401k Plan data: SPECTRA CREDIT UNION 401(K) SAVINGS PLAN plan

SPECTRA CREDIT UNION 401(K) SAVINGS PLAN 401k Plan overview

Plan Name	SPECTRA CREDIT UNION 401(K) SAVINGS PLAN
Plan identification number	003

SPECTRA CREDIT UNION 401(K) SAVINGS PLAN Benefits

401k Plan Type

Defined Contribution Pension

Plan Features/Benefits

Age/Service Weighted or new comparability or similar plan - Age/Service Weighted Plan: Allocations are based on age, service, or age and service. New comparability or similar plan: Allocations are based on participant classifications and a classification(s) consists entirely or predominantly of highly compensated employees; or the plan provides an additional allocation rate on compensation above a specified threshold, and the theshold or additional rate exceeds the maximum threshold or rate allowed under the permitted disparity rules of section 401(l).
Profit-sharing
ERISA section 404(c) Plan - This plan, or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1.
Total participant-directed account plan - Participants have the opportunity to direct the investment of all the assets allocated to their individual accounts, regardless of whether 29 CFR 2550.404c-1 is intended to be met.
Code section 401(k) feature - A cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan that provides for an election by employees to defer part of their compensation or receive these amounts in cash.
Plan provides for automatic enrollment in plan that has employee contributions deducted from payroll.
Total or partial participant-directed account plan - plan uses default investment account for participants who fail to direct assets in their account.
Master plan - A pension plan that is made available by a sponsor for adoption by employers; that is the subject of a favorable opinion letter; and for which a single funding medium (for example, a trust or custodial account) is established for the joint use of all adopting employers.

401k Sponsoring company profile

SPECTRA CREDIT UNION has sponsored the creation of one or more 401k plans.

Company Name: SPECTRA CREDIT UNION

Employer identification number (EIN): 530208722

NAIC Classification: 522130
NAIC Description: Credit Unions

Form 5500 Filing Information

Submission information for form 5500 for 401k plan SPECTRA CREDIT UNION 401(K) SAVINGS PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator Signed Name of Company Sponsor Date Sponsor Signed
003 2023-01-01 JENNIFER YOUNG 2024-10-09
003 2022-01-01 JENNIFER YOUNG 2023-09-25
003 2021-01-01

Plan id#	Filing Submission Date	Name of Administrator	Date Administrator Signed
003	2023-01-01	JENNIFER YOUNG	2024-10-09
003	2022-01-01	JENNIFER YOUNG	2023-09-25
003	2021-01-01

Plan Statistics for SPECTRA CREDIT UNION 401(K) SAVINGS PLAN

401k plan membership statisitcs for SPECTRA CREDIT UNION 401(K) SAVINGS PLAN

Measure Date Value
2023: SPECTRA CREDIT UNION 401(K) SAVINGS PLAN 2023 401k membership
Total participants, beginning-of-year 2023-01-01 144
Total number of active participants reported on line 7a of the Form 5500 2023-01-01 98
Number of retired or separated participants receiving benefits 2023-01-01 0
Number of other retired or separated participants entitled to future benefits 2023-01-01 49
Total of all active and inactive participants 2023-01-01 147
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits 2023-01-01 0
Total participants 2023-01-01 147
Number of participants with account balances 2023-01-01 146
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested 2023-01-01 0
2022: SPECTRA CREDIT UNION 401(K) SAVINGS PLAN 2022 401k membership
Total participants, beginning-of-year 2022-01-01 132
Total number of active participants reported on line 7a of the Form 5500 2022-01-01 103
Number of retired or separated participants receiving benefits 2022-01-01 40
Number of other retired or separated participants entitled to future benefits 2022-01-01 0
Total of all active and inactive participants 2022-01-01 143
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits 2022-01-01 0
Total participants 2022-01-01 143
Number of participants with account balances 2022-01-01 137
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested 2022-01-01 0

Measure	Date	Value
2023: SPECTRA CREDIT UNION 401(K) SAVINGS PLAN 2023 401k membership
Total participants, beginning-of-year	2023-01-01	144
Total number of active participants reported on line 7a of the Form 5500	2023-01-01	98
Number of retired or separated participants receiving benefits	2023-01-01	0
Number of other retired or separated participants entitled to future benefits	2023-01-01	49
Total of all active and inactive participants	2023-01-01	147
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits	2023-01-01	0
Total participants	2023-01-01	147
Number of participants with account balances	2023-01-01	146
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested	2023-01-01	0
2022: SPECTRA CREDIT UNION 401(K) SAVINGS PLAN 2022 401k membership
Total participants, beginning-of-year	2022-01-01	132
Total number of active participants reported on line 7a of the Form 5500	2022-01-01	103
Number of retired or separated participants receiving benefits	2022-01-01	40
Number of other retired or separated participants entitled to future benefits	2022-01-01	0
Total of all active and inactive participants	2022-01-01	143
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits	2022-01-01	0
Total participants	2022-01-01	143
Number of participants with account balances	2022-01-01	137
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested	2022-01-01	0

