Canvas Credit Union 401(k) Review & Grade
Canvas Credit Union Savings Plan
Lone Tree, COFinance & Insurance698 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$6,789Employer $ per active participant
$5,462Employee $ saved per active participant
0.31%Direct admin cost, % of plan assets
$67.0MNet plan assets, end of year
$79,160Average balance per account
Score breakdown
- Employer generosity41.0 / 5082th percentile for employer $ per participant
- Low cost9.8 / 2539th percentile for low admin cost vs. same-size plans
- Employee saving4.3 / 1529th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score55 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 82th |
| Lower admin cost | 39th |
| Employee saving | 29th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Auditor concern: the independent auditor gave a qualified or adverse opinion.
What to do if you're in this plan
- Canvas Credit Union put in about $6,789 per active participant, more than the typical peer ($3,606). 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.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- 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 | $4,735,430 |
| Participant (employee) contributions | $3,809,640 |
| Other contributions (incl. rollovers in) | $369,652 |
| Administrative expenses paid from the plan | $192,756 |
| Contract administrator fees | $192,756 |
| Benefits paid out | $5,788,467 |
| Net assets, start / end of year | $56.0M / $67.0M |
| Active participants, start / end of year | 712 / 683 |
| Participants with account balances | 846 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Singer Lewak |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $192,756 reported compensation |
| LPL Financial LLC - Rpcp | $104,946 reported compensation |
| Wilshire Advisors LLC | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20260601104055NAL0023775858001, received 2026-06-01, EIN 84-6023137, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.