Filed November 10, 2020 (most recent of 2 filings on file)
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| Provider | Service type | Compensation |
|---|---|---|
EASTERN BANK2 years Service code 26 · EIN 04-3255888 | Advisory (Participants) | $9,668 |
Service code 15 · EIN 16-1503696 | Recordkeeping | $6,459 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
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 | $39,897 | $47,977-16.8% | $154,108-74.1% | $56,289-29.1% |
| Participation rate | 25.5% | 66.2%-40.7pp | 83.0%-57.5pp | 69.9%-44.3pp |
| Annual return | 14.06% | 3.54%+10.5pp | 735.21%-721.1pp | -9.96%+24.0pp |
| Employer contribution / active EE | $0 | $2,169-100.0% | $5,298-100.0% | $2,111-100.0% |
| Participant deferral / active EE | $1,261 | $2,392-47.3% | $5,081-75.2% | $3,350-62.4% |
| Admin fee / account holder | $310 | $438-29.2% | $13,411-97.7% | $521-40.5% |