Filed March 3, 2023
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| Provider | Service type | Compensation |
|---|---|---|
PRINCIPAL LIFE INSURANCE COMPANY5+ years Service code 13 · EIN 42-0127290 | Contract Administrator | $140,302 |
MMA SECURITIES LLC4 years Filed as: MMC SECURITIES CORPORATION Service code 27 · EIN 06-1685865 | Advisory (Plan) | $35,000 |
MERCER1 year Filed as: MERCER INVESTMENT MANAGEMENT Service code 28 · EIN 13-2834414 | Investment Management | $20,000 |
Filed as: MAYER HOFFMAN MCCANN, P.C. Service code 10 · EIN 43-1947695 | Accounting | $13,500 |
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 | $76,045 | $174,559-56.4% | $105,387-27.8% | $67,579+12.5% |
| Participation rate | 96.9% | 88.2%+8.7pp | 82.6%+14.3pp | 71.3%+25.6pp |
| Annual return | 21.22% | 23.63%-2.4pp | 26.82%-5.6pp | 378.56%-357.3pp |
| Employer contribution / active EE | $5,023 | $4,874+3.1% | $4,213+19.2% | $2,148+133.9% |
| Participant deferral / active EE | $5,198 | $7,563-31.3% | $5,502-5.5% | $3,539+46.9% |
| Admin fee / account holder | $387 | $270+43.0% | $6,559-94.1% | $142+171.6% |