Filed April 11, 2019
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| Provider | Service type | Compensation |
|---|---|---|
PRINCIPAL LIFE INSURANCE COMPANY5+ years Service code 13 · EIN 42-0127290 | Contract Administrator | $1,729 |
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.
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
Plan reported corrective distributions (failed ADP/ACP testing).
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 | $11,698 | $31,679-63.1% | $74,719-84.3% | $65,185-82.1% |
| Participation rate | 21.8% | 40.4%-18.6pp | 54.5%-32.7pp | 70.2%-48.4pp |
| Annual return | 45.28% | 39.04%+6.2pp | 753.05%-707.8pp | 29.38%+15.9pp |
| Employer contribution / active EE | $126 | $566-77.7% | $1,084-88.3% | $2,177-94.2% |
| Participant deferral / active EE | $493 | $1,191-58.6% | $1,963-74.9% | $3,514-86.0% |
| Admin fee / account holder | $48 | $379-87.4% | $3,334-98.6% | $847-94.4% |