Financial Data on SPECTRA CREDIT UNION 401(K) SAVINGS PLAN

Measure	Date	Value
2023 : SPECTRA CREDIT UNION 401(K) SAVINGS PLAN 2023 401k financial data
Total unrealized appreciation/depreciation of assets	2023-12-31	$0
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)	2023-12-31	$0
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)	2023-12-31	$74,694
Total income from all sources (including contributions)	2023-12-31	$3,920,052
Total loss/gain on sale of assets	2023-12-31	$0
Total of all expenses incurred	2023-12-31	$3,617,384
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others	2023-12-31	$3,566,957
Total contributions o plan (from employers,participants, others, non cash contrinutions)	2023-12-31	$1,827,778
Value of total assets at end of year	2023-12-31	$15,597,213
Value of total assets at beginning of year	2023-12-31	$15,369,239
Total of administrative expenses incurred including professional, contract, advisory and management fees	2023-12-31	$50,427
Total interest from all sources	2023-12-31	$13,568
Total dividends received (eg from common stock, registered investment company shares)	2023-12-31	$498,151
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year	2023-12-31	No
Total dividends received from registered investment company shares (eg mutual funds)	2023-12-31	$498,151
Was this plan covered by a fidelity bond	2023-12-31	Yes
Value of fidelity bond cover	2023-12-31	$6,000,000
If this is an individual account plan, was there a blackout period	2023-12-31	No
Were there any nonexempt tranactions with any party-in-interest	2023-12-31	No
Contributions received from participants	2023-12-31	$604,920
Participant contributions at end of year	2023-12-31	$228,356
Participant contributions at beginning of year	2023-12-31	$210,666
Income. Received or receivable in cash from other sources (including rollovers)	2023-12-31	$825,566
Other liabilities (not benefit claims, operating payabales oe acquisition indebtedness) at end of year	2023-12-31	$0
Other liabilities (not benefit claims, operating payabales oe acquisition indebtedness) at beginning of year	2023-12-31	$74,694
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser	2023-12-31	No
Value of net income/loss	2023-12-31	$302,668
Value of net assets at end of year (total assets less liabilities)	2023-12-31	$15,597,213
Value of net assets at beginning of year (total assets less liabilities)	2023-12-31	$15,294,545
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)	2023-12-31	No
Were any loans by the plan or fixed income obligations due to the plan in default	2023-12-31	No
Were any leases to which the plan was party in default or uncollectible	2023-12-31	No
Value of interest in registered invesment companies (eg mutual funds) at end of year	2023-12-31	$13,984,707
Value of interest in registered invesment companies (eg mutual funds) at beginning of year	2023-12-31	$13,128,125
Interest on participant loans	2023-12-31	$13,568
Value of funds held in insurance company general accounts (unallocated contracts) at end of year	2023-12-31	$1,366,579
Value of funds held in insurance company general accounts (unallocated contracts) at beginning of year	2023-12-31	$2,003,198
Net investment gain/loss from registered investment companies (e.g. mutual funds)	2023-12-31	$1,580,555
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets	2023-12-31	No
Was there a failure to transmit to the plan any participant contributions	2023-12-31	Yes
Has the plan failed to provide any benefit when due under the plan	2023-12-31	No
Contributions received in cash from employer	2023-12-31	$397,292
Employer contributions (assets) at end of year	2023-12-31	$17,571
Employer contributions (assets) at beginning of year	2023-12-31	$27,250
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers	2023-12-31	$3,566,957
Contract administrator fees	2023-12-31	$50,427
Did the plan have assets held for investment	2023-12-31	Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser	2023-12-31	No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC	2023-12-31	No
Opinion of an independent qualified public accountant for this plan	2023-12-31	Unqualified
Accountancy firm name	2023-12-31	DOEREN MAYHEW ASSURANCE
Accountancy firm EIN	2023-12-31	382492570
2022 : SPECTRA CREDIT UNION 401(K) SAVINGS PLAN 2022 401k financial data
Total unrealized appreciation/depreciation of assets	2022-12-31	$0
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)	2022-12-31	$74,694
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)	2022-12-31	$0
Total income from all sources (including contributions)	2022-12-31	$-1,158,962
Total loss/gain on sale of assets	2022-12-31	$0
Total of all expenses incurred	2022-12-31	$1,586,851
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others	2022-12-31	$1,532,521
Total contributions o plan (from employers,participants, others, non cash contrinutions)	2022-12-31	$1,333,571
Value of total assets at end of year	2022-12-31	$15,369,239
Value of total assets at beginning of year	2022-12-31	$18,040,358
Total of administrative expenses incurred including professional, contract, advisory and management fees	2022-12-31	$54,330
Total interest from all sources	2022-12-31	$10,272
Total dividends received (eg from common stock, registered investment company shares)	2022-12-31	$693,423
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year	2022-12-31	No
Total dividends received from registered investment company shares (eg mutual funds)	2022-12-31	$693,423
Was this plan covered by a fidelity bond	2022-12-31	Yes
Value of fidelity bond cover	2022-12-31	$5,000,000
If this is an individual account plan, was there a blackout period	2022-12-31	No
Were there any nonexempt tranactions with any party-in-interest	2022-12-31	No
Contributions received from participants	2022-12-31	$554,685
Participant contributions at end of year	2022-12-31	$210,666
Participant contributions at beginning of year	2022-12-31	$268,892
Income. Received or receivable in cash from other sources (including rollovers)	2022-12-31	$390,360
Other liabilities (not benefit claims, operating payabales oe acquisition indebtedness) at end of year	2022-12-31	$74,694
Other liabilities (not benefit claims, operating payabales oe acquisition indebtedness) at beginning of year	2022-12-31	$0
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser	2022-12-31	No
Value of net income/loss	2022-12-31	$-2,745,813
Value of net assets at end of year (total assets less liabilities)	2022-12-31	$15,294,545
Value of net assets at beginning of year (total assets less liabilities)	2022-12-31	$18,040,358
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)	2022-12-31	No
Were any loans by the plan or fixed income obligations due to the plan in default	2022-12-31	No
Were any leases to which the plan was party in default or uncollectible	2022-12-31	No
Value of interest in registered invesment companies (eg mutual funds) at end of year	2022-12-31	$13,128,125
Value of interest in registered invesment companies (eg mutual funds) at beginning of year	2022-12-31	$17,771,466
Interest on participant loans	2022-12-31	$10,272
Value of funds held in insurance company general accounts (unallocated contracts) at end of year	2022-12-31	$2,003,198
Value of funds held in insurance company general accounts (unallocated contracts) at beginning of year	2022-12-31	$0
Net investment gain/loss from registered investment companies (e.g. mutual funds)	2022-12-31	$-3,196,228
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets	2022-12-31	No
Was there a failure to transmit to the plan any participant contributions	2022-12-31	Yes
Has the plan failed to provide any benefit when due under the plan	2022-12-31	No
Contributions received in cash from employer	2022-12-31	$388,526
Employer contributions (assets) at end of year	2022-12-31	$27,250
Employer contributions (assets) at beginning of year	2022-12-31	$0
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers	2022-12-31	$1,532,521
Contract administrator fees	2022-12-31	$54,330
Did the plan have assets held for investment	2022-12-31	Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser	2022-12-31	No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC	2022-12-31	No
Opinion of an independent qualified public accountant for this plan	2022-12-31	Unqualified
Accountancy firm name	2022-12-31	DOEREN MAYHEW
Accountancy firm EIN	2022-12-31	382492570

