2023 Form 5500 filing — Magnifi Financial 401(K) Plan & Trust
Plain-English filing summary
According to public Form 5500 filings published through the U.S. Department of Labor (DOL) Employee Benefits Security Administration (EBSA) via the EFAST2 system, this is the 2023 Form 5500 filing (EFAST2 acknowledgement 20240604163821NAL0034339760001) for Magnifi Financial 401(K) Plan & Trust, reported by Magnifi Financial Credit Union under EIN 41-0705136 and plan number 002. It reports 453 participants. Attached schedules in the loaded dataset include Schedule H (large plan financials), Schedule C (service provider compensation).
- EFAST2 acknowledgement
- 20240604163821NAL0034339760001
- Filing year
- 2023
- Form type
- 2
- Plan sponsor
- Magnifi Financial Credit Union
- EIN
- 41-0705136
- Plan number
- 002
- Location
- Melrose, MN
- Participants
- 453
- Schedules available
- Schedule H, Schedule C
- Received date
- not reported in the loaded dataset
Reported financial snapshot (2023)
- Total assets (EOY)
- $48,474,286
- Total liabilities (EOY)
- $0
- Net assets (EOY)
- $48,474,286
- Employer contributions
- $2,376,840
- Participant contributions
- $2,568,466
- Total income / additions
- $13,243,643
- Benefits paid
- $3,531,403
- Administrative expenses
- $154,952
- Total expenses
- $3,686,355
- Net increase / (decrease)
- $9,557,288
- Schedule source
- Schedule H
Reported service provider compensation (Schedule C)
| Provider | Service | Direct comp. | Indirect comp. |
|---|---|---|---|
| Cbiz Financial Solutions, Inc. | INVESTMENT ADVISOR | $92,406 | not reported in the loaded dataset |
| Empower Annuity | CONTRACT ADMINISTRATOR | $32,680 | $0 |
| Cbiz Retirement Plan Services | TPA | $28,751 | not reported in the loaded dataset |