401k Plan data: MINNESOTA CREDIT UNION EMPLOYEE BENEFITS PLAN plan

MINNESOTA CREDIT UNION EMPLOYEE BENEFITS PLAN 401k Plan overview

Plan Name	MINNESOTA CREDIT UNION EMPLOYEE BENEFITS PLAN
Plan identification number	501

MINNESOTA CREDIT UNION EMPLOYEE BENEFITS PLAN Benefits

401k Plan Type	Welfare Benefit
Plan Features/Benefits	Health (other than dental or vision)

401k Sponsoring company profile

MINNESOTA CREDIT UNION NETWORK, INC. has sponsored the creation of one or more 401k plans.

Company Name: MINNESOTA CREDIT UNION NETWORK, INC.

Employer identification number (EIN): 352668800

NAIC Classification: 522130
NAIC Description: Credit Unions

Form 5500 Filing Information

Submission information for form 5500 for 401k plan MINNESOTA CREDIT UNION EMPLOYEE BENEFITS PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator Signed Name of Company Sponsor Date Sponsor Signed
501 2022-01-01
501 2021-01-01
501 2020-01-01
501 2019-12-01

Plan Statistics for MINNESOTA CREDIT UNION EMPLOYEE BENEFITS PLAN

401k plan membership statisitcs for MINNESOTA CREDIT UNION EMPLOYEE BENEFITS PLAN

Measure Date Value
2022: MINNESOTA CREDIT UNION EMPLOYEE BENEFITS PLAN 2022 401k membership
Total participants, beginning-of-year 2022-01-01 420
Total number of active participants reported on line 7a of the Form 5500 2022-01-01 444
Number of retired or separated participants receiving benefits 2022-01-01 0
Number of other retired or separated participants entitled to future benefits 2022-01-01 0
Total of all active and inactive participants 2022-01-01 444
2021: MINNESOTA CREDIT UNION EMPLOYEE BENEFITS PLAN 2021 401k membership
Total participants, beginning-of-year 2021-01-01 351
Total number of active participants reported on line 7a of the Form 5500 2021-01-01 419
Number of retired or separated participants receiving benefits 2021-01-01 2
Number of other retired or separated participants entitled to future benefits 2021-01-01 0
Total of all active and inactive participants 2021-01-01 421
2020: MINNESOTA CREDIT UNION EMPLOYEE BENEFITS PLAN 2020 401k membership
Total participants, beginning-of-year 2020-01-01 328
Total number of active participants reported on line 7a of the Form 5500 2020-01-01 351
Number of retired or separated participants receiving benefits 2020-01-01 0
Number of other retired or separated participants entitled to future benefits 2020-01-01 0
Total of all active and inactive participants 2020-01-01 351
2019: MINNESOTA CREDIT UNION EMPLOYEE BENEFITS PLAN 2019 401k membership
Total participants, beginning-of-year 2019-12-01 52
Total number of active participants reported on line 7a of the Form 5500 2019-12-01 52
Number of retired or separated participants receiving benefits 2019-12-01 0
Number of other retired or separated participants entitled to future benefits 2019-12-01 0
Total of all active and inactive participants 2019-12-01 52

Measure	Date	Value
2022: MINNESOTA CREDIT UNION EMPLOYEE BENEFITS PLAN 2022 401k membership
Total participants, beginning-of-year	2022-01-01	420
Total number of active participants reported on line 7a of the Form 5500	2022-01-01	444
Number of retired or separated participants receiving benefits	2022-01-01	0
Number of other retired or separated participants entitled to future benefits	2022-01-01	0
Total of all active and inactive participants	2022-01-01	444
2021: MINNESOTA CREDIT UNION EMPLOYEE BENEFITS PLAN 2021 401k membership
Total participants, beginning-of-year	2021-01-01	351
Total number of active participants reported on line 7a of the Form 5500	2021-01-01	419
Number of retired or separated participants receiving benefits	2021-01-01	2
Number of other retired or separated participants entitled to future benefits	2021-01-01	0
Total of all active and inactive participants	2021-01-01	421
2020: MINNESOTA CREDIT UNION EMPLOYEE BENEFITS PLAN 2020 401k membership
Total participants, beginning-of-year	2020-01-01	328
Total number of active participants reported on line 7a of the Form 5500	2020-01-01	351
Number of retired or separated participants receiving benefits	2020-01-01	0
Number of other retired or separated participants entitled to future benefits	2020-01-01	0
Total of all active and inactive participants	2020-01-01	351
2019: MINNESOTA CREDIT UNION EMPLOYEE BENEFITS PLAN 2019 401k membership
Total participants, beginning-of-year	2019-12-01	52
Total number of active participants reported on line 7a of the Form 5500	2019-12-01	52
Number of retired or separated participants receiving benefits	2019-12-01	0
Number of other retired or separated participants entitled to future benefits	2019-12-01	0
Total of all active and inactive participants	2019-12-01	52

