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| Provider | Service type | Compensation |
|---|---|---|
CHEMICAL BANK2+ years Filed as: CHEMICAL BANK WEALTH MANAGEMENT Service code 12 235 E MAIN STREET · MIDLAND, MI 486412049 | Participant communication; Trustee (d... | $34,061 |
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.)
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
Plan reported corrective distributions (failed ADP/ACP testing).
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 | $64,948 | $57,921+12.1% | $84,753-23.4% | $57,658+12.6% |
| Participation rate | 41.1% | 72.9%-31.8pp | 76.6%-35.5pp | 70.2%-29.1pp |
| Annual return | 7.88% | 10.24%-2.4pp | 22.78%-14.9pp | 5.13%+2.7pp |
| Employer contribution / active EE | $265 | $2,598-89.8% | $3,574-92.6% | $1,974-86.6% |
| Participant deferral / active EE | $2,021 | $2,742-26.3% | $3,712-45.6% | $3,061-34.0% |
| Admin fee / account holder | $312 | $130+140.5% | $5,333-94.2% | $95+229.9% |