Filed December 18, 2018 (most recent of 3 filings on file)
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| Provider | Service type | Compensation |
|---|---|---|
PRINCIPAL LIFE INSURANCE COMPANY5+ years Service code 13 · EIN 42-0127290 | Contract Administrator | $12,127 |
Filed as: MERRILL LYNCH Service code 17 · EIN 13-5674085 | Pension Consulting | $7,991 |
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.
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
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).
The auditor declined to give an opinion. This is usually a 103(a)(3)(C) limited-scope election.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $79,836 | $46,722+70.9% | $130,648-38.9% | $65,185+22.5% |
| Participation rate | 28.7% | 60.9%-32.2pp | 71.7%-43.0pp | 70.2%-41.5pp |
| Annual return | 23.77% | 24.17%-0.4pp | 1708.96%-1685.2pp | 29.38%-5.6pp |
| Employer contribution / active EE | $259 | $1,488-82.6% | $4,092-93.7% | $2,177-88.1% |
| Participant deferral / active EE | $1,507 | $2,545-40.8% | $3,603-58.2% | $3,514-57.1% |
| Admin fee / account holder | $491 | $453+8.4% | $5,464-91.0% | $847-42.1% |