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Benchmarking Widget Federal Credit Union D/B/A Widget Financial 401(K) Plan and Trust in Erie, PA against all plans

 

Widget Federal Credit Union D/B/A Widget Financial 401(K) Plan and Trust in Erie, PA has the 12th-least in total assets ($8,283,975) of the 1,346 plans that are better than the overall participant averages in each of net income per total participant, average account balance, employer contributions per active participant, and total administrative expense per participant (4 total). Those $8,283,975 compare to an average of $536,843,904 across the 1,346 plans.

Widget Federal Credit Union D/B/A Widget Financial 401(K) Plan and Trust has these standings among those 1,346 peer plans plus nationwide comparisons:

  • net income per total participant = -$10,928 (281st-highest)
    the nationwide average is -$36,766

  • average account balance = $65,746 (37th-lowest)
    the nationwide average is $64,097

  • average participant cash contribution per active participant = $4,004 (59th-lowest)
    the nationwide average is $5,485

  • average employer cash contribution per active participant = $2,969 (102nd-lowest)
    the nationwide average is $2,712

  • total administrative expense per participant = $17.42 (345th-lowest)
    the nationwide average is $162.75

Visualize

 
 

Peers

outdone by Power, Lighting & Control, Inc. 401(K) Plan in Liberty, TX ($6,446,677), Menshen Packaging USA, Inc PS 401(K) Plan in Waldwick, NJ ($6,541,178), Border Federal Credit Union 401(K) Contribution Plan in Del Rio, TX ($6,924,737), and Citizens National Bank 401(K) Plan in Somerset, KY ($7,017,908), and 7 others, ending with SW/QC Employee Retirement Plan in Missoula, MT ($8,164,307).

outdid CS&P Technologies LP 401k Profit Sharing Plan in Cypress, TX ($8,396,930), Penobscot Management Florida, LLC 401(K) Plan in Teaneck, NJ ($8,474,749), Island Global Yachting 401(K) Plan in Greenville, SC ($8,784,636), and William Penn Bank 401(K) Retirement Savings Plan in Bristol, PA ($8,802,721), and 1,330 others, ending with United Technologies Corporation Employee Savings Plan in Farmington, CT ($48,916,975,000).

References

  1. are better than the overall participant averages in. Bigger sets are better. (1) The average nationwide value of net income per total participant is -$36,766, so better is above that. Average net income per total participant equals net income, Line 2k from Schedule H, divided by total participants, Line 6f of Form 5500. (2) The average nationwide value of average account balance is $64,097, so better is above that. Average account balance equals total assets, in Line 1f(b) from Schedule H, divided by total participants, in Line 6f of Form 5500. (3) The average nationwide value of active-participant contributions per head (average participant cash contribution per active participant) is $5,485, so better is above that. Average participant cash contribution per active participant equals cash contributions from participants, Line 2a(1)(B) from Schedule H, divided by active participants at the end of the plan year, Line 6a(2), Form 5500. (4) The average nationwide value of employer contributions per active participant (average employer cash contribution per active participant) is $2,712, so better is above that. Average employer cash contribution per active participant equals cash contributions from employers, Line 2a(1)(A) from Schedule H, divided by active participants at the end of the plan year, Line 6a(2), Form 5500. (5) The average nationwide value of total administrative expense per participant is $162.75, so better is below that. Total administrative expense per participant is a ratio that equals total administrative expenses (Line 2i(5), Schedule H) divided by total participants, i.e. the sum of active, retired, or separated participants who are still living, plus deceased participants whose beneficiaries receive or are entitled to benefits (Line 6f of Form 5500). 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 2-October-2023 updates to the year-2022 5500 Forms and Schedule H from the public websites at the Department of Labor, Employee Benefits Security Administration.
  2. total assets. At end of plan year. Line 1f(b) from Schedule H. Except where noted, all data come from the 2-October-2023 updates to the year-2022 5500 Forms and Schedule H from the public websites at the Department of Labor, Employee Benefits Security Administration.