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| Provider | Service type | Compensation |
|---|---|---|
Filed as: MACATAWA BANK - RETIREMENT PLAN SER Service code 15 · EIN 38-3378283 | Recordkeeping | $10,345 |
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.
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
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 | $20,163 | $59,191-65.9% | $76,767-73.7% | $56,289-64.2% |
| Participation rate | 47.5% | 75.2%-27.7pp | 77.0%-29.5pp | 69.9%-22.4pp |
| Annual return | 4.68% | 6.62%-1.9pp | 2.43%+2.3pp | -9.96%+14.6pp |
| Employer contribution / active EE | $0 | $1,759-100.0% | $2,485-100.0% | $2,111-100.0% |
| Participant deferral / active EE | $1,117 | $3,255-65.7% | $3,852-71.0% | $3,350-66.7% |
| Admin fee / account holder | $115 | $489-76.5% | $6,675-98.3% | $521-77.9% |