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) | $1,460 |
MORNINGSTAR2+ years Service code 26 | Advisory (Participants) | $464 |
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.
Annual investment return 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).
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 | $24,658 | $74,024-66.7% | $78,002-68.4% | $57,658-57.2% |
| Participation rate | 27.7% | 79.7%-52.0pp | 75.5%-47.8pp | 70.2%-42.5pp |
| Annual return | 5.91% | 12.14%-6.2pp | 425.99%-420.1pp | 5.13%+0.8pp |
| Employer contribution / active EE | $0 | $2,365-100.0% | $2,470-100.0% | $1,974-100.0% |
| Participant deferral / active EE | $865 | $3,533-75.5% | $3,497-75.3% | $3,061-71.7% |
| Admin fee / account holder | $30 | $93-67.7% | $5,481-99.5% | $95-68.2% |