Filed November 9, 2022 (most recent of 2 filings on file)
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| Provider | Service type | Compensation |
|---|---|---|
PRINCIPAL LIFE INSURANCE COMPANY5+ years Service code 13 · EIN 42-0127290 | Contract Administrator | $50,047 |
Filed as: ING FINANCIAL PARTNERS INC (IFP) Service code 27 · EIN 41-0945505 | Advisory (Plan) | $10,860 |
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.
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
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 | $8,523 | $54,237-84.3% | $90,281-90.6% | $67,579-87.4% |
| Participation rate | 93.8% | 68.6%+25.2pp | 73.3%+20.5pp | 71.3%+22.5pp |
| Annual return | 20.63% | 37.27%-16.6pp | 78.10%-57.5pp | 378.56%-357.9pp |
| Employer contribution / active EE | $339 | $1,846-81.7% | $2,854-88.1% | $2,148-84.2% |
| Participant deferral / active EE | $1,276 | $2,625-51.4% | $3,885-67.1% | $3,539-63.9% |
| Admin fee / account holder | $85 | $123-30.8% | $5,351-98.4% | $142-40.0% |