Filed February 12, 2024 (most recent of 2 filings on file)
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| Provider | Service type | Compensation |
|---|---|---|
PAYCHEX, INC.1 year Service code 15 · EIN 16-1124166 911 PANORAMA TRAIL S · ROCHESTER, NY 14625 | Recordkeeping | $5,021 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
More than 10% of assets are held in cash - possible menu-design or default-fund problem.
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).
Plan reported corrective distributions (failed ADP/ACP testing).
Sponsor crossed the 100-balance-holder threshold in the most recent filing - large-plan audit requirement now applies.
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $8,709 | $46,219-81.2% | $89,414-90.3% | $90,274-90.4% |
| Participation rate | 6.9% | 44.9%-38.0pp | 68.0%-61.1pp | 73.4%-66.5pp |
| Annual return | 74.79% | 25.71%+49.1pp | 245.50%-170.7pp | 53.97%+20.8pp |
| Employer contribution / active EE | $78 | $953-91.8% | $2,586-97.0% | $2,523-96.9% |
| Participant deferral / active EE | $323 | $2,136-84.9% | $3,890-91.7% | $4,231-92.4% |
| Admin fee / account holder | $59 | $147-59.7% | $4,883-98.8% | $114-48.1% |