Filed June 8, 2021
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| Provider | Service type | Compensation |
|---|---|---|
PRINCIPAL LIFE INSURANCE COMPANY10+ years Service code 13 · EIN 42-0127290 | Contract Administrator | $258,910 |
MORGAN STANLEY SMITH BARNEY6 years Filed as: MORGAN STANLEY GLOBAL BA Service code 27 · EIN 20-8764829 | Advisory (Plan) | $149,357 |
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.
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
Plan reported corrective distributions (failed ADP/ACP testing).
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $61,848 | $119,626-48.3% | $147,096-58.0% | $99,269-37.7% |
| Participation rate | 17.3% | 73.4%-56.2pp | 82.2%-64.9pp | 71.7%-54.4pp |
| Annual return | 14.41% | 28.81%-14.4pp | 419.75%-405.3pp | 17.66%-3.2pp |
| Employer contribution / active EE | $0 | $4,152-100.0% | $4,936-100.0% | $3,265-100.0% |
| Participant deferral / active EE | $2,322 | $7,997-71.0% | $8,071-71.2% | $5,344-56.5% |
| Admin fee / account holder | $185 | $150+23.3% | $13,005-98.6% | $109+69.1% |