Form 5500 Responses for SPECTRA CREDIT UNION 401(K) SAVINGS PLAN

2023: SPECTRA CREDIT UNION 401(K) SAVINGS PLAN 2023 form 5500 responses
2023-01-01	Type of plan entity	Single employer plan
2023-01-01	Submission has been amended	No
2023-01-01	This submission is the final filing	No
2023-01-01	This return/report is a short plan year return/report (less than 12 months)	No
2023-01-01	Plan is a collectively bargained plan	No
2023-01-01	Plan funding arrangement – Insurance	Yes
2023-01-01	Plan funding arrangement – Trust	Yes
2023-01-01	Plan benefit arrangement – Insurance	Yes
2023-01-01	Plan benefit arrangement - Trust	Yes
2022: SPECTRA CREDIT UNION 401(K) SAVINGS PLAN 2022 form 5500 responses
2022-01-01	Type of plan entity	Single employer plan
2022-01-01	Submission has been amended	No
2022-01-01	This submission is the final filing	No
2022-01-01	This return/report is a short plan year return/report (less than 12 months)	No
2022-01-01	Plan is a collectively bargained plan	No
2022-01-01	Plan funding arrangement – Insurance	Yes
2022-01-01	Plan funding arrangement – Trust	Yes
2022-01-01	Plan benefit arrangement – Insurance	Yes
2022-01-01	Plan benefit arrangement - Trust	Yes

