Filed November 13, 2020
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| Provider | Service type | Compensation |
|---|---|---|
Service code 27 · EIN 82-3706323 | Advisory (Plan) | $23,185 |
NOVA 401(K) ASSOCIATES1 year Service code 13 | Contract Administrator | $8,729 |
NOVA 401(K) ASSOCIATES1 year Filed as: NOVA 401(K) ASSOCIATES LP Service code 13 · EIN 20-1181458 | Contract Administrator | $2,157 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
The auditor signed off without reservation. This is the cleanest opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $27,130 | $91,407-70.3% | $135,903-80.0% | $71,457-62.0% |
| Participation rate | 68.9% | 75.7%-6.8pp | 81.9%-13.0pp | 67.9%+0.9pp |
| Annual return | 17.61% | 29.90%-12.3pp | 68.23%-50.6pp | 28.85%-11.2pp |
| Employer contribution / active EE | $0 | $3,703-100.0% | $4,856-100.0% | $2,588-100.0% |
| Participant deferral / active EE | $7,605 | $7,092+7.2% | $7,758-2.0% | $4,289+77.3% |
| Admin fee / account holder | $254 | $1,266-79.9% | $10,762-97.6% | $1,587-84.0% |