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| Provider | Service type | Compensation |
|---|---|---|
NATIONWIDE4+ years Filed as: NATIONWIDE TRUST COMPANY Service code 15 · EIN 31-1592130 ONE NATIONWIDE PLAZA · COLUMBUS, OH 43215 | Recordkeeping | $12,465 |
SUMMIT FINANCIAL CORPORATION4+ years Service code 13 · EIN 04-3222046 700 DISTRICT AVENUE · BURLINGTON, MA 01803 | Contract Administrator | $10,820 |
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 | $70,968 | $45,825+54.9% | $90,657-21.7% | $56,289+26.1% |
| Participation rate | 25.9% | 66.7%-40.8pp | 74.0%-48.1pp | 69.9%-43.9pp |
| Annual return | 3.13% | 38.64%-35.5pp | 1.89%+1.2pp | -9.96%+13.1pp |
| Employer contribution / active EE | $759 | $1,372-44.7% | $2,532-70.0% | $2,111-64.1% |
| Participant deferral / active EE | $1,611 | $2,562-37.1% | $3,424-53.0% | $3,350-51.9% |
| Admin fee / account holder | $455 | $413+10.2% | $4,994-90.9% | $521-12.7% |