Filed March 24, 2021
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| Provider | Service type | Compensation |
|---|---|---|
PRINCIPAL LIFE INSURANCE COMPANY1+ years Service code 13 · EIN 42-0127290 | Contract Administrator | $7,290 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Participant 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).
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 | $14,956 | $70,002-78.6% | $115,037-87.0% | $52,331-71.4% |
| Participation rate | 48.7% | 72.1%-23.4pp | 81.4%-32.7pp | 68.1%-19.4pp |
| Annual return | 1.36% | 4.04%-2.7pp | 26.14%-24.8pp | 4.54%-3.2pp |
| Employer contribution / active EE | $902 | $2,715-66.8% | $4,608-80.4% | $1,882-52.1% |
| Participant deferral / active EE | $1,391 | $4,920-71.7% | $6,026-76.9% | $3,022-54.0% |
| Admin fee / account holder | $111 | $566-80.4% | $8,175-98.6% | $592-81.3% |