Financial Data on MINNESOTA CREDIT UNION EMPLOYEE BENEFITS PLAN

Measure	Date	Value
2022 : MINNESOTA CREDIT UNION EMPLOYEE BENEFITS PLAN 2022 401k financial data
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)	2022-12-31	$614,225
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)	2022-12-31	$533,690
Total income from all sources (including contributions)	2022-12-31	$6,509,993
Total of all expenses incurred	2022-12-31	$6,509,993
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others	2022-12-31	$6,509,993
Total contributions o plan (from employers,participants, others, non cash contrinutions)	2022-12-31	$6,509,993
Value of total assets at end of year	2022-12-31	$614,275
Value of total assets at beginning of year	2022-12-31	$533,740
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year	2022-12-31	No
Was this plan covered by a fidelity bond	2022-12-31	Yes
Value of fidelity bond cover	2022-12-31	$500,000
If this is an individual account plan, was there a blackout period	2022-12-31	No
Were there any nonexempt tranactions with any party-in-interest	2022-12-31	No
Contributions received from participants	2022-12-31	$30,380
Liabilities. Value of operating payables at end of year	2022-12-31	$25,000
Liabilities. Value of operating payables at beginning of year	2022-12-31	$533,690
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser	2022-12-31	No
Value of net assets at end of year (total assets less liabilities)	2022-12-31	$50
Value of net assets at beginning of year (total assets less liabilities)	2022-12-31	$50
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)	2022-12-31	No
Were any loans by the plan or fixed income obligations due to the plan in default	2022-12-31	No
Were any leases to which the plan was party in default or uncollectible	2022-12-31	No
Value of interest bearing cash (including money market accounts and certificates of deposits) at end of year	2022-12-31	$614,275
Interest-bearing cash (include money market accounts & certificates of deposit) at beginning of the Year	2022-12-31	$533,740
Value of interest bearing cash (including money market accounts and certificates of deposits) at beginning of year	2022-12-31	$533,740
Expenses. Payments to insurance carriers foe the provision of benefits	2022-12-31	$6,509,993
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets	2022-12-31	No
Was there a failure to transmit to the plan any participant contributions	2022-12-31	No
Has the plan failed to provide any benefit when due under the plan	2022-12-31	No
Contributions received in cash from employer	2022-12-31	$6,479,613
Liabilities. Value of benefit claims payable at end of year	2022-12-31	$589,225
Did the plan have assets held for investment	2022-12-31	No
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser	2022-12-31	No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC	2022-12-31	No
Opinion of an independent qualified public accountant for this plan	2022-12-31	Unqualified
Accountancy firm name	2022-12-31	REDPATH AND COMPANY, LLC
Accountancy firm EIN	2022-12-31	920370318
2021 : MINNESOTA CREDIT UNION EMPLOYEE BENEFITS PLAN 2021 401k financial data
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)	2021-12-31	$533,690
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)	2021-12-31	$497,969
Total income from all sources (including contributions)	2021-12-31	$0
Value of total assets at end of year	2021-12-31	$533,740
Value of total assets at beginning of year	2021-12-31	$498,019
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year	2021-12-31	No
Was this plan covered by a fidelity bond	2021-12-31	Yes
Value of fidelity bond cover	2021-12-31	$500,000
If this is an individual account plan, was there a blackout period	2021-12-31	No
Were there any nonexempt tranactions with any party-in-interest	2021-12-31	No
Liabilities. Value of operating payables at end of year	2021-12-31	$533,690
Liabilities. Value of operating payables at beginning of year	2021-12-31	$497,969
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser	2021-12-31	No
Value of net assets at end of year (total assets less liabilities)	2021-12-31	$50
Value of net assets at beginning of year (total assets less liabilities)	2021-12-31	$50
