Filed June 11, 2021
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| Provider | Service type | Compensation |
|---|---|---|
PRINCIPAL LIFE INSURANCE COMPANY1+ years Service code 13 · EIN 42-0127290 | Contract Administrator | $25,222 |
Filed as: ING FINANCIAL PARTNERS INC (IFP) Service code 27 · EIN 41-0945505 | Advisory (Plan) | $12,887 |
QUALIFIED PLANS, LLC1+ years Filed as: QUALIFIED PLAN CONSULTANTS LLC Service code 13 · EIN 20-0223513 | Contract Administrator | $5,492 |
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.)
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 | $71,256 | $53,412+33.4% | $68,509+4.0% | $52,331+36.2% |
| Participation rate | 60.5% | 71.7%-11.2pp | 74.7%-14.3pp | 68.1%-7.6pp |
| Annual return | -0.44% | 3.42%-3.9pp | 8.27%-8.7pp | 4.54%-5.0pp |
| Employer contribution / active EE | $532 | $1,607-66.9% | $2,278-76.6% | $1,882-71.7% |
| Participant deferral / active EE | $2,556 | $2,688-4.9% | $3,382-24.4% | $3,022-15.4% |
| Admin fee / account holder | $330 | $461-28.4% | $5,275-93.7% | $592-44.2% |