Filed November 10, 2020 (most recent of 2 filings on file)
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| Provider | Service type | Compensation |
|---|---|---|
EASTERN BANK1 year Service code 26 · EIN 04-3255888 | Advisory (Participants) | $8,140 |
Service code 15 · EIN 16-1503696 | Recordkeeping | $5,854 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
Auditor declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $34,762 | $55,453-37.3% | $170,435-79.6% | $62,293-44.2% |
| Participation rate | 22.9% | 66.4%-43.5pp | 83.6%-60.7pp | 69.5%-46.7pp |
| Annual return | 17.71% | 21.38%-3.7pp | 205.94%-188.2pp | 28.90%-11.2pp |
| Employer contribution / active EE | $0 | $2,164-100.0% | $5,432-100.0% | $2,042-100.0% |
| Participant deferral / active EE | $1,285 | $2,303-44.2% | $4,939-74.0% | $3,169-59.4% |
| Admin fee / account holder | $280 | $455-38.5% | $13,881-98.0% | $479-41.6% |