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)	2021-12-31	No
Were any loans by the plan or fixed income obligations due to the plan in default	2021-12-31	No
Were any leases to which the plan was party in default or uncollectible	2021-12-31	No
Value of interest bearing cash (including money market accounts and certificates of deposits) at end of year	2021-12-31	$533,740
Interest-bearing cash (include money market accounts & certificates of deposit) at beginning of the Year	2021-12-31	$498,019
Value of interest bearing cash (including money market accounts and certificates of deposits) at beginning of year	2021-12-31	$498,019
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets	2021-12-31	No
Was there a failure to transmit to the plan any participant contributions	2021-12-31	No
Has the plan failed to provide any benefit when due under the plan	2021-12-31	No
Did the plan have assets held for investment	2021-12-31	No
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser	2021-12-31	No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC	2021-12-31	No
Opinion of an independent qualified public accountant for this plan	2021-12-31	Unqualified
Accountancy firm name	2021-12-31	MYSLAJEK KEMP & SPENCER, LTD.
Accountancy firm EIN	2021-12-31	411710454
2020 : MINNESOTA CREDIT UNION EMPLOYEE BENEFITS PLAN 2020 401k financial data
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)	2020-12-31	$497,969
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)	2020-12-31	$195,457
Total income from all sources (including contributions)	2020-12-31	$0
Value of total assets at end of year	2020-12-31	$498,019
Value of total assets at beginning of year	2020-12-31	$195,507
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year	2020-12-31	No
Was this plan covered by a fidelity bond	2020-12-31	Yes
Value of fidelity bond cover	2020-12-31	$500,000
If this is an individual account plan, was there a blackout period	2020-12-31	No
Were there any nonexempt tranactions with any party-in-interest	2020-12-31	No
Liabilities. Value of operating payables at end of year	2020-12-31	$497,969
Liabilities. Value of operating payables at beginning of year	2020-12-31	$195,457
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser	2020-12-31	No
Value of net assets at end of year (total assets less liabilities)	2020-12-31	$50
Value of net assets at beginning of year (total assets less liabilities)	2020-12-31	$50
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)	2020-12-31	No
Were any loans by the plan or fixed income obligations due to the plan in default	2020-12-31	No
Were any leases to which the plan was party in default or uncollectible	2020-12-31	No
Value of interest bearing cash (including money market accounts and certificates of deposits) at end of year	2020-12-31	$498,019
Interest-bearing cash (include money market accounts & certificates of deposit) at beginning of the Year	2020-12-31	$195,507
Value of interest bearing cash (including money market accounts and certificates of deposits) at beginning of year	2020-12-31	$195,507
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets	2020-12-31	No
Was there a failure to transmit to the plan any participant contributions	2020-12-31	No
Has the plan failed to provide any benefit when due under the plan	2020-12-31	No
Did the plan have assets held for investment	2020-12-31	No
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser	2020-12-31	No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC	2020-12-31	No
Opinion of an independent qualified public accountant for this plan	2020-12-31	Unqualified
Accountancy firm name	2020-12-31	MYSLAJEK KEMP & SPENCER, LTD.
Accountancy firm EIN	2020-12-31	411710454
2019 : MINNESOTA CREDIT UNION EMPLOYEE BENEFITS PLAN 2019 401k financial data
Total plan liabilities at end of year	2019-12-31	$195,457
Total income from all sources	2019-12-31	$50
Total plan assets at end of year	2019-12-31	$195,507
Total plan assets at beginning of year	2019-12-31	$0
Other income received	2019-12-31	$50
Net income (gross income less expenses)	2019-12-31	$50
Net plan assets at end of year (total assets less liabilities)	2019-12-31	$50
Net plan assets at beginning of year (total assets less liabilities)	2019-12-31	$0

