Skip to content
Grade My 401(k)
Built by Basic Capital
1 issue

State Employees' Credit Union

56-0475645· Raleigh, NC· Fidelity· 2024 filing· vs 48 plans your size
B
0/100
Overall grade

Solid plan with a few things to improve.

B
Fees
B
Financial Wellness
D
Plan design
B
Compliance
Fees

Your plan pays around 3 bps of assets per year. Similar plans pay around 10 bps. Your plan is cheaper than about 86% of similar plans.

B
cheaper14th percentilepricier
Financial Wellness

Middle-of-the-pack savings. Employees put away $7,123/employee a year. That's about average for plans this size.

B
lower70th percentilehigher
Plan design

The employer contributes through profit sharing rather than a standard match.

D
Employer contributes via profit sharing
No standard match, but the employer puts money in through profit sharing. Often a flat percentage to everyone, which works like a match for employees.
No automatic enrollment
Employees have to opt in themselves. Auto-enrollment is the easiest way to lift participation, and most newly started plans are now required to include it.
Safe harbor
Guaranteed employer contributions exempt the plan from annual IRS testing, so owners and higher earners can contribute the full limit.
Default investment (QDIA)
Employees who never pick investments land in a sensible default, usually a target-date fund, instead of cash.
Brokerage window
Employees can invest beyond the core fund menu through a self-directed brokerage account.
Compliance & health

1 item to review, nothing critical.

B
Fidelity bond below 10% of BOY assets, ERISA 412 violation
The reported ERISA fidelity bond is below the 10%-of-assets guideline based on beginning-of-year assets. Fast-growing plans can look under-bonded on paper; confirm against the plan's current bond coverage.
Compare

How does State Employees' Credit Union stack up against another company?

Search a competitor to see the two report cards side by side.

Prefer to use your EIN?

Recordkeeper
Fidelity

No provider notes available.

Key insights

  • Strongest area: fees. Your plan pays around 3 bps of assets per year. Similar plans pay around 10 bps. Your plan is cheaper than about 86% of similar plans.
  • Best place to improve: plan design. The employer contributes through profit sharing rather than a standard match.
Ask about your plan
Grounded in your Form 5500 data
Live

Try asking:

Shift+Enter for new line · Enter to send