Filed April 12, 2022
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| Provider | Service type | Compensation |
|---|---|---|
Filed as: MASSMUTUAL RETIREMENT SERVICES LLC Service code 15 · EIN 26-1589907 | Recordkeeping | $22,763 |
BKD, LLP1+ years Filed as: DIXON HUGHES GOODMAN LLP Service code 14 · EIN 56-0747981 | Plan Administrator | $0 |
MORGAN STANLEY SMITH BARNEY1+ years Filed as: MORGAN STANLEY BARNEY, LLC Service code 22 · EIN 13-2655998 | Insurance Broker | $0 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
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.
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
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 | $12,202 | $39,458-69.1% | $60,547-79.8% | $55,191-77.9% |
| Participation rate | 50.4% | 59.6%-9.2pp | 68.0%-17.5pp | 69.2%-18.7pp |
| Annual return | -1.69% | 3.35%-5.0pp | 335.64%-337.3pp | 10.78%-12.5pp |
| Employer contribution / active EE | $347 | $1,210-71.3% | $2,419-85.7% | $1,899-81.7% |
| Participant deferral / active EE | $1,264 | $2,140-41.0% | $3,328-62.0% | $3,046-58.5% |
| Admin fee / account holder | $75 | $95-21.3% | $4,536-98.4% | $91-17.6% |