Filed February 12, 2024 (most recent of 2 filings on file)
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| Provider | Service type | Compensation |
|---|---|---|
PAYCHEX, INC.3 years Service code 15 · EIN 16-1124166 911 PANORAMA TRAIL S · ROCHESTER, NY 14625 | Recordkeeping | $15,468 |
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).
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $7,463 | $37,418-80.1% | $77,096-90.3% | $77,906-90.4% |
| Participation rate | 9.7% | 46.9%-37.2pp | 67.9%-58.2pp | 73.7%-64.0pp |
| Annual return | -9.73% | -7.13%-2.6pp | 42.35%-52.1pp | 12.16%-21.9pp |
| Employer contribution / active EE | $158 | $1,200-86.9% | $2,814-94.4% | $2,846-94.5% |
| Participant deferral / active EE | $431 | $2,572-83.3% | $4,429-90.3% | $4,805-91.0% |
| Admin fee / account holder | $63 | $126-49.9% | $5,428-98.8% | $133-52.4% |