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Original filing (PDF)20250702161541NAL0031937298001
MAGNIFI FINANCIAL CREDIT UNION
Form 5500
FILING_RECEIVED
MAGNIFI FINANCIAL 401(K) PLAN & TRUST
401(k) retirement plan
Signals · 1
No recordkeeper disclosed
Active participants
386
Accounts w/ balance
466
Plan assets (EOY)
$57.7M
Net assets (EOY)
$57.5M
How this plan invests
This plan
24 securities
funds · stocks · CUSIPs
Holdings are itemized directly on this plan's Schedule of Assets, below.
Plan health score (directional)
89
/ 100
Grade A
Top-tier plan health
Directional indicator computed from public Form 5500 data — compliance, concentration, cost, vendor stack and participation. Not a fiduciary tool.
Compliance & disclosures
100
Concentration risk
100
Total plan cost
65
Vendor stack
80
Participation health
100
Knocking points off
- 30 bps in Schedule C fees — 88% above peer band of 16 bps.
- No recordkeeper disclosed on Schedule C.
Decision-maker contacts
CFO / Head of HR / Benefits Manager — verified email + LinkedIn for MAGNIFI FINANCIAL CREDIT UNION.
Plan sponsor
Name
MAGNIFI FINANCIAL CREDIT UNION
EIN
41-0705136
Address
20 4TH AVE. SE · MELROSE, MN · 56352
Phone
(320) 256-3669
Industry
Finance & Insurancesee all
Plan administrator
Same as plan sponsor.
Plan characteristics
Plan number
002
Plan year
2024
Plan year begin
2024-01-01
Tax period
2024-12-31
Filed
2025-07-02
Pension benefit codes
2E · Profit-sharing
2F · ERISA section 404(c)
2G · Total participant-directed accounts
2J · 401(k) feature
2K · 401(m) arrangement
2S · Automatic enrollment
2T · Default investment account (QDIA)
3D · Pre-approved plan (master / prototype / VS)
Audit & trust (Schedule H)
Auditor
CLIFTONLARSONALLEN LLP
Trustee / custodian
—
Trustee phone
—
Service providers (Schedule C)
3 rowsAdvisor / Consultant
1| Name | EIN | Location | Relation | Direct comp | Indirect comp |
|---|---|---|---|---|---|
| CBIZ FINANCIAL SOLUTIONS, INC. | 52-1396995 | — | INVESTMENT ADVISOR | $100K | — |
TPA / Administrator
2| Name | EIN | Location | Relation | Direct comp | Indirect comp |
|---|---|---|---|---|---|
| EMPOWER ANNUITY | — | GREENWOOD VILLAGE, CO | CONTRACT ADMINISTRATOR | $38K | — |
| CBIZ RETIREMENT PLAN SERVICES | 31-1582098 | — | TPA | $35K | — |
Investments
24 direct securities· $56.5M(98% of reported assets)
| PI | Investment | Type | Shares / units | Cost | Current value | % of plan |
|---|---|---|---|---|---|---|
| Vanguard Target Retirement 2045 Inv | — | — | — | $6.7M | 11.7% | |
| Vanguard Target Retirement 2040 Inv | — | — | — | $5.5M | 9.6% | |
| Vanguard Target Retirement 2030 Inv | — | — | — | $5.2M | 9.0% | |
| Vanguard Target Retirement 2050 Inv | — | — | — | $4.9M | 8.6% | |
| Vanguard 500 Index Admiral | — | — | — | $4.5M | 7.8% | |
| Vanguard Target Retirement 2055 Inv | — | — | — | $3.9M | 6.7% | |
| American Funds American Funds Growth Fund of America | — | — | — | $3.8M | 6.6% | |
| Vanguard Target Retirement 2035 Inv | — | — | — | $3.6M | 6.2% | |
| Vanguard Target Retirement 2025 Inv | — | — | — | $3.0M | 5.3% | |
| Empower Fixed Account - Series Class IV | — | — | — | $2.0M | 3.5% | |
| Dimensional Fund Advisors DFA US Small Cap | — | — | — | $1.9M | 3.3% | |
| Vanguard Target Retirement 2060 Inv | — | — | — | $1.8M | 3.1% | |
| Vanguard Total Bond Market Index | — | — | — | $1.5M | 2.6% | |
| Vanguard Windsor II Admiral | — | — | — | $1.5M | 2.6% | |
| Vanguard Developed Markets Index Admiral | — | — | — | $1.3M | 2.2% | |
| Vanguard Selected Value | — | — | — | $950K | 1.6% | |
| American Funds American Funds EuroPacific Growth | — | — | — | $944K | 1.6% | |
| Vanguard Target Retirement Income Inv | — | — | — | $752K | 1.3% | |
| Vanguard Target Retirement 2065 Inv | — | — | — | $652K | 1.1% | |
| JPMorgan Mid Cap Growth Fund | — | — | — | $649K | 1.1% | |
| Vanguard Target Retirement 2020 Inv | — | — | — | $581K | 1.0% | |
| Goldman Sachs Goldman Sachs Bond R6 | — | — | — | $455K | 0.8% | |
| Participants Participant Loans Rates from 4.25% to 9.50% - | — | — | — | $316K | 0.5% | |
| Vanguard Target Retirement 2070 Inv | — | — | — | $9K | <0.1% |