Plan Snapshot
- Plan Sponsor: Magnifi Financial Credit Union
- Sponsor EIN: 410705136
- Sponsor Address: 20 4TH AVE. SE, MELROSE, MN, 56352
- Plan Type: 401(k)
- Total Participants: 386
- Total Assets: $57.7M
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 | 386 | $57.7M | $2.4M | $2.7M |
| 2023 | 382 | $48.5M | $2.4M | $2.6M |
| 2022 | 383 | $38.9M | $2.0M | $2.3M |
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 |
|---|---|---|---|---|
| CBIZ FINANCIAL SOLUTIONS, INC. | Investment Advisor | $99,676 | — | $99,676 |
| EMPOWER ANNUITY | Recordkeeper | $38,344 | — | $38,344 |
| CBIZ RETIREMENT PLAN SERVICES | Recordkeeper | $35,304 | — | $35,304 |
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $173,324
- Estimated Expense Ratio: 0.301% 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 | $189,306 | — | — | — | — |
| 2023 | $154,952 | — | — | — | — |
| 2022 | $149,186 | $149,186 | — | — | — |