Filed July 15, 2022
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| Provider | Service type | Compensation |
|---|---|---|
Filed as: MERRILL LYNCH, PIERCE, FENNER AND S Service code 15 · EIN 13-5674085 | Recordkeeping | $131,246 |
REGIONS BANK4 years Filed as: REGIONS Service code 70 · EIN 63-0589368 | Consulting Fees | $41,250 |
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
More than 10% of assets are held in cash - possible menu-design or default-fund problem.
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 | $145,836 | $88,122+65.5% | $141,197+3.3% | $67,582+115.8% |
| Participation rate | 77.4% | 76.5%+0.9pp | 82.5%-5.1pp | 71.3%+6.1pp |
| Annual return | 21.05% | 75.40%-54.3pp | 71.41%-50.4pp | 378.57%-357.5pp |
| Employer contribution / active EE | $2,087 | $3,224-35.3% | $4,736-55.9% | $2,148-2.8% |
| Participant deferral / active EE | $7,793 | $5,958+30.8% | $6,710+16.1% | $3,539+120.2% |
| Admin fee / account holder | $436 | $131+232.8% | $10,265-95.8% | $142+206.1% |