Filed June 8, 2021
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| Provider | Service type | Compensation |
|---|---|---|
PRINCIPAL LIFE INSURANCE COMPANY6+ years Service code 13 · EIN 42-0127290 | Contract Administrator | $143,349 |
Filed as: MORGAN STANLEY GLOBAL Service code 27 · EIN 20-8764829 | Advisory (Plan) | $73,590 |
EISNERAMPER LLP1 year Service code 10 · EIN 13-1639826 | Accounting | $14,515 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Employer 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 declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $45,979 | $108,759-57.7% | $149,715-69.3% | $93,223-50.7% |
| Participation rate | 14.4% | 70.7%-56.3pp | 82.5%-68.0pp | 74.9%-60.5pp |
| Annual return | 16.40% | 19.53%-3.1pp | 276.66%-260.3pp | 19.29%-2.9pp |
| Employer contribution / active EE | $0 | $2,777-100.0% | $4,645-100.0% | $2,680-100.0% |
| Participant deferral / active EE | $1,859 | $6,149-69.8% | $6,842-72.8% | $4,563-59.3% |
| Admin fee / account holder | $140 | $81+72.9% | $9,310-98.5% | $79+76.3% |