Filed July 13, 2022
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| Provider | Service type | Compensation |
|---|---|---|
NOVA 401(K) ASSOCIATES1+ years Filed as: NOVA 401K ASSOCIATES Service code 17 · EIN 20-1181458 | Pension Consulting | $3,162 |
Filed as: VOYA LIFE INSURANCE AND ANNUITY Service code 26 · EIN 71-0294708 | Advisory (Participants) | $1,581 |
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.
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 | $19,001 | $75,388-74.8% | $123,552-84.6% | $55,725-65.9% |
| Participation rate | 51.7% | 75.7%-24.0pp | 82.3%-30.6pp | 70.9%-19.2pp |
| Annual return | 0.00% | 4.48%-4.5pp | 119.20%-119.2pp | 244.93%-244.9pp |
| Employer contribution / active EE | $214 | $3,063-93.0% | $4,628-95.4% | $2,078-89.7% |
| Participant deferral / active EE | $1,461 | $5,651-74.1% | $6,426-77.3% | $3,356-56.5% |
| Admin fee / account holder | $83 | $120-30.8% | $9,285-99.1% | $115-28.0% |