Filed April 6, 2023
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| Provider | Service type | Compensation |
|---|---|---|
ADP BROKER-DEALER2 years Filed as: ADP, LLC Service code 15 · EIN 13-3036745 | Recordkeeping | $6,305 |
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.
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
Plan reported corrective distributions (failed ADP/ACP testing).
The auditor declined to give an opinion. This is usually a 103(a)(3)(C) limited-scope election.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $14,809 | $60,795-75.6% | $69,455-78.7% | $65,185-77.3% |
| Participation rate | 40.0% | 74.9%-34.9pp | 74.6%-34.6pp | 70.2%-30.2pp |
| Annual return | 29.14% | 17.46%+11.7pp | 28.97%+0.2pp | 29.38%-0.2pp |
| Employer contribution / active EE | $325 | $2,452-86.7% | $2,779-88.3% | $2,177-85.1% |
| Participant deferral / active EE | $1,593 | $3,162-49.6% | $3,535-55.0% | $3,514-54.7% |
| Admin fee / account holder | $79 | $314-74.9% | $3,839-97.9% | $847-90.7% |