Filed January 22, 2024
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| Provider | Service type | Compensation |
|---|---|---|
CMFG LIFE INSURANCE COMPANY1+ years Service code 15 · EIN 39-0230590 | Recordkeeping | $20,067 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Employer 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.
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $13,274 | $41,281-67.8% | $109,313-87.9% | $57,658-77.0% |
| Participation rate | 45.9% | 59.3%-13.5pp | 71.3%-25.4pp | 70.2%-24.4pp |
| Annual return | 0.00% | 8.97%-9.0pp | 22.07%-22.1pp | 5.13%-5.1pp |
| Employer contribution / active EE | $147 | $1,201-87.7% | $3,892-96.2% | $1,974-92.5% |
| Participant deferral / active EE | $904 | $2,223-59.3% | $3,166-71.5% | $3,061-70.5% |
| Admin fee / account holder | $85 | $75+12.3% | $5,666-98.5% | $95-10.6% |