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Benchmarking Central One Federal Credit Union 401(K) Plan and Trust in Shrewsbury, MA against all plans

 

Of the 310 Massachusetts plans that provide for automatic enrollment, Central One Federal Credit Union 401(K) Plan and Trust in Shrewsbury, MA is one of just 11 that are better than the overall plan medians in each of net income, participant loans as a percentage of plan assets, yield on beginning-of-plan-year total assets, and diversity of asset types (4 total).

Central One Federal Credit Union 401(K) Plan and Trust has these standings among those 310 peer plans plus nationwide comparisons:

  • total liabilities = $0 (the least, tied)
    the nationwide median is $0

  • total income = $4,255,701 (111th-lowest)
    the nationwide median is $4,338,487

  • net income = $3,765,668 (121st-highest)
    the nationwide median is $2,573,372

  • participant loans as a percentage of plan assets = 0.30% (52nd-least, tied)
    the nationwide median is 0.86%

  • corrective distributions = $0 (the lowest, tied)
    the nationwide median is $0

  • yield on beginning-of-plan-year total assets = 14.28% (141st-lowest, tied)
    the nationwide median is 14.22%

  • diversity of asset types = 10.8% (86th-highest, tied)
    the nationwide median is 9.4%

Peers

with Sage 401(K) Plan in Cambridge, MA, All States Asphalt, Inc. 401(K) Plan and Trust in Sunderland, MA, Campbell, Conroy & O'Neil Professional Corporation 401(K) Plan in Boston, MA, and Ginkgo 401(K) Plan in Boston, MA, and 6 others.

References

  1. provide for automatic enrollment. 401(k) plan or 403(b) plan that provides for automatic enrollment in a plan that has elective contributions deducted from payroll. Feature code 2S within Line 8a of Form 5500. Except where noted, all data come from the 25-October-2023 updates to the year-2021 5500 Forms and Schedule H from the public websites at the Department of Labor, Employee Benefits Security Administration.
  2. are better than the overall plan medians in. Bigger sets are better. (1) The median nationwide value of total liabilities is $0.00, so better is below that. At end of plan year. Liabilities entered here do not include the value of future pension payments to plan participants. Line 1k from Schedule H. (2) The median nationwide value of total income is $4,338,487, so better is above that. From Line 2d, Schedule H. (3) The median nationwide value of net income is $2,573,372, so better is above that. Net income, Line 2k from Schedule H, equals total income (Line 2d) minus total expenses (Line 2j), all from Schedule H. (4) The median nationwide value of participant loans as a percentage of plan assets is 0.86%, so better is below that. Participant loans as a percentage of plan assets equals participant loans, Line 1c(8) from Schedule H, divided by total assets, Line 1f(b) from Schedule H, times 100. A high value may indicate excessive borrowing from participants' retirement accounts. (5) The median nationwide value of corrective distributions is $0.00, so better is below that. From Line 2f, Schedule H, but negative entries are converted into positive. Included on this line are all distributions paid during the plan year of excess deferrals under Code section 402(g)(2)(A)(ii), excess contributions under Code section 401(k)(8), and excess aggregate contributions under Code section 401(m)(6). Included is allocable income distributed. Also included on this line are any elective deferrals and employee contributions distributed or returned to employees during the plan year, as well as any attributable income that was also distributed. (6) The median nationwide value of yield on beginning-of-plan-year total assets is 14.22%, so better is above that. To qualify, the total assets at the beginning of the plan year must be above zero, and either (1) both the asset transfers to the plan and asset transfers from the plan during the plan year must be zero, or (2) the sum of the absolute values of both asset transfers must be less than 1% of the total assets at the beginning of the plan year. If it qualifies, the yield on beginning-of-plan-year total assets (as a percentage) equals net earnings on investments divided by total assets at the beginning of the plan year, times 100. The above quantities are all from Schedule H: Assets transfer to the plan is Line 2l(1). Assets transfer from the plan is Line 2l(2). Net earnings on investments is the sum of the ten column (b) entries from 2b, minus investment advisory and management fees (Line 2i(3)). Total assets at the beginning of the plan year is Line 1f(a). (7) The median nationwide value of diversity of asset types is 9.4%, so better is above that. The diversity of asset types is calculated by taking the mathematical entropy of the 24 dollar values for the 24 asset types, after excluding negative asset values, then dividing by 4.584962 (which is the maximum possible entropy of 24 numeric quantities), and multiplying by 100 to obtain a percentage whose potential range is 0% to 100%. Mathematical entropy is a way to measure the balance among a group of numeric values; maximum entropy is when all the values are equal and nonzero. Some comparison measures have prerequisites that must be satisfied in order to keep their numeric values, otherwise their value becomes N/A. Except where noted, all data come from the 25-October-2023 updates to the year-2021 5500 Forms and Schedule H from the public websites at the Department of Labor, Employee Benefits Security Administration.
  3. in state. Except where noted, all data come from the 25-October-2023 updates to the year-2021 5500 Forms and Schedule H from the public websites at the Department of Labor, Employee Benefits Security Administration.