Michigan State University Federal Credit Union 401(k) Review & Grade
Michigan State University Federal Credit Union
East Lansing, MIFinance & Insurance1,408 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$6,813Employer $ per active participant
$6,083Employee $ saved per active participant
0.17%Direct admin cost, % of plan assets
$177.2MNet plan assets, end of year
$108,190Average balance per account
Score breakdown
- Employer generosity41.2 / 5082th percentile for employer $ per participant
- Low cost14.7 / 2559th percentile for low admin cost vs. same-size plans
- Employee saving5.3 / 1535th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score68 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 82th |
| Lower admin cost | 59th |
| Employee saving | 35th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $5,425 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Michigan State University Federal Credit Union put in about $6,813 per active participant, more than the typical peer ($3,606). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $9,592,852 |
| Participant (employee) contributions | $8,564,579 |
| Other contributions (incl. rollovers in) | $3,065,293 |
| Administrative expenses paid from the plan | $279,074 |
| Contract administrator fees | $187,952 |
| Investment advisory & management fees | $91,122 |
| Benefits paid out | $9,116,657 |
| Net assets, start / end of year | $144.3M / $177.2M |
| Active participants, start / end of year | 1,372 / 1,444 |
| Participants with account balances | 1,638 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Plante & Moran, PLLC |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $187,952 reported compensation |
| Capfinancial Partners LLC | $91,122 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250729101518NAL0003083585001, received 2025-07-29, EIN 38-1373106, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.