Filed November 7, 2023 (most recent of 2 filings on file)
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| Provider | Service type | Compensation |
|---|---|---|
SECURITY NATIONAL BANK3+ years Service code 64 · EIN 42-0943319 | Recordkeeping Fees | $30,524 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
Plan reported corrective distributions (failed ADP/ACP testing).
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 | $12,484 | $46,173-73.0% | $170,435-92.7% | $69,631-82.1% |
| Participation rate | 41.3% | 63.9%-22.6pp | 83.6%-42.3pp | 70.7%-29.4pp |
| Annual return | 16.98% | 21.62%-4.6pp | 205.94%-189.0pp | 27571.02%-27554.0pp |
| Employer contribution / active EE | $323 | $1,610-80.0% | $5,432-94.1% | $2,032-84.1% |
| Participant deferral / active EE | $915 | $2,080-56.0% | $4,939-81.5% | $3,224-71.6% |
| Admin fee / account holder | $86 | $116-25.8% | $13,881-99.4% | $110-22.1% |