Chartway Federal Credit Union 401(k) Review & Grade
Chartway Federal Credit Union 401(k) Retirement Savings Plan
Virginia Beach, VAFinance & Insurance575 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,840Employer $ per active participant
$4,053Employee $ saved per active participant
0.31%Direct admin cost, % of plan assets
$44.8MNet plan assets, end of year
$62,794Average balance per account
Score breakdown
- Employer generosity18.1 / 5036th percentile for employer $ per participant
- Low cost9.8 / 2539th percentile for low admin cost vs. same-size plans
- Employee saving2.1 / 1514th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score23 / 100 · Grade F
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 36th |
| Lower admin cost | 39th |
| Employee saving | 14th |
| Peers that auto-enroll | 62% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($85,628 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- Chartway Federal Credit Union put in about $2,840 per active participant, below the typical peer ($3,606). Any match is still an instant return, so contribute enough to get all of it.
- 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 reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $1,632,973 |
| Participant (employee) contributions | $2,330,458 |
| Other contributions (incl. rollovers in) | $726,933 |
| Administrative expenses paid from the plan | $130,070 |
| Investment advisory & management fees | $5,565 |
| Other admin expenses | $57,942 |
| Benefits paid out | $3,467,649 |
| Net assets, start / end of year | $38.3M / $44.8M |
| Active participants, start / end of year | 550 / 600 |
| Participants with account balances | 713 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Doeren Mayhew Assurance |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $66,563 reported compensation |
| Capfinancial Partners, LLC. | $57,942 reported compensation |
| Strategic Advisors, Inc. | $5,565 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250728162440NAL0001837057001, received 2025-07-28, EIN 54-0674620, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.