Filed August 17, 2021
| Provider | Service type | Compensation |
|---|---|---|
MINNESOTA LIFE INSURANCE COMPANY7+ years Service code 13 · EIN 41-0417830 | Contract Administrator | $155,011 |
Filed as: HARDING SHYMANSKI & COMPANY Service code 10 · EIN 35-1346211 | Accounting | $30,232 |
PLANTE & MORAN, PLLC1 year Filed as: PLANTE MORAN Service code 10 · EIN 38-3123123 | Accounting | $12,000 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
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.
Plan reported corrective distributions (failed ADP/ACP testing).
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $87,889 | $239,209-63.3% | $106,554-17.5% | $106,520-17.5% |
| Participation rate | 63.2% | 89.6%-26.4pp | 76.1%-12.9pp | 71.3%-8.1pp |
| Annual return | 14.41% | 17.49%-3.1pp | 26.80%-12.4pp | 19.28%-4.9pp |
| Employer contribution / active EE | $1,096 | $6,641-83.5% | $2,819-61.1% | $2,840-61.4% |
| Participant deferral / active EE | $3,011 | $9,673-68.9% | $4,398-31.6% | $4,948-39.2% |
| Admin fee / account holder | $14 | $95-84.7% | $7,408-99.8% | $75-80.5% |