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| Provider | Service type | Compensation |
|---|---|---|
MINNESOTA LIFE INSURANCE COMPANY3+ years Service code 13 · EIN 41-0417830 | Contract Administrator | $864 |
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.
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).
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 | $11,898 | $55,453-78.5% | $170,442-93.0% | $62,292-80.9% |
| Participation rate | 24.3% | 66.4%-42.1pp | 83.6%-59.3pp | 69.5%-45.3pp |
| Annual return | 12.89% | 21.38%-8.5pp | 205.93%-193.0pp | 28.90%-16.0pp |
| Employer contribution / active EE | $0 | $2,164-100.0% | $5,433-100.0% | $2,042-100.0% |
| Participant deferral / active EE | $770 | $2,303-66.6% | $4,939-84.4% | $3,169-75.7% |
| Admin fee / account holder | $14 | $455-97.0% | $13,880-99.9% | $479-97.1% |