Filed January 8, 2024
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| Provider | Service type | Compensation |
|---|---|---|
Filed as: TRANSAMERICA FINANCIAL LIFE INS. CO Service code 15 · EIN 36-6071399 | Recordkeeping | $3,270 |
Filed as: VOYA RETIREMENT INSURANCE AND ANNUI Service code 26 · EIN 71-0294708 | Advisory (Participants) | $2,187 |
MORNINGSTAR1+ years Service code 26 · EIN 36-3297908 | Advisory (Participants) | $2,183 |
Filed as: MERRILL LYNCH LIFE AGENCY, INC. Service code 22 · EIN 13-2808480 | Insurance Broker | $0 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Annual investment return is in the bottom quintile of the peer cohort.
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
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 | $14,790 | $50,498-70.7% | $75,784-80.5% | $55,191-73.2% |
| Participation rate | 61.8% | 69.4%-7.6pp | 75.8%-14.0pp | 69.2%-7.4pp |
| Annual return | -3.92% | 1.80%-5.7pp | 9.68%-13.6pp | 10.78%-14.7pp |
| Employer contribution / active EE | $3,205 | $2,291+39.9% | $3,323-3.6% | $1,899+68.8% |
| Participant deferral / active EE | $5,768 | $2,589+122.8% | $3,652+58.0% | $3,046+89.3% |
| Admin fee / account holder | $49 | $123-60.4% | $5,300-99.1% | $91-46.3% |