Filed March 8, 2024
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| Provider | Service type | Compensation |
|---|---|---|
ADP BROKER-DEALER2+ years Filed as: ADP, LLC Service code 15 · EIN 13-3036745 | Recordkeeping | $800 |
ADP BROKER-DEALER2+ years Service code 49 · EIN 22-3319984 | Other Services | $0 |
WELLS FARGO BANK, N.A.1 year Filed as: WELLS FARGO ADVISORS Service code 49 655 METRO PLACE SOUTH · DUBLIN, OH 43017 | Other Services | $0 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Annual investment return is in the bottom quintile of the peer cohort.
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
Plan reported corrective distributions (failed ADP/ACP testing).
Sponsor crossed the 100-balance-holder threshold in the most recent filing - large-plan audit requirement now applies.
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 | $25,850 | $23,385+10.5% | $69,182-62.6% | $57,658-55.2% |
| Participation rate | 11.3% | 37.9%-26.6pp | 55.1%-43.8pp | 70.2%-58.9pp |
| Annual return | 3.88% | -659.34%+663.2pp | -21.94%+25.8pp | 5.13%-1.3pp |
| Employer contribution / active EE | $352 | $422-16.6% | $1,205-70.8% | $1,974-82.2% |
| Participant deferral / active EE | $841 | $843-0.3% | $1,896-55.7% | $3,061-72.5% |
| Admin fee / account holder | $7 | $82-91.9% | $2,697-99.8% | $95-93.0% |