Midflorida Credit Union 401(k) Review & Grade
Midflorida Credit Union Capital Accumulation Plan
Lakeland, FLFinance & Insurance1,356 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,999Employer $ per active participant
$3,930Employee $ saved per active participant
0.15%Direct admin cost, % of plan assets
$91.9MNet plan assets, end of year
$55,584Average balance per account
Score breakdown
- Employer generosity10.1 / 5020th percentile for employer $ per participant
- Low cost15.7 / 2563th percentile for low admin cost vs. same-size plans
- Employee saving1.8 / 1512th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score28 / 100 · Grade F
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 20th |
| Lower admin cost | 63th |
| Employee saving | 12th |
| Peers that auto-enroll | 62% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($873 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- Midflorida Credit Union put in about $1,999 per active participant, below the typical peer ($3,606). Any match is still an instant return, so contribute enough to get all of it.
- 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.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $2,712,118 |
| Participant (employee) contributions | $5,330,802 |
| Other contributions (incl. rollovers in) | $111,354 |
| Administrative expenses paid from the plan | $127,061 |
| Contract administrator fees | $94,675 |
| Investment advisory & management fees | $27,390 |
| Other admin expenses | $4,996 |
| Benefits paid out | $3,363,714 |
| Net assets, start / end of year | $75.7M / $91.9M |
| Active participants, start / end of year | 1,334 / 1,379 |
| Participants with account balances | 1,654 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Doeren Mayhew Assurance |
Largest service providers (Schedule C)
| Nova 401(k) Associates | $42,387 reported compensation |
| Voya Retirement Advisors, LLC | $23,768 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013115850NAL0000565027001, received 2025-10-13, EIN 59-6194363, plan #033, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.