State Employees' Credit Union 401(k) Review & Grade
State Employees' Credit Union Retirement Savings Plan
Raleigh, NCFinance & Insurance7,894 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$7,121Employer $ per active participant
$7,159Employee $ saved per active participant
0.03%Direct admin cost, % of plan assets
$1.6BNet plan assets, end of year
$155,629Average balance per account
Score breakdown
- Employer generosity38.1 / 5076th percentile for employer $ per participant
- Low cost22.0 / 2588th percentile for low admin cost vs. same-size plans
- Employee saving5.1 / 1534th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score68 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 2,500–9,999 active participants (199 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 76th |
| Lower admin cost | 88th |
| Employee saving | 34th |
| Peers that auto-enroll | 66% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- State Employees' Credit Union put in about $7,121 per active participant, more than the typical peer ($4,489). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- 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.
- 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 | $56,217,328 |
| Participant (employee) contributions | $56,519,342 |
| Other contributions (incl. rollovers in) | $4,153,098 |
| Administrative expenses paid from the plan | $487,819 |
| Investment advisory & management fees | $52,580 |
| Benefits paid out | $78,081,985 |
| Net assets, start / end of year | $1.3B / $1.6B |
| Active participants, start / end of year | 7,854 / 7,935 |
| Participants with account balances | 10,077 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Cliftonlarsonallenllp |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $436,857 reported compensation |
| Capfinancial Partners, LLC | $52,580 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013072221NAL0000897105001, received 2025-10-13, EIN 56-0475645, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.