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| Provider | Service type | Compensation |
|---|---|---|
MIDLAND STATES BANK1+ years Service code 21 · EIN 37-0259550 | Bank Trustee | $20,256 |
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.)
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
Plan reported corrective distributions (failed ADP/ACP testing).
The auditor declined to give an opinion. This is usually a 103(a)(3)(C) limited-scope election.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $37,623 | $60,165-37.5% | $74,183-49.3% | $55,167-31.8% |
| Participation rate | 51.7% | 74.2%-22.5pp | 76.6%-25.0pp | 69.0%-17.3pp |
| Annual return | 8.57% | 10.00%-1.4pp | 17.74%-9.2pp | 169.23%-160.7pp |
| Employer contribution / active EE | $634 | $1,600-60.3% | $2,370-73.2% | $1,963-67.7% |
| Participant deferral / active EE | $1,862 | $2,973-37.4% | $3,550-47.5% | $3,054-39.0% |
| Admin fee / account holder | $343 | $419-18.3% | $5,586-93.9% | $504-32.0% |