Magnifi Financial 401(K) Plan & Trust — Form 5500 plan (Magnifi Financial Credit Union)
Plain-English plan 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, Magnifi Financial 401(K) Plan & Trust is a benefit plan reported by Magnifi Financial Credit Union under EIN 41-0705136 and plan number 002. The latest loaded filing year is 2023. The filing reports 453 participants and $48,474,286 in end-of-year plan assets, where available in the loaded dataset.
Key reported metrics
- Plan sponsor
- Magnifi Financial Credit Union
- EIN
- 41-0705136
- Plan number
- 002
- Plan type
- 2
- Location
- Melrose, MN
- Latest filing year
- 2023
- Participants
- 453
- End-of-year plan assets
- $48,474,286
Form 5500 filing history
| Filing year | Participants | Schedules | Filing |
|---|---|---|---|
| 2023 | 453 | H, C | 20240604163821NAL0034339760001 |
Reported financial statement (2023 · Schedule H)
Net assets
- Total assets (EOY)
- $48,474,286
- Total liabilities (EOY)
- $0
- Net assets (EOY)
- $48,474,286
- Net assets (BOY)
- $38,916,998
Income & contributions
- Employer contributions
- $2,376,840
- Participant contributions
- $2,568,466
- Total contributions
- $6,066,282
- Total income / additions
- $13,243,643
Expenses & distributions
- Benefits paid
- $3,531,403
- Administrative expenses
- $154,952
- Total expenses
- $3,686,355
- Net increase / (decrease)
- $9,557,288
Service provider compensation (Schedule C)
| Provider | Service | Direct comp. | Indirect comp. | Year |
|---|---|---|---|---|
| Cbiz Financial Solutions, Inc. | INVESTMENT ADVISOR | $92,406 | not reported in the loaded dataset | 2023 |
| Empower Annuity | CONTRACT ADMINISTRATOR | $32,680 | $0 | 2023 |
| Cbiz Retirement Plan Services | TPA | $28,751 | not reported in the loaded dataset | 2023 |