Filed August 17, 2021
| Provider | Service type | Compensation |
|---|---|---|
MINNESOTA LIFE INSURANCE COMPANY1+ years Service code 13 · EIN 41-0417830 | Contract Administrator | $11,440 |
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.
Plan reported corrective distributions (failed ADP/ACP testing).
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 | $53,812 | $158,120-66.0% | $68,509-21.5% | $69,651-22.7% |
| Participation rate | 76.6% | 88.0%-11.4pp | 74.7%+1.9pp | 66.6%+10.1pp |
| Annual return | 4.38% | 3.41%+1.0pp | 8.27%-3.9pp | 53.77%-49.4pp |
| Employer contribution / active EE | $1,068 | $5,427-80.3% | $2,278-53.1% | $2,241-52.3% |
| Participant deferral / active EE | $2,403 | $7,897-69.6% | $3,382-28.9% | $3,635-33.9% |
| Admin fee / account holder | $1 | $74-98.2% | $5,275-100.0% | $63-97.9% |