Filed March 9, 2023
Total covered: 20 employees
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| Provider | Service type | Compensation |
|---|---|---|
Filed as: MUTUAL OF AMERICA LIFE INSURANCE CO Service code 12 320 PARK AVENUE · NEW YORK, NY 10022 | Account maintenance fees; Claims proc... | $581 |
Annual investment return is in the bottom quintile of the peer cohort.
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.
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
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 | $12,577 | $53,128-76.3% | $86,582-85.5% | $70,126-82.1% |
| Participation rate | 94.6% | 65.3%+29.3pp | 73.5%+21.0pp | 69.5%+25.0pp |
| Annual return | 10.39% | 27.66%-17.3pp | 965.08%-954.7pp | 73.15%-62.8pp |
| Employer contribution / active EE | $234 | $2,068-88.7% | $2,839-91.8% | $2,343-90.0% |
| Participant deferral / active EE | $2,747 | $2,695+1.9% | $3,609-23.9% | $3,332-17.5% |
| Admin fee / account holder | $5 | $3,584-99.9% | $4,904-99.9% | $4,645-99.9% |