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| Provider | Service type | Compensation |
|---|---|---|
1ST SOURCE BANK1 year Service code 15 100 NORTH MICHIGAN STREET · SOUTH BEND, IN 46601 | Recordkeeping | $21,203 |
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.
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).
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 | $44,660 | $49,138-9.1% | $84,023-46.8% | $65,186-31.5% |
| Participation rate | 44.5% | 60.7%-16.2pp | 69.0%-24.5pp | 70.2%-25.7pp |
| Annual return | 16.86% | 23.00%-6.1pp | 71.32%-54.5pp | 29.39%-12.5pp |
| Employer contribution / active EE | $1,536 | $914+68.1% | $1,984-22.6% | $2,177-29.5% |
| Participant deferral / active EE | $1,347 | $2,397-43.8% | $3,239-58.4% | $3,514-61.7% |
| Admin fee / account holder | $303 | $543-44.3% | $6,102-95.0% | $847-64.2% |