401(k) · DOL Form 5500 · 2024

Magnifi Financial Credit Union 401(k) Plan

Data updated 2026-08-25

$58M
Total assets Below avg plan size
385
Participants Below avg headcount
86th
Percentile by assets National rank
$149,779
Avg per participant Above avg balance/head
PlainRetire home → About this data RSS: change history

Official DOL plan name: Magnifi Financial 401(k) Plan & Trust · Sponsored by Magnifi Financial Credit Union · Minnesota · Finance & Insurance

$58M in assets, 385 participants

Magnifi Financial Credit Union's Magnifi Financial 401(k) Plan & Trust reported $58M in total assets and 385 participants in its 2024 DOL Form 5500 filing, ranking in the 86th percentile by assets among filed plans. Figures are as reported by the plan sponsor to the Department of Labor, not audited or endorsed by PlainRetire.

  • #6,644 in Finance & Insurance (8,549 peers)

Coverage in Minnesota

Magnifi Financial 401(k) Plan & Trust covers 385 participants in Minnesota, about 34% of the average Minnesota filer (state average ~1,126 per filing). Assets: $58M.

#6,644
in Finance & Insurance (8,549 peers)
+19.0%
assets growth YoY
0.6×
vs typical plan assets (national mean)

Magnifi Financial 401(k) Plan & Trust's outsized position by total assets

Magnifi Financial 401(k) Plan & Trust vs every filed plan by assets

End-of-year total assets · plan year 2024 · DOL Form 5500

$57,664,850 Top 14% higher than 86% of 123,620 filed plans

This plan $0 $2,050,000,000 every filed plan with reported assets, bucketed by value

Dashed line + filled bar = this entry, among filed plans.

Source U.S. Department of Labor Form 5500 filings (EBSA) · plan year 2024

Magnifi Financial 401(k) Plan & Trust among mid-size filed plans by headcount

Plan-year 2024 Form 5500 filings with a reported participant count, partitioned by headcount band, not by assets. Magnifi Financial 401(k) Plan & Trust sits mid-pack in the medium band (385 participants).

What changed between DOL Form 5500 filings

plan year 2023 → plan year 2024

  • Magnifi Financial 401(k) Plan & Trust end-of-year assets rose from $48M in the plan year 2023 filing to $58M in the plan year 2024 filing.
  • Magnifi Financial 401(k) Plan & Trust reported net income fell from $10M in the plan year 2023 filing to $9M in the plan year 2024 filing.

See the national 2023→2024 release diff →

Form 5500 schedule snapshot

Filing strip 410705136 · Magnifi Financial Credit Union PY 2024 · 401(k)

Magnifi Financial 401(k) Plan & Trust · $58M · 385 · 86th

  • 5500 $58M
  • 5500 385
  • 5500 86th
  • 5500 401(k)
  • 5500 near Lakeshore Bone & Joint Institute Retirement Plan
  • 5500 ind #6644

Stamps derive from this plan's Form 5500 line items (assets, participants, type, EIN, cohort placement) - not a quality rating of the sponsor. Read with Finance & Insurance retirement plans → · Plans in Minnesota →

Magnifi Financial 401(k) Plan & Trust in the asset neighbourhood

Lakeshore Bone & Joint Institute Retirement PlanLakeshore Bone & Joint Insti…$58MLnw Retirement Plan$58M403(b) Thrift Plan for Employees of Legal Aid Society of Suffolk County, Incorporated403(b) Thrift Plan for Emplo…$58MPharmaron Inc 401(k) Profit Sharing Plan and TrustPharmaron Inc 401(k) Profit …$58MMagnifi Financial 401(k) Plan & TrustMagnifi Financial 401(k) Pla…$58M
End-of-year total assets ($M) among Magnifi Financial 401(k) Plan & Trust and nearest nationwide 401(k) peers. Source: DOL Form 5500 plan year 2024.

