COVE FEDERAL CREDIT UNION

577 DUDLEY PIKE
EDGEWOOD, KY 41017

Talking Points

Market Competitiveness

We measure relative change (when a business chooses a different WC provider), and market share distribution over a rolling 24 months as compared to it's industry and state level activity to determine how competitive carriers are for your class of business.

  • 10% of peers have changed carriers since last year.
  • Current Carrier's market share is in the 99th percentile at 28.8% of the market.
Good

Business Stats

Policy History

Term Carrier
2022

2021

2020

Contacts

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Benefits Admin
(432) 862-6676
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Benefits Admin
(388) 563-3677
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Benefits Admin
(227) 188-3017
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Benefits Admin
(725) 583-1415
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Industry Classification

Retirement Benefits

Financials

20212020201920182017201620152014
BOY Assets: $ 776,011 $ 936,912 $ 4,058 $ 48,870 $ 746,834 $ 844,042 $ 627,517
Liabilities: $ 0 $ 3 $ 9 $ 0
EE Contrib: $ 66,032 $ 22,578 $ 38,345 $ 206,778 $ 53,936 $ 81,854 $ 65,190 $ 479,822
Emp Contrib: $ 45,665 $ 63,904 $ 53,702 $ 9,651 $ 78,729 $ 57,017 $ 8,635
Income/Loss: $ 114,297 $ 89,112 $ 52,122 $ 678,488($ 70,575) $ 33,803 $ 7,646 $ 5,701
Total Income: $ 225,994 $ 919,297 $ 367,634 $ 338,808($ 549,017) $ 31,423 $ 72,124 $ 993,323
Paid Benefits: $ 101,019 $ 28,135 $ 50,321 $ 41,626 $ 5,010 $ 543
Expenses: $ 8,946 $ 2,198 $ 8,340 $ 6 $ 5
  Commission: $ 0 $ 2,541 $ 937 $ 472 $ 937 $ 342
Net Income: $ 116,029 $ 12,190 $ 648,933 $ 192,801($ 354,106) $ 13,426 $ 80,890 $ 446,965
Net Assets: $ 892,040 $ 809,428 $ 165,937 $ 998,346 $ 34,034 $ 81,900 $ 130,467 $ 203,773

Participants

20212020201920182017201620152014
Total Participants:2041739668300342
Active Part.:1726508818733334
Retired Part.:2a72b4f 727d2
Deceased Part.:46d94c946f0b4d67

Insurance

No Insurance Coverage

Providers

No Providers

Features

    2E - Profit-sharing

    2F - ERISA section 404(c) Plan - This plan, or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1.

    2G - Total participant-directed account plan - Participants have the opportunity to direct the investment of all the assets allocated to their individual accounts, regardless of whether 29 CFR 2550.404c-1 is intended to be met.

    2J - Code section 401(k) feature - A cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan that provides for an election by employees to defer part of their compensation or receive these amounts in cash.

    2K - Stock bonusCode section 401(m) arrangement - Employee contributions are allocated to separate accounts under the plan or employer contributions are based, in whole or in part, on employee deferrals or contributions to the plan. Not applicable if plan is 401(k) plan with only QNECs and/or QMACs. Also not applicable if Code section 403(b)(1), 403(b)(7) or 408 arrangements/accounts/annuities.

    2T - Total or partial participant-directed account plan - plan uses default investment account for participants who fail to direct assets in their account.

    3D - Pre-approved pension plan - A master, prototype, or volume submitter plan that is the subject of a favorable opinion or advisory letter from the IRS.