Filed March 3, 2023
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| Provider | Service type | Compensation |
|---|---|---|
PRINCIPAL LIFE INSURANCE COMPANY6+ years Service code 13 · EIN 42-0127290 | Contract Administrator | $155,648 |
Filed as: CBIZ MHM, LLC -PHOENIX Service code 10 · EIN 34-1884125 | Accounting | $16,000 |
MERCER2 years Filed as: MERCER INVESTMENT MANAGEMENT Service code 28 · EIN 13-2834414 | Investment Management | $15,000 |
MERCER1 year Filed as: MERCER INVESTMENTS, LLC Service code 27 · EIN 06-1685865 | Advisory (Plan) | $4,998 |
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 signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $85,126 | $160,088-46.8% | $112,977-24.7% | $73,412+16.0% |
| Participation rate | 97.5% | 90.7%+6.8pp | 82.6%+14.9pp | 72.2%+25.3pp |
| Annual return | 16.87% | 17.93%-1.1pp | 24.24%-7.4pp | 59.30%-42.4pp |
| Employer contribution / active EE | $5,801 | $5,200+11.6% | $4,255+36.4% | $2,234+159.7% |
| Participant deferral / active EE | $5,756 | $8,024-28.3% | $5,836-1.4% | $3,806+51.3% |
| Admin fee / account holder | $400 | $133+201.1% | $6,294-93.7% | $158+153.1% |