Filed August 17, 2021
| Provider | Service type | Compensation |
|---|---|---|
MINNESOTA LIFE INSURANCE COMPANY8+ years Service code 13 · EIN 41-0417830 | Contract Administrator | $10,534 |
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 | $41,250 | $81,948-49.7% | $90,767-54.6% | $64,829-36.4% |
| Participation rate | 62.3% | 80.5%-18.1pp | 75.7%-13.4pp | 71.5%-9.2pp |
| Annual return | -15.28% | -12.53%-2.8pp | -12.16%-3.1pp | 32.85%-48.1pp |
| Employer contribution / active EE | $705 | $3,067-77.0% | $2,922-75.9% | $2,507-71.9% |
| Participant deferral / active EE | $1,639 | $4,844-66.2% | $4,565-64.1% | $4,312-62.0% |
| Admin fee / account holder | $14 | $157-90.8% | $8,445-99.8% | $188-92.3% |