Filed March 19, 2024 (most recent of 3 filings on file)
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| Provider | Service type | Compensation |
|---|---|---|
Filed as: EMPOWER LIFE & ANNUITY INSURANCE Service code 64 COMPAY OF NY · GREENWOOD VILLAGE, CO 80111 | Recordkeeping Fees | $77,723 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Employer contribution per participant is in the bottom quintile of the peer cohort.
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
Plan reported corrective distributions (failed ADP/ACP testing).
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $43,472 | $53,204-18.3% | $155,556-72.1% | $200,096-78.3% |
| Participation rate | 44.4% | 64.1%-19.7pp | 78.2%-33.8pp | 72.0%-27.6pp |
| Annual return | 16.14% | 41.02%-24.9pp | 64.84%-48.7pp | 34.26%-18.1pp |
| Employer contribution / active EE | $0 | $1,850-100.0% | $4,675-100.0% | $3,038-100.0% |
| Participant deferral / active EE | $2,213 | $3,163-30.0% | $5,631-60.7% | $5,090-56.5% |
| Admin fee / account holder | $77 | $186-58.3% | $15,885-99.5% | $269-71.2% |