Filed August 23, 2022
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| Provider | Service type | Compensation |
|---|---|---|
Filed as: EMPOWER ANNUITY INSURANCE CO OF AME Service code 64 8515 EAST ORCHARD RD · GREENWOOD VILLAGE, CO 80111 | Recordkeeping Fees | $55,306 |
AIF PLANNING AND CONSULTANTS GROUP6 years Service code 27 16516 BERNARDO CTR DR STE 300 · SAN DIEGO, CA 92128 | Advisory (Plan) | $27,078 |
Service code 13 917 WESTERN AMERICA CIRCLE, STE 500 · MOBILE, AL 36609 | Contract Administrator | $8,250 |
Filed as: EMPOWER ADVISORY GROUP LLC Service code 28 8515 EAST ORCHARD RD · GREENWOOD VILLAGE, CO 80111 | Investment Management | $7,318 |
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.
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
Plan reported corrective distributions (failed ADP/ACP testing).
The auditor signed off without reservation. This is the cleanest opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $20,532 | $106,236-80.7% | $112,228-81.7% | $64,808-68.3% |
| Participation rate | 63.6% | 71.7%-8.0pp | 75.1%-11.4pp | 71.5%-7.8pp |
| Annual return | -15.54% | -6.02%-9.5pp | 27.45%-43.0pp | 32.82%-48.4pp |
| Employer contribution / active EE | $3,859 | $3,166+21.9% | $3,635+6.2% | $2,506+54.0% |
| Participant deferral / active EE | $1,627 | $3,785-57.0% | $4,728-65.6% | $4,310-62.3% |
| Admin fee / account holder | $135 | $452-70.0% | $6,410-97.9% | $188-27.9% |