Filed December 18, 2018 (most recent of 3 filings on file)
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| Provider | Service type | Compensation |
|---|---|---|
PRINCIPAL LIFE INSURANCE COMPANY6+ years Service code 13 · EIN 42-0127290 | Contract Administrator | $14,686 |
Filed as: MERRILL LYNCH Service code 17 · EIN 13-5674085 | Pension Consulting | $13,251 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
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).
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 | $97,433 | $53,774+81.2% | $134,162-27.4% | $79,852+22.0% |
| Participation rate | 30.2% | 58.8%-28.6pp | 72.2%-42.0pp | 69.6%-39.4pp |
| Annual return | 17.57% | 19.01%-1.4pp | 36.35%-18.8pp | 31.72%-14.1pp |
| Employer contribution / active EE | $298 | $1,322-77.5% | $3,705-92.0% | $2,471-88.0% |
| Participant deferral / active EE | $1,863 | $2,420-23.0% | $3,500-46.8% | $3,740-50.2% |
| Admin fee / account holder | $682 | $3,985-82.9% | $6,685-89.8% | $5,306-87.2% |