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| Provider | Service type | Compensation |
|---|---|---|
Filed as: BANK OF ANN ARBOR Service code 15 · EIN 38-2436899 125 S. FIFTH AVENUE · ANN ARBOR, MI 48104 | Recordkeeping | $14,121 |
PAYCHEX, INC.1 year Service code 15 · EIN 16-1124166 911 PANORAMA TRAIL S · ROCHESTER, NY 14625 | Recordkeeping | $7,010 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
More than 10% of assets are held in cash - possible menu-design or default-fund problem.
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $59,263 | $51,226+15.7% | $82,706-28.3% | $66,930-11.5% |
| Participation rate | 25.5% | 67.9%-42.4pp | 72.6%-47.1pp | 69.8%-44.3pp |
| Annual return | -17.16% | -9.61%-7.5pp | 701.76%-718.9pp | 1.57%-18.7pp |
| Employer contribution / active EE | $853 | $2,612-67.4% | $3,007-71.6% | $2,545-66.5% |
| Participant deferral / active EE | $2,080 | $3,460-39.9% | $4,394-52.6% | $4,238-50.9% |
| Admin fee / account holder | $370 | $416-11.0% | $5,329-93.1% | $593-37.7% |