Insurance Providers Used on plan

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY (National Association of Insurance Commissioners NAIC id number: 65935 )

Policy contract number

780514-01

Policy instance

Insurance contract or identification number	780514-01
Number of Individuals Covered	20
Insurance policy start date	2023-01-01
Insurance policy end date	2023-12-31
Are there contracts with allocated funds for individual policies?	0
Are there contracts with allocated funds for group deferred annuity?	No
Are there contracts with allocated funds for types other than group deferred annuity or individual?	No
Contract purchased, in whole or in part, to distribute benefits from a terminating plan	No
Contracts With Unallocated Funds Deposit Administration	0
Are there contracts with unallocated funds for contracts of type immediate participation guarantee?	No
Are there contracts with unallocated funds for contracts of type guaranteed investment?	No
Are there contracts with unallocated funds for contract types other than deposit administration, immediate participation guarantee or guaranteed investment?	Yes
Health Insurance Welfare Benefit	No
Dental Insurance Welfare Benefit	No
Vision Insurance Welfare Benefit	No
Life Insurance Welfare Benefit	No
Temporary Disability Insurance Welfare Benefit	No
Long Term Disability Insurance Welfare Benefit	No
Unemployment Insurance Welfare Benefit	No
Were dividends or retroactive rate refunds paid in cash?	No
Were dividends or retroactive rate refunds paid as a credit?	No
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?	No

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY (National Association of Insurance Commissioners NAIC id number: 65935 )

Policy contract number

MR 60387-1

Policy instance

Insurance contract or identification number	MR 60387-1
Number of Individuals Covered	137
Insurance policy start date	2022-01-01
Insurance policy end date	2022-10-28
Are there contracts with allocated funds for individual policies?	0
Are there contracts with allocated funds for group deferred annuity?	No
Are there contracts with allocated funds for types other than group deferred annuity or individual?	No
Contract purchased, in whole or in part, to distribute benefits from a terminating plan	No
Contracts With Unallocated Funds Deposit Administration	0
Are there contracts with unallocated funds for contracts of type immediate participation guarantee?	No
Are there contracts with unallocated funds for contracts of type guaranteed investment?	No
Are there contracts with unallocated funds for contract types other than deposit administration, immediate participation guarantee or guaranteed investment?	Yes
Health Insurance Welfare Benefit	No
Dental Insurance Welfare Benefit	No
Vision Insurance Welfare Benefit	No
Life Insurance Welfare Benefit	No
Temporary Disability Insurance Welfare Benefit	No
Long Term Disability Insurance Welfare Benefit	No
Unemployment Insurance Welfare Benefit	No
Were dividends or retroactive rate refunds paid in cash?	No
Were dividends or retroactive rate refunds paid as a credit?	No
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?	No

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY (National Association of Insurance Commissioners NAIC id number: 65935 )

Policy contract number

780514-01

Policy instance

Insurance contract or identification number	780514-01
Number of Individuals Covered	21
Insurance policy start date	2022-10-29
Insurance policy end date	2022-12-31
Are there contracts with allocated funds for individual policies?	0
Are there contracts with allocated funds for group deferred annuity?	No
Are there contracts with allocated funds for types other than group deferred annuity or individual?	No
Contract purchased, in whole or in part, to distribute benefits from a terminating plan	No
Contracts With Unallocated Funds Deposit Administration	0
Are there contracts with unallocated funds for contracts of type immediate participation guarantee?	No
Are there contracts with unallocated funds for contracts of type guaranteed investment?	No
Are there contracts with unallocated funds for contract types other than deposit administration, immediate participation guarantee or guaranteed investment?	Yes
Health Insurance Welfare Benefit	No
Dental Insurance Welfare Benefit	No
Vision Insurance Welfare Benefit	No
Life Insurance Welfare Benefit	No
Temporary Disability Insurance Welfare Benefit	No
Long Term Disability Insurance Welfare Benefit	No
Unemployment Insurance Welfare Benefit	No
Were dividends or retroactive rate refunds paid in cash?	No
Were dividends or retroactive rate refunds paid as a credit?	No
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?	No

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Company Name:	SPECTRA CREDIT UNION
Employer identification number (EIN):	530208722
NAIC Classification:	522130
NAIC Description:	Credit Unions