Illinois › Educational services › 1,000 to 4,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Illinois Independent Colleges and Universities Multiple Employer Plan
Sponsored by Governing Committee of the Illinois Independent Colleges and Universi, Springfield, IL
Form 5500 information is as filed by the plan administrator with the Department of Labor and may be amended. Figures reflect the plan year shown, not current balances. Form 5500 contains no individual account balances. Look up the original filing at EFAST2.
In the plan year ending 31 Dec 2024, Illinois Independent Colleges and Universities Multiple Employer Plan covered 4,015 participants and held $504M in net assets. The plan is a 403(b) plan sponsored by Governing Committee of the Illinois Independent Colleges and Universi of Springfield, Illinois. It is a multiple-employer plan covering the employees of more than one employer.
Net assets came to $125,412 per participant, well above the $50,295 median for defined contribution plans with 1,000 to 4,999 participants and well above the $73,018 median for defined contribution plans in educational services. The figure is an average across everyone in the plan, including former employees with small balances; Form 5500 holds no individual account data.
The employer contributed $5.0M during the year, or $3,214 per active participant against a same-size median of $2,045; participants contributed $6.1M and $2.7M arrived as rollovers and other contributions. Benefits paid out totalled $41.8M.
Schedule C lists 7 service provider organisations paid $5,000 or more, with reported compensation of $902K: $225 per participant, well above the same-size median of $82.08. Administrative expenses charged to the plan were $903K. Schedule C does not capture every cost: fees netted from fund returns and fees the employer pays directly are outside it.
Across the filings on record, net assets went from $204M in 2022 to $504M in 2024 (up 146%), and participants from 2,101 to 4,015 (up 91%).
The independent accountant's opinion on the financial statements was disclaimer, from an audit whose scope was limited under ERISA section 103(a)(3)(C) to exclude investment information certified by a bank or insurer.
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DC plans |
|---|---|---|---|---|
| Net assets per participant | $125,412 | $50,295 | $73,018 | $53,102 |
| Employer contributions per active participant | $3,214 | $2,045 | $2,838 | $2,175 |
| Schedule C compensation per participant | $225 | $82.08 | $95.66 | $123 |
| Schedule C compensation, share of net assets | 0.18% | 0.17% | 0.13% | 0.26% |
| Administrative expenses per participant | $225 | $82.20 | $89.26 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 1,000 to 4,999 participants (10,207 plans), educational services (2,753) and all US plans (63,460). Fee medians cover plans that report an amount.
Trend by plan year
| Plan year | Participants | Net assets | Per participant | Employer contributions | Participant contributions | Schedule C compensation |
|---|---|---|---|---|---|---|
| 2024 | 4,015 | $504M | $125,412 | $5.0M | $6.1M | $902K |
| 2023 | 3,934 | $460M | $117,003 | $4.4M | $5.2M | $633K |
| 2022 | 2,101 | $204M | $97,334 | $184K | $261K | $7,000 |
Years in which the plan filed the full Form 5500 with 100 or more participants, from 2009. Plan year is the year in which the plan year began.
Statement for the year
- Net assets, beginning of year$460,291,409
- Employer contributions$5,035,796
- Participant contributions$6,146,540
- Rollovers and other contributions$2,696,173
- Total contributions$13,878,509
- Total income, including investment results$69,364,215
- Benefits paid$41,774,404
- Administrative expenses$902,847
- Total expenses$42,740,280
- Net income$26,623,935
- Net transfers$16,614,471
- Net assets, end of year$503,529,815
Participants
- Active participants1,567
- Retired or separated, receiving benefits0
- Retired or separated, entitled to future benefits2,429
- Participants with account balances3,991
- Total participants, end of year4,015
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Millennium Advisory Services, Inc. | Investment advisory (participants) | $399,641 | $0 |
| Planpilot, LLC | Contract Administrator | $195,053 | $0 |
| Tiaa-Teachers Insurance and Annuity | Contract Administrator | $152,123 | $0 |
| Pentegra Services, Inc. | Plan Administrator | $83,429 | $0 |
| Sikich LLP | Accounting (including auditing) | $46,000 | $0 |
| PRM Consulting | Contract Administrator | $14,062 | $0 |
| Riggs Cnslmn Michaels & Downes Inc. | Contract Administrator | $11,358 | $0 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. Individuals named on Schedule C (plan employees, individual trustees) are never shown and their compensation is excluded. Eligible indirect compensation disclosed by formula carries no dollar amount. See how to read Schedule C fees.
