Filed December 29, 2021
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| Provider | Service type | Compensation |
|---|---|---|
JOHN HANCOCK LIFE INSURANCE COMPANY10+ years Service code 15 · EIN 01-0233346 P.O. BOX 600 · BUFFALO, NY 14201 | Recordkeeping | $930 |
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.)
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $36,853 | $81,358-54.7% | $155,556-76.3% | $80,959-54.5% |
| Participation rate | 64.2% | 66.3%-2.1pp | 78.2%-14.0pp | 67.7%-3.5pp |
| Annual return | 12.08% | 33.39%-21.3pp | 64.84%-52.8pp | 35.67%-23.6pp |
| Employer contribution / active EE | $860 | $3,106-72.3% | $4,675-81.6% | $2,757-68.8% |
| Participant deferral / active EE | $3,444 | $3,455-0.3% | $5,631-38.8% | $4,300-19.9% |
| Admin fee / account holder | $408 | $7,994-94.9% | $15,885-97.4% | $6,925-94.1% |