Tower Federal Credit Union Savings Plan — Form 5500 plan (Tower Federal 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, Tower Federal Credit Union Savings Plan is a benefit plan reported by Tower Federal Credit Union under EIN 53-0214895 and plan number 002. The latest loaded filing year is 2023. The filing reports 775 participants and $78,045,044 in end-of-year plan assets, where available in the loaded dataset.
Key reported metrics
- Plan sponsor
- Tower Federal Credit Union
- EIN
- 53-0214895
- Plan number
- 002
- Plan type
- 2
- Location
- Laurel, MD
- Latest filing year
- 2023
- Participants
- 775
- End-of-year plan assets
- $78,045,044
Form 5500 filing history
| Filing year | Participants | Schedules | Filing |
|---|---|---|---|
| 2023 | 775 | H, C | 20240820114356NAL0001700211001 |
Reported financial statement (2023 · Schedule H)
Net assets
- Total assets (EOY)
- $78,045,044
- Total liabilities (EOY)
- $0
- Net assets (EOY)
- $78,045,044
- Net assets (BOY)
- $62,208,729
Income & contributions
- Employer contributions
- $1,460,459
- Participant contributions
- $3,990,620
- Total contributions
- $6,819,039
- Total income / additions
- $19,182,985
Expenses & distributions
- Benefits paid
- $3,222,822
- Administrative expenses
- $123,848
- Total expenses
- $3,346,670
- Net increase / (decrease)
- $15,836,315
Service provider compensation (Schedule C)
| Provider | Service | Direct comp. | Indirect comp. | Year |
|---|---|---|---|---|
| Fidelity Investments Institutional | RECORDKEEPER | $68,539 | $0 | 2023 |
| Cerity Partners Retirement Plan Ad | INVESTMENT ADVISOR | $46,102 | not reported in the loaded dataset | 2023 |
| Strategic Advisors, Inc. | ADVISOR | $9,332 | not reported in the loaded dataset | 2023 |
Related Form 5500 pages
- All Form 5500 plans for Tower Federal Credit Union
- 2023 Form 5500 filing
- Form 5500 filings in MD
- 401(k) and benefit plan filings in Laurel, MD
- Fidelity Investments Institutional — Schedule C compensation
- Cerity Partners Retirement Plan Ad — Schedule C compensation
- Strategic Advisors, Inc. — Schedule C compensation