Administrative expenses on Schedule H
- Contract administrator fees$485,116
- Recordkeeping fees$417,731
- Total administrative expenses$902,847
Investment structure
Assets at year end by Schedule H category. The form shows the kind of vehicle holding the money, not the funds on the menu.
- Registered investment companies (mutual funds)$352M · 69.8%
- Insurance company general account$141M · 28.0%
- Pooled separate accounts$10.1M · 2.0%
- Participant loans$462K · 0.1%
- Receivables$156K · 0.0%
Audit and compliance answers, as filed
- Accountant's opinionDisclaimer
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmSikich CPA LLC
- Participant contributions reported as transmitted lateYes, $302,529
- Covered by a fidelity bondYes, $500,000
- Blackout period during the yearNo
These are the plan administrator's own answers on Schedule H, Part IV. A reported late transmittal is the filer's disclosure of a timing lapse, usually corrected through the Department of Labor's voluntary program; the amount is the total involved, not a loss.
Plan characteristics
2FERISA section 404(c) plan2GTotal participant-directed account plan2LCode section 403(b)(1) arrangement (annuity contracts)
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 611000: Educational Services (including schools, colleges, & universities).
Similar plans in Illinois
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Covista Inc. 401(k) Plan for Visiting Professors | Covista Inc. | 5,450 | $29.4M | $5,389 |
| Midwestern University Retirement Plan | Midwestern University | 2,828 | $508M | $179,521 |
| Perdoceo Education Corporation 401(k) Plan | Perdoceo Education Corporation | 5,703 | $263M | $46,144 |
| Illinois Institute of Technology Tax Deferred Annuity Plan | Illinois Institute of Technology | 2,612 | $598M | $228,961 |
| Depaul University 403(b) Retirement Plan | Depaul University | 7,236 | $1.49B | $206,440 |
| Columbia College Chicago Employees' Retirement Plan | Columbia College Chicago | 2,568 | $233M | $90,720 |
Defined contribution plans in educational services closest in size.
Questions and answers
How big is Illinois Independent Colleges and Universities Multiple Employer Plan?
4,015 participants at the end of the plan year ending 31 Dec 2024, of whom 1,567 were active employees, with net assets of $503,529,815. Among defined contribution plans that places it in the 1,000 to 4,999 participants band, which held 10,207 plans in plan year 2024.
What does Governing Committee of the Illinois Independent Colleges and Universi contribute per participant?
The filing reports $5,035,796 in employer contributions for the year, which is $3,214 per active participant; the median for plans of the same type and size was $2,045 in plan year 2024. Form 5500 reports the total only. It does not state the match formula, and the per-participant figure is an average, not any one person's contribution.
What fees does the plan pay and how do they compare?
Schedule C reports $901,666 in compensation to service provider organisations, $225 per participant or 0.18% of net assets. The same-size median among plans reporting any Schedule C compensation was $82.08 per participant. Administrative expenses on Schedule H were $902,847. Investment costs deducted inside mutual funds and other pooled vehicles are not itemised on Form 5500, so these figures are a floor rather than a full cost.
Who runs the plan?
The sponsor is Governing Committee of the Illinois Independent Colleges and Universi. Recordkeeping or administration: Planpilot, LLC, Tiaa-Teachers Insurance and Annuity and Pentegra Services, Inc.. Investment advisory or management: Millennium Advisory Services, Inc.. The financial statements were audited by Sikich CPA LLC. Form 5500 also names the plan administrator's signer and other individuals; this site publishes organisations only.
Was the audit opinion unqualified?
The filing reports an disclaimer opinion from a limited-scope audit, in which the accountant did not audit investment information certified by a bank or insurance company. A disclaimer of opinion was the usual result of a limited-scope audit under the rules in force before 2021 and is not by itself a finding about the plan.
How current is this, and does it show my balance?
This is the Form 5500 for the plan year 1 Jan 2024 to 31 Dec 2024, received by the Department of Labor on 14 Oct 2025. Filings are due seven months after the plan year ends, or nine and a half with an extension, so the public record always runs a year or more behind. It contains plan-level totals only: no individual balances, contributions or names of participants exist in the data.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files (Form 5500, Schedule H, Schedule C) for plan years 2009 to 2025, public domain, with filings received through 24 Aug 2026. This page shows the latest filing on record for EIN 20-0174619, plan 333, received 14 Oct 2025; an amended filing replaces it at the next build. Medians and percentiles are computed by this site; see the methodology. Report an error through corrections.