Michigan Credit Union League
Form 5500 DataOverview
Plan Description
Retirement Plan for Michigan Credit Union Employees - 401k Savings Plan is a defined contribution plan with a profit-sharing component and 401k feature. This plan has a BrightScope Rating of 71. This plan is in the top 15% of plans for Total Plan Cost. Retirement Plan for Michigan Credit Union Employees - 401k Savings Plan currently has over 15,000 active participants and over $736.8M in plan assets.
Did you know?
For the average 401k participant, the 22 point difference between this plan's BrightScope Rating (71) and the top rated plan (93) could equate to:
16
Additional years of work
106,098
Lost Savings
*The delay in retirement calculations apply solely to this defined contribution plan and do not take into account other retirement plans and programs offered by this employer. How is this calculated?
Plan Details
Plan Details Relevant details about the plan and the plan sponsor, including the address and industry of the plan sponsor and the size of the plan in assets and participants.
Plan data accurate as of 12/31/2019
Plan data has been audited by an Independent Qualified Public Accountant (IQPA). Address 38695 W Seven Mile Rd # 200
Plan data has been audited by an Independent Qualified Public Accountant (IQPA). Address 38695 W Seven Mile Rd # 200
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LocationLivonia , MI48152-7097
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IndustryCredit Unions
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AdministratorDennis Hanson
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SponsorWendy Vadnais
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Net Plan Assets$737,000,000
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Total Participants15,000
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Avg Account Balance$53,000
Plan Components
Component Ratings
Design
Total Plan Cost:
Lowest Fees
Company Generosity:
Above Average
Performance
Participation Rate:
Average
Salary Deferrals:
Average
Account Balance:
Average
Design
Total Plan Cost:
Low Fees
Company Generosity:
Average
Performance
Participation Rate:
Below Avg.
Salary Deferrals:
Below Avg.
Account Balance:
Below Avg.
Peer Group Plans
Company | Rating |
---|---|
SVB Financial Group | 87.6 |
First Republic Bank | 86.4 |
Cooperative Banks Employees Retirement Association | 80.3 |
Webster Bank, National Association | 79.0 |
First Horizon National | 76.2 |
Popular | 69.0 |
Top Industry Articles
Compliance
Stimulus Bill Extends Some Provisions of the CARES Act
It also provides a way for retirement plan sponsors to avoid a partial plan termination.
December 28, 2020
Practice Management
Practice Management: Areas of Success
A look at what worked particularly well in 2020 and that could keep propelling growth in 2021.
December 28, 2020
Compliance
Missing Participant Guidance Released by DOL
The guidance includes best practices for locating missing participants in addition to best practices for documenting efforts to do so.
January 13, 2021
exclusives
Warn Your Clients: Don’t Abuse Coronavirus Hardship Withdrawals
Though retirement plans can allow individuals to self-certify that they qualify for a penalty-free coronavirus-related distribution, should the IRS discover otherwise during a future audit, a participant can be subject to substantial penalties.
June 11, 2020
Client Service
Common Mistakes Advisers Make That Should be Avoided
Experts outline several ways advisers can ensure they keep the loyalty of their clients.
January 13, 2021
Investments
Largest Funds in this Plan | Allocation of Assets | 1 YR Rank in Category |
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Vanguard Group Target Retirement | 38% |
N/A
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State Street S&P 500 Index | 15% |
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Total Other Investments | 9% |
N/A
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100%
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100%
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100%
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100%
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View all funds in this plan
Providers
Plan Service Providers
SERVICE | PROVIDER |
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Insurance Carrier
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Jackson National Life
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Insurance Carrier
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Various
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Insurance Carrier
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Principal Financial Group
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Insurance Carrier
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Prudential
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Insurance Carrier
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New York Life
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Insurance Carrier
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Ohio National Life
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Insurance Carrier
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Mutual of Omaha Insurance Company
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Insurance Carrier
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Protective Life
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Recordkeeper
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CUNA Mutual Insurance Society
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Investment Adviser
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DiMeo Schneider & Associates, LLC
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Legal Counsel
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Warner, Norcross and Judd, LLP
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Auditor
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Doeren Mayhew Financial Services LLC
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Articles and Questions

Boeing Fee Settlement Highlights the High Bar for Large Plans
Boeing Offers a Near Perfect Retirement Plan ModelIn most respects Boeing’s retirement offering is a great model of how to run a large retirement plan. Participants in Boeing’s 401(k) plan are beneficiaries of a participant-friendly design with immediate access, automatic enrollment, immediate ves
Why Do Investment Expenses Matter?
Ryan Alfred
Popular Questions
See more questions-
What is a ROTH IRA Tax Credit?2 answers2answers
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As a young professional starting a new career, what would you recommend a Roth IRA or IRA?10 answers10answers
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Do I need to repay the 10k loan from my IRA tha I will use to purchase a home as a first time home owner?2 answers2answers
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Should I purchase an Annuity for my retirement?5 answers5answers
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When I convert my regular IRA to a Roth IRA, do I have to pay the taxes all at once?4 answers4answers
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