Filed December 5, 2023
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| Provider | Service type | Compensation |
|---|---|---|
ADP BROKER-DEALER4 years Filed as: ADP, LLC Service code 15 · EIN 13-3036745 | Recordkeeping | $470 |
ADP BROKER-DEALER5+ years Service code 49 · EIN 22-3319984 | Other Services | $0 |
WELLS FARGO BANK, N.A.4 years 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.
Participant contribution per participant is in the bottom quintile of the peer cohort.
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).
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 | $21,101 | $62,928-66.5% | $172,739-87.8% | $67,579-68.8% |
| Participation rate | 19.6% | 64.5%-44.8pp | 82.6%-63.0pp | 71.3%-51.6pp |
| Annual return | 22.19% | 30.36%-8.2pp | 802.84%-780.7pp | 378.56%-356.4pp |
| Employer contribution / active EE | $0 | $1,636-100.0% | $5,143-100.0% | $2,148-100.0% |
| Participant deferral / active EE | $552 | $2,145-74.2% | $5,198-89.4% | $3,539-84.4% |
| Admin fee / account holder | $5 | $167-96.8% | $13,954-100.0% | $142-96.2% |