Filed July 29, 2020
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| Provider | Service type | Compensation |
|---|---|---|
Filed as: VOYA RETIREMENT INSURANCE AND ANNUI Service code 26 · EIN 71-0294708 P.O. BOX 990067 · HARTFORD, CT 06199 | Advisory (Participants) | $1,459 |
MORNINGSTAR1+ years Service code 26 | Advisory (Participants) | $335 |
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.
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 | $24,963 | $62,324-59.9% | $68,509-63.6% | $55,191-54.8% |
| Participation rate | 24.7% | 78.9%-54.2pp | 74.7%-50.0pp | 69.2%-44.4pp |
| Annual return | 0.48% | 4.26%-3.8pp | 8.27%-7.8pp | 10.78%-10.3pp |
| Employer contribution / active EE | $0 | $2,223-100.0% | $2,278-100.0% | $1,899-100.0% |
| Participant deferral / active EE | $868 | $3,425-74.7% | $3,382-74.3% | $3,046-71.5% |
| Admin fee / account holder | $31 | $91-66.2% | $5,275-99.4% | $91-66.0% |