Filed January 8, 2024
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| Provider | Service type | Compensation |
|---|---|---|
TRANSAMERICA RETIREMENT SOLUTIONS10+ years Filed as: TRANSAMERICA FINANCIAL LIFE INS. CO Service code 15 · EIN 36-6071399 | Recordkeeping | $81,829 |
Filed as: MERRILL LYNCH LIFE AGNECY Service code 13 · EIN 13-2808480 | Contract Administrator | $44,749 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Employer contribution per participant is in the bottom quintile of the peer cohort.
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $30,741 | $83,023-63.0% | $102,437-70.0% | $77,762-60.5% |
| Participation rate | 51.7% | 71.5%-19.9pp | 74.5%-22.8pp | 70.6%-18.9pp |
| Annual return | 14.21% | 19.12%-4.9pp | 24.95%-10.7pp | 31.27%-17.1pp |
| Employer contribution / active EE | $744 | $3,552-79.1% | $3,871-80.8% | $2,728-72.7% |
| Participant deferral / active EE | $2,952 | $4,110-28.2% | $5,060-41.7% | $4,651-36.5% |
| Admin fee / account holder | $200 | $639-68.7% | $8,388-97.6% | $433-53.8% |