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| Provider | Service type | Compensation |
|---|---|---|
NATIONWIDE3+ years Filed as: NATIONWIDE TRUST COMPANY Service code 15 · EIN 31-1592130 ONE NATIONWIDE PLAZA · COLUMBUS, OH 43215 | Recordkeeping | $10,475 |
SUMMIT FINANCIAL CORPORATION3+ years Service code 13 · EIN 04-3222046 700 DISTRICT AVENUE · BURLINGTON, MA 01803 | Contract Administrator | $9,937 |
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).
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 | $70,578 | $47,448+48.7% | $94,993-25.7% | $62,293+13.3% |
| Participation rate | 31.5% | 66.5%-35.0pp | 73.9%-42.4pp | 69.5%-38.0pp |
| Annual return | 15.13% | 22.64%-7.5pp | 27.14%-12.0pp | 28.90%-13.8pp |
| Employer contribution / active EE | $946 | $1,300-27.3% | $2,603-63.7% | $2,042-53.7% |
| Participant deferral / active EE | $1,885 | $2,375-20.6% | $3,317-43.2% | $3,169-40.5% |
| Admin fee / account holder | $451 | $434+3.8% | $4,960-90.9% | $479-5.9% |