Filed January 18, 2022
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| Provider | Service type | Compensation |
|---|---|---|
NEWPORT GROUP, INC.7 years Filed as: NEWPORT RETIREMENT SERVICES, INC. Service code 15 · EIN 62-1868111 13925 BALLANTYNE CORPORATE PLACE · CHARLOTTE, NC 28277 | Recordkeeping | $34,740 |
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.
Plan reported corrective distributions (failed ADP/ACP testing).
Retirees and beneficiaries make up 25% or more of total participants - indicates an ageing workforce or a frozen plan.
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 | $36,083 | $79,151-54.4% | $60,919-40.8% | $64,824-44.3% |
| Participation rate | 26.0% | 77.7%-51.7pp | 73.1%-47.1pp | 71.5%-45.4pp |
| Annual return | -15.08% | -7.12%-8.0pp | 16.96%-32.0pp | 32.84%-47.9pp |
| Employer contribution / active EE | $0 | $3,052-100.0% | $2,704-100.0% | $2,507-100.0% |
| Participant deferral / active EE | $1,029 | $3,727-72.4% | $3,814-73.0% | $4,311-76.1% |
| Admin fee / account holder | $44 | $106-58.0% | $3,228-98.6% | $188-76.4% |