Filed May 11, 2023 (most recent of 2 filings on file)
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| Provider | Service type | Compensation |
|---|---|---|
Filed as: MASSMUTUAL LIFE INSURANCE CO. Service code 15 · EIN 04-1590850 | Recordkeeping | $2,016 |
Filed as: MESIROW FINANCIAL MANAGEMENT Service code 49 | Other Services | $18 |
MORNINGSTAR1+ years Filed as: MORNINGSTAR ASSOCIATES LLC Service code 49 · EIN 36-4317381 | Other Services | $14 |
Service code 27 · EIN 36-3429599 | Advisory (Plan) | $0 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Participant 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).
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 | $14,214 | $39,245-63.8% | $64,105-77.8% | $52,331-72.8% |
| Participation rate | 50.6% | 58.2%-7.6pp | 68.2%-17.5pp | 68.1%-17.5pp |
| Annual return | 1.32% | 14.79%-13.5pp | 791.24%-789.9pp | 4.54%-3.2pp |
| Employer contribution / active EE | $325 | $736-55.9% | $1,820-82.1% | $1,882-82.7% |
| Participant deferral / active EE | $818 | $1,992-58.9% | $2,822-71.0% | $3,022-72.9% |
| Admin fee / account holder | $11 | $592-98.2% | $4,499-99.8% | $592-98.2% |