Filed October 7, 2021
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| Provider | Service type | Compensation |
|---|---|---|
Filed as: TRANSAMERICA LIFE INSURANCE COMPANY Service code 15 · EIN 39-0989781 | Recordkeeping | $28,562 |
COHN REZNICK LLP1+ years Filed as: COHN REZNICK, LLP Service code 10 · EIN 22-1478099 | Accounting | $13,000 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
Annual investment return is in the bottom quintile of the peer cohort.
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 | $83,850 | $50,464+66.2% | $75,784+10.6% | $52,331+60.2% |
| Participation rate | 45.9% | 66.8%-20.9pp | 75.8%-29.9pp | 68.1%-22.2pp |
| Annual return | -2.45% | 1.03%-3.5pp | 9.68%-12.1pp | 4.54%-7.0pp |
| Employer contribution / active EE | $1,240 | $1,988-37.6% | $3,323-62.7% | $1,882-34.1% |
| Participant deferral / active EE | $3,219 | $2,570+25.2% | $3,652-11.8% | $3,022+6.5% |
| Admin fee / account holder | $341 | $1,103-69.1% | $5,300-93.6% | $592-42.4% |