Filed March 6, 2024
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| Provider | Service type | Compensation |
|---|---|---|
PRINCIPAL LIFE INSURANCE COMPANY10+ years Service code 13 · EIN 42-0127290 | Contract Administrator | $3,418,998 |
Filed as: SOWELL FINANCIAL INC Service code 27 · EIN 02-0691794 | Advisory (Plan) | $5,349 |
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.
Plan reported corrective distributions (failed ADP/ACP testing).
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $54,407 | $102,766-47.1% | $108,753-50.0% | $102,766-47.1% |
| Participation rate | 66.9% | 81.3%-14.4pp | 71.1%-4.2pp | 81.3%-14.4pp |
| Annual return | 10.18% | 11.51%-1.3pp | 37.47%-27.3pp | 11.51%-1.3pp |
| Employer contribution / active EE | $684 | $4,175-83.6% | $2,427-71.8% | $4,175-83.6% |
| Participant deferral / active EE | $2,002 | $4,807-58.4% | $4,115-51.3% | $4,807-58.4% |
| Admin fee / account holder | $60 | $68-11.5% | $10,320-99.4% | $68-11.5% |