Filed February 20, 2020
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| Provider | Service type | Compensation |
|---|---|---|
Filed as: BERGANKDV WEALTH MANAGEMENT LLC Service code 27 · EIN 20-8172864 | Advisory (Plan) | $11,144 |
HGK3 years Filed as: HGK, LTD Service code 10 · EIN 41-1340072 | Accounting | $10,510 |
WOODBURY FINANCIAL SERVICES3 years Filed as: WOODBURY FINANCIAL SERVICES INC Service code 55 · EIN 41-0944586 | Other Commissions | $9,931 |
Service code 37 · EIN 04-2647786 | Loan Processing | $4,429 |
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).
Plan reported corrective distributions (failed ADP/ACP testing).
Sponsor crossed the 100-balance-holder threshold in the most recent filing - large-plan audit requirement now applies.
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $83,471 | $77,677+7.5% | $109,173-23.5% | $79,391+5.1% |
| Participation rate | 67.2% | 67.8%-0.6pp | 75.9%-8.7pp | 70.7%-3.5pp |
| Annual return | 15.97% | 23.44%-7.5pp | 25.75%-9.8pp | 116.88%-100.9pp |
| Employer contribution / active EE | $1,368 | $2,798-51.1% | $3,723-63.2% | $2,428-43.6% |
| Participant deferral / active EE | $4,985 | $3,517+41.7% | $4,654+7.1% | $4,046+23.2% |
| Admin fee / account holder | $256 | $732-65.1% | $6,755-96.2% | $627-59.2% |