Minnesota filing particulars

Total Assets (Beginning of Year)$48M
Net Assets (End of Year)$58M
Net Income$9M
Employer EIN410705136
Plan Effective Date1998-01-01
Filing StatusFILING RECEIVED

Sponsor Plan History (Magnifi Financial Credit Union)

Sponsor-wide plan assets over time

All Magnifi Financial Credit Union plans reported in each filing year

Latest sponsor-wide plan assets
$58M 48.17394188523997% vs 2022
2024 filing year
$30M$40M$50M$60M 202220232024 $38.9M $57.7M ▲ +48.2%
Year Plans Participants Total Assets
2022 1 346 $39M
2023 1 385 $48M
2024 1 385 $58M

Nearby 401(k) Plans in Minnesota

Peer 401(k) plans, same state, same plan type, ranked by total assets.

Magnifi Financial 401(k) Plan & Trust vs. nearby 401(k) plans in Minnesota, assets vs. participants Scatter plot of 6 data points. -1000000100000200000300000400000500000 -20020406080 Total assets ($B) Participants Magnifi Financial 401(k) Plan & Trust, Total assets ($B): 0.05766485 · Participants: 385Magnifi Financial 401(k) Plan & TrustWells Fargo & Company 401(k) Plan, Total assets ($B): 57.886997456 · Participants: 179076Wells Fargo & Company 401(k) PlanUnitedhealth Group 401(k) Savings Plan, Total assets ($B): 26.618762181 · Participants: 205460Unitedhealth Group 401(k) Savings PlanTarget Corporation 401(k) Plan, Total assets ($B): 14.419645154 · Participants: 409649Target Corporation 401(k) PlanMedtronic Savings and Investment Plan, Total assets ($B): 13.719378 · Participants: 38480Medtronic Savings and Investment PlanU.S. Bank 401(k) Savings Plan, Total assets ($B): 11.442089862 · Participants: 73109U.S. Bank 401(k) Savings Plan
Magnifi Financial 401(k) Plan & Trust vs. nearby 401(k) plans in Minnesota, assets vs. participants
Compare Magnifi Financial 401(k) Plan & Trust side-by-side with 3 peers →

Magnifi Financial 401(k) Plan & Trust's out-of-state 401(k) peers by assets and headcount

Outside Minnesota, the nearest 401(k) by assets is Lakeshore Bone & Joint Institute Retirement Plan in IN ($58M); by covered participants it is Harmac Medical Products, Inc. Retirement Savings Plan in NY (385 participants). Same-state nearby plans are listed separately above.

Similar participant headcount

Nearest other-state filings by covered participants (385 participants); asset peers above are excluded.

DOL Form 5500 plan year 2024. Asset totals can differ widely at the same headcount; neither axis is a quality rating.

Frequently Asked Questions

How did Magnifi Financial 401(k) Plan & Trust assets move in 2024? ▼
Magnifi Financial 401(k) Plan & Trust grew sharply - up 19.0% during 2024, from $48M to $58M. Reported net income was $9M.
How have Magnifi Financial Credit Union plan assets changed over time? ▼
Across 3 plan years on file (2022-2024), Magnifi Financial Credit Union's sponsor-wide assets grew 48.2%, from $39M to $58M.
Where does Magnifi Financial 401(k) Plan & Trust rank by assets among Form 5500 filers? ▼
Magnifi Financial 401(k) Plan & Trust ranks in the 86th percentile by end-of-year assets among 123,622 plans that reported assets for plan year 2024 (in the top quartile of all filed plans by assets).
Which 401(k) plans are similar in size to Magnifi Financial 401(k) Plan & Trust? ▼
Among 401(k) plans in other states, the closest by assets is Lakeshore Bone & Joint Institute Retirement Plan in IN ($58M, 228 participants).
Which 401(k) plans cover a similar participant headcount to Magnifi Financial 401(k) Plan & Trust? ▼
Among 401(k) plans in other states, the closest by covered participants is Harmac Medical Products, Inc. Retirement Savings Plan in NY (385 participants, $24M in assets).

Source: U.S. Department of Labor, Employee Benefits Security Administration (EBSA), Form 5500 public disclosure dataset. Plan year 2024.

Source: DOL EFAST2 filing system (efast.dol.gov) - original filing retrieval by EIN 410705136.

Read our methodology - how this data is sourced, computed, and verified.

Data sourced from U.S. Department of Labor Form 5500 filings (EBSA). See our methodology for details.