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 | $618 |
MORNINGSTAR1 year Filed as: MORNINGSTAR ASSOCIATES, LLC Service code 49 · EIN 36-4317381 | Other Services | $21 |
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 | $11,295 | $51,466-78.1% | $78,778-85.7% | $62,293-81.9% |
| Participation rate | 56.8% | 59.8%-3.0pp | 69.2%-12.4pp | 69.5%-12.7pp |
| Annual return | 13.73% | 19.96%-6.2pp | 35.62%-21.9pp | 28.90%-15.2pp |
| Employer contribution / active EE | $301 | $827-63.6% | $1,986-84.8% | $2,042-85.3% |
| Participant deferral / active EE | $727 | $2,147-66.2% | $2,958-75.4% | $3,169-77.1% |
| Admin fee / account holder | $3 | $489-99.5% | $5,134-99.9% | $479-99.5% |