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| Provider | Service type | Compensation |
|---|---|---|
MACATAWA BANK1 year Service code 15 · EIN 38-3378283 | Recordkeeping | $7,110 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
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 | $37,760 | $60,165-37.2% | $74,184-49.1% | $55,167-31.6% |
| Participation rate | 67.9% | 74.2%-6.3pp | 76.6%-8.8pp | 69.0%-1.1pp |
| Annual return | 7.65% | 10.00%-2.3pp | 17.74%-10.1pp | 169.23%-161.6pp |
| Employer contribution / active EE | $992 | $1,600-38.0% | $2,370-58.1% | $1,963-49.4% |
| Participant deferral / active EE | $1,451 | $2,973-51.2% | $3,550-59.1% | $3,054-52.5% |
| Admin fee / account holder | $85 | $419-79.8% | $5,586-98.5% | $504-83.2% |