Plan Snapshot
- Plan Sponsor: Honor Credit Union
- Sponsor EIN: 381231023
- Sponsor Address: 8385 EDGEWOOD ROAD, BERRIEN SPRINGS, MI, 491039004
- Plan Type: 401(k)
- Total Participants: 453
- Total Assets: $40.9M
Key Plan Design Features
- Auto-Enrollment: Yes
- Auto-Escalation: No
- Allows Roth Contributions: Yes
- Participant Loans: No
- Participant-Directed Investments: Yes
- ERISA Section 404(c) Fiduciary Safe Harbor: Yes
Plan Financials by Year
| Year | Participants | Total Assets | Employer Contrib. | Employee Contrib. |
|---|---|---|---|---|
| 2024 | 453 | $40.9M | $2.3M | $2.2M |
| 2023 | 425 | $35.0M | $1.9M | $2.0M |
| 2022 | 370 | $28.7M | $1.7M | $1.9M |
Service Providers (Schedule C)
Vendors paid $5,000 or more for services to the plan, ranked by total compensation (direct + indirect fees).
| Provider Name | Role | Direct Compensation | Indirect Compensation | Total Fees |
|---|---|---|---|---|
| PRINCIPAL LIFE INSURANCE COMPANY | CONTRACT ADMINISTRATOR | $64,513 | — | $64,513 |
| CAPFINANCIAL PARTNERS | INVESTMENT ADVISORY | $59,801 | — | $59,801 |
| PLANTE & MORAN, PLLC | Auditor | — | — | $0 |
Verified Provider Profiles
Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:
- PLANTE & MORAN, PLLC — Auditor
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $124,314
- Estimated Expense Ratio: 0.304% of plan assets
Historical Administrative Expenses
Breakdown of administrative expense categories reported on Form 5500 filings.
| Year | Total Admin Expenses | Investment Mgmt Fees | Contract Admin Fees | IQPA Audit Fees | Professional Fees |
|---|---|---|---|---|---|
| 2024 | $124,314 | $59,801 | $64,513 | — | — |
| 2023 | $93,088 | $41,738 | $51,350 | — | — |
| 2022 | $90,332 | $40,921 | $49,411 | — | — |