2023 Form 5500 filing — Tower Federal Credit Union Savings Plan
Plain-English filing summary
According to public Form 5500 filings published through the U.S. Department of Labor (DOL) Employee Benefits Security Administration (EBSA) via the EFAST2 system, this is the 2023 Form 5500 filing (EFAST2 acknowledgement 20240820114356NAL0001700211001) for Tower Federal Credit Union Savings Plan, reported by Tower Federal Credit Union under EIN 53-0214895 and plan number 002. It reports 775 participants. Attached schedules in the loaded dataset include Schedule H (large plan financials), Schedule C (service provider compensation).
- EFAST2 acknowledgement
- 20240820114356NAL0001700211001
- Filing year
- 2023
- Form type
- 2
- Plan sponsor
- Tower Federal Credit Union
- EIN
- 53-0214895
- Plan number
- 002
- Location
- Laurel, MD
- Participants
- 775
- Schedules available
- Schedule H, Schedule C
- Received date
- not reported in the loaded dataset
Reported financial snapshot (2023)
- Total assets (EOY)
- $78,045,044
- Total liabilities (EOY)
- $0
- Net assets (EOY)
- $78,045,044
- Employer contributions
- $1,460,459
- Participant contributions
- $3,990,620
- Total income / additions
- $19,182,985
- Benefits paid
- $3,222,822
- Administrative expenses
- $123,848
- Total expenses
- $3,346,670
- Net increase / (decrease)
- $15,836,315
- Schedule source
- Schedule H
Reported service provider compensation (Schedule C)
| Provider | Service | Direct comp. | Indirect comp. |
|---|---|---|---|
| Fidelity Investments Institutional | RECORDKEEPER | $68,539 | $0 |
| Cerity Partners Retirement Plan Ad | INVESTMENT ADVISOR | $46,102 | not reported in the loaded dataset |
| Strategic Advisors, Inc. | ADVISOR | $9,332 | not reported in the loaded dataset |