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 | $85,975 |
Filed as: MERRILL LYNCH LIFE AGNECY Service code 10 · EIN 13-2808480 | Accounting | $48,667 |
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.
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $53,304 | $78,275-31.9% | $109,163-51.2% | $86,813-38.6% |
| Participation rate | 50.0% | 73.8%-23.8pp | 75.9%-25.9pp | 72.3%-22.3pp |
| Annual return | 13.02% | 19.14%-6.1pp | 25.75%-12.7pp | 97.93%-84.9pp |
| Employer contribution / active EE | $58 | $3,105-98.1% | $3,723-98.5% | $2,406-97.6% |
| Participant deferral / active EE | $6,302 | $3,641+73.1% | $4,654+35.4% | $4,131+52.5% |
| Admin fee / account holder | $381 | $198+92.2% | $6,754-94.4% | $170+124.9% |