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| Provider | Service type | Compensation |
|---|---|---|
MINNESOTA LIFE INSURANCE COMPANY3+ years Service code 13 · EIN 41-0417830 | Contract Administrator | $5,967 |
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.
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 | $19,839 | $47,977-58.6% | $154,108-87.1% | $56,289-64.8% |
| Participation rate | 37.7% | 66.2%-28.5pp | 83.0%-45.4pp | 69.9%-32.2pp |
| Annual return | 9.33% | 3.54%+5.8pp | 735.21%-725.9pp | -9.96%+19.3pp |
| Employer contribution / active EE | $0 | $2,169-100.0% | $5,298-100.0% | $2,111-100.0% |
| Participant deferral / active EE | $404 | $2,392-83.1% | $5,081-92.1% | $3,350-87.9% |
| Admin fee / account holder | $77 | $438-82.5% | $13,411-99.4% | $521-85.3% |