Filed March 6, 2024
| 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 | $93,901-42.1% | $133,346-59.2% | $93,901-42.1% |
| Participation rate | 66.9% | 81.9%-15.0pp | 72.8%-5.9pp | 81.9%-15.0pp |
| Annual return | 10.18% | 11.15%-1.0pp | 36.85%-26.7pp | 11.15%-1.0pp |
| Employer contribution / active EE | $684 | $4,205-83.7% | $2,853-76.0% | $4,205-83.7% |
| Participant deferral / active EE | $2,002 | $4,155-51.8% | $4,332-53.8% | $4,155-51.8% |
| Admin fee / account holder | $60 | $66-9.6% | $14,264-99.6% | $66-9.6% |