_H allocation on file

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

Service providers

Providers data not reported

Schedule C was not filed on this plan's most recent Form 5500, so no compensated service providers are available to display.

Plan features & details

Pension benefit codes2F2G2T2J3D2E

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.
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

3 tripped

OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.
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

$87K

$8733 / participant

Other / not subdivided$87K100.0%

% of EOY assets

4.383%

all-in expense ratio

Categories reported

0 / 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

$117,211

$201,344-41.8%

$184,243-36.4%

$145,877-19.7%

Participation rate

100.0%

87.5%+12.5pp

86.8%+13.2pp

80.3%+19.7pp

Annual return

6.85%

29.01%-22.2pp

28.82%-22.0pp

551.28%-544.4pp

Employer contribution / active EE

$6,861

$7,022-2.3%

$6,427+6.8%

$4,663+47.1%

Participant deferral / active EE

$508

$9,807-94.8%

$9,132-94.4%

$6,691-92.4%

Admin fee / account holder

$5,137

$16,382-68.6%

$13,914-63.1%

$13,402-61.7%

FINANCIAL SECURITY CREDIT UNION 401(K) PLAN AND TRUST

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

FINANCIAL SECURITY CREDIT UNION 401(K) PLAN AND TRUST

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