Filed March 3, 2023
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| Provider | Service type | Compensation |
|---|---|---|
PRINCIPAL LIFE INSURANCE COMPANY4+ years Service code 13 · EIN 42-0127290 | Contract Administrator | $109,337 |
Filed as: MAYER HOFFMAN MCCANN, PC Service code 10 · EIN 43-1947695 | Accounting | $16,500 |
MMA SECURITIES LLC3 years Filed as: MMC SECURITIES CORPORATION Service code 27 · EIN 06-1685865 | Advisory (Plan) | $15,040 |
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
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 | $63,373 | $120,075-47.2% | $90,782-30.2% | $55,725+13.7% |
| Participation rate | 98.7% | 88.0%+10.7pp | 82.7%+16.0pp | 70.9%+27.8pp |
| Annual return | -1.72% | -3.47%+1.7pp | -3.42%+1.7pp | 244.93%-246.7pp |
| Employer contribution / active EE | $4,880 | $4,693+4.0% | $4,105+18.9% | $2,078+134.8% |
| Participant deferral / active EE | $5,336 | $6,826-21.8% | $5,366-0.6% | $3,356+59.0% |
| Admin fee / account holder | $359 | $111+222.6% | $5,908-93.9% | $115+212.1% |