Filed March 6, 2024
| Provider | Service type | Compensation |
|---|---|---|
PRINCIPAL LIFE INSURANCE COMPANY9+ years Service code 13 · EIN 42-0127290 | Contract Administrator | $3,106,488 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
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 | $51,599 | $57,150-9.7% | $93,727-44.9% | $106,553-51.6% |
| Participation rate | 66.9% | 49.1%+17.8pp | 68.7%-1.8pp | 69.8%-3.0pp |
| Annual return | 23.44% | 15.81%+7.6pp | 133.83%-110.4pp | 17.37%+6.1pp |
| Employer contribution / active EE | $654 | $1,015-35.5% | $2,421-73.0% | $3,359-80.5% |
| Participant deferral / active EE | $1,896 | $1,853+2.3% | $4,417-57.1% | $5,562-65.9% |
| Admin fee / account holder | $55 | $64-15.1% | $8,292-99.3% | $80-31.5% |