Filed December 5, 2023
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| Provider | Service type | Compensation |
|---|---|---|
ADP BROKER-DEALER1 year Filed as: ADP, LLC Service code 15 · EIN 13-3036745 | Recordkeeping | $275 |
ADP BROKER-DEALER2+ years Service code 49 · EIN 22-3319984 | Other Services | $0 |
WELLS FARGO BANK, N.A.1 year Filed as: WELLS FARGO ADVISORS Service code 49 500 PLUM ST BRIDGEWATER PLACE · SYRACUSE, NY 13204 | Other Services | $0 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
More than 10% of assets are held in cash - possible menu-design or default-fund problem.
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 | $31,570 | $46,732-32.4% | $156,549-79.8% | $55,167-42.8% |
| Participation rate | 13.6% | 65.8%-52.2pp | 84.0%-70.4pp | 69.0%-55.4pp |
| Annual return | 5.75% | 17.72%-12.0pp | 32.23%-26.5pp | 169.23%-163.5pp |
| Employer contribution / active EE | $0 | $2,105-100.0% | $5,501-100.0% | $1,963-100.0% |
| Participant deferral / active EE | $658 | $2,204-70.1% | $4,871-86.5% | $3,054-78.4% |
| Admin fee / account holder | $8 | $418-98.1% | $13,027-99.9% | $504-98.4% |