Form 5500 Responses for MINNESOTA CREDIT UNION EMPLOYEE BENEFITS PLAN

2022: MINNESOTA CREDIT UNION EMPLOYEE BENEFITS PLAN 2022 form 5500 responses
2022-01-01	Type of plan entity	Mulitple employer plan
2022-01-01	Plan funding arrangement – Insurance	Yes
2022-01-01	Plan funding arrangement – Trust	Yes
2022-01-01	Plan benefit arrangement – Insurance	Yes
2022-01-01	Plan benefit arrangement - Trust	Yes
2021: MINNESOTA CREDIT UNION EMPLOYEE BENEFITS PLAN 2021 form 5500 responses
2021-01-01	Type of plan entity	Mulitple employer plan
2021-01-01	Plan funding arrangement – Insurance	Yes
2021-01-01	Plan funding arrangement – Trust	Yes
2021-01-01	Plan benefit arrangement – Insurance	Yes
2021-01-01	Plan benefit arrangement - Trust	Yes
2020: MINNESOTA CREDIT UNION EMPLOYEE BENEFITS PLAN 2020 form 5500 responses
2020-01-01	Type of plan entity	Mulitple employer plan
2020-01-01	Plan funding arrangement – Insurance	Yes
2020-01-01	Plan funding arrangement – Trust	Yes
2020-01-01	Plan benefit arrangement – Insurance	Yes
2020-01-01	Plan benefit arrangement - Trust	Yes
2019: MINNESOTA CREDIT UNION EMPLOYEE BENEFITS PLAN 2019 form 5500 responses
2019-12-01	Type of plan entity	Mulitple employer plan
2019-12-01	First time form 5500 has been submitted	Yes
2019-12-01	This return/report is a short plan year return/report (less than 12 months)	Yes
2019-12-01	Plan funding arrangement – Insurance	Yes
2019-12-01	Plan funding arrangement – Trust	Yes
2019-12-01	Plan benefit arrangement – Insurance	Yes
2019-12-01	Plan benefit arrangement - Trust	Yes

Insurance Providers Used on plan

MEDICA (National Association of Insurance Commissioners NAIC id number: 1259 )

Policy contract number

309267

Policy instance

Insurance contract or identification number	309267
Number of Individuals Covered	899
Insurance policy start date	2022-01-01
Insurance policy end date	2022-12-31
Total amount of commissions paid to insurance broker	USD $129,650
Total amount of fees paid to insurance company	USD $2,375
Health Insurance Welfare Benefit	Yes
Welfare Benefit Premiums Paid to Carrier	USD $6,375,836
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?	No
Commission paid to Insurance Broker	USD $129,650
Amount paid for insurance broker fees	2375
Additional information about fees paid to insurance broker	BROKER INCENTIVE PROGRAM
Insurance broker organization code?	3

MEDICA (National Association of Insurance Commissioners NAIC id number: 1259 )

Policy contract number

309267

Policy instance

Insurance contract or identification number	309267
Number of Individuals Covered	863
Insurance policy start date	2021-01-01
Insurance policy end date	2021-12-31
Total amount of commissions paid to insurance broker	USD $123,200
Total amount of fees paid to insurance company	USD $7,905
Health Insurance Welfare Benefit	Yes
Welfare Benefit Premiums Paid to Carrier	USD $5,637,540
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?	No
Commission paid to Insurance Broker	USD $123,200
Amount paid for insurance broker fees	7905
Additional information about fees paid to insurance broker	BROKER INCENTIVE PROGRAM
Insurance broker organization code?	3

MEDICA (National Association of Insurance Commissioners NAIC id number: 1259 )

Policy contract number

309267

Policy instance

Insurance contract or identification number	309267
Number of Individuals Covered	745
Insurance policy start date	2020-01-01
Insurance policy end date	2020-12-31
Total amount of commissions paid to insurance broker	USD $102,450
Health Insurance Welfare Benefit	Yes
Welfare Benefit Premiums Paid to Carrier	USD $4,476,462
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?	No
Commission paid to Insurance Broker	USD $102,450
Insurance broker organization code?	3

MEDICA (National Association of Insurance Commissioners NAIC id number: 1259 )

Policy contract number

309267

Policy instance

Insurance contract or identification number	309267
Number of Individuals Covered	80
Insurance policy start date	2019-12-01
Insurance policy end date	2019-12-31
Total amount of commissions paid to insurance broker	USD $1,300
Health Insurance Welfare Benefit	Yes
Welfare Benefit Premiums Paid to Carrier	USD $47,473
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?	No
Commission paid to Insurance Broker	USD $1,300
Insurance broker organization code?	3

Potentially related plans

MINNESOTA CREDIT UNION NETWORK 401(K) PLAN AND TRUST [EIN = 411764382]

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Company Name:	MINNESOTA CREDIT UNION NETWORK, INC.
Employer identification number (EIN):	352668800
NAIC Classification:	522130
NAIC Description:	Credit Unions