Filed August 10, 2017
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| Provider | Service type | Compensation |
|---|---|---|
Filed as: BENEFIT PLANS ADMIN SERVICES Service code 15 · EIN 16-1503696 | Recordkeeping | $37,493 |
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).
Plan reported corrective distributions (failed ADP/ACP testing).
The auditor declined to give an opinion. This is usually a 103(a)(3)(C) limited-scope election.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $38,636 | $38,925-0.7% | $73,843-47.7% | $55,191-30.0% |
| Participation rate | 27.9% | 66.0%-38.2pp | 73.4%-45.6pp | 69.2%-41.3pp |
| Annual return | -0.45% | 6.31%-6.8pp | 2267.84%-2268.3pp | 10.78%-11.2pp |
| Employer contribution / active EE | $636 | $1,695-62.5% | $2,787-77.2% | $1,899-66.5% |
| Participant deferral / active EE | $850 | $2,351-63.9% | $3,583-76.3% | $3,046-72.1% |
| Admin fee / account holder | $379 | $83+357.1% | $4,880-92.2% | $91+317.2% |