Filed December 14, 2023
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| Provider | Service type | Compensation |
|---|---|---|
MINNESOTA LIFE INSURANCE COMPANY2+ years Service code 13 · EIN 41-0417830 | Contract Administrator | $1,002 |
Service code 64 38 FOUNTAIN SQUARE PLAZA · CINCINNATI, OH 45263 | Recordkeeping Fees | $397 |
Employer 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.
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
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 | $9,784 | $36,916-73.5% | $156,551-93.8% | $57,658-83.0% |
| Participation rate | 80.4% | 63.4%+16.9pp | 84.0%-3.7pp | 70.2%+10.1pp |
| Annual return | 7.16% | 12.38%-5.2pp | 32.23%-25.1pp | 5.13%+2.0pp |
| Employer contribution / active EE | $0 | $1,571-100.0% | $5,501-100.0% | $1,974-100.0% |
| Participant deferral / active EE | $1,339 | $1,926-30.4% | $4,871-72.5% | $3,061-56.2% |
| Admin fee / account holder | $5 | $82-94.5% | $13,028-100.0% | $95-95.2% |