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 | $68,982 |
Filed as: MERRILL LYNCH LIFE AGNECY Service code 13 · EIN 13-2808480 | Contract Administrator | $39,502 |
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 | $44,893 | $106,236-57.7% | $112,249-60.0% | $64,819-30.7% |
| Participation rate | 40.9% | 71.7%-30.8pp | 75.1%-34.2pp | 71.5%-30.6pp |
| Annual return | -17.55% | -6.02%-11.5pp | 27.48%-45.0pp | 32.84%-50.4pp |
| Employer contribution / active EE | $651 | $3,166-79.4% | $3,636-82.1% | $2,507-74.0% |
| Participant deferral / active EE | $3,718 | $3,785-1.8% | $4,729-21.4% | $4,311-13.8% |
| Admin fee / account holder | $348 | $452-23.0% | $6,412-94.6% | $188+85.1% |