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| Provider | Service type | Compensation |
|---|---|---|
MINNESOTA LIFE INSURANCE COMPANY2+ years Filed as: MINNESOTA LIE INSURANCE COMPANY Service code 13 · EIN 41-0417830 | Contract Administrator | $9,254 |
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.
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 | $16,393 | $57,921-71.7% | $84,753-80.7% | $57,658-71.6% |
| Participation rate | 40.5% | 72.9%-32.4pp | 76.6%-36.1pp | 70.2%-29.7pp |
| Annual return | 11.70% | 10.24%+1.5pp | 22.78%-11.1pp | 5.13%+6.6pp |
| Employer contribution / active EE | $230 | $2,598-91.1% | $3,574-93.6% | $1,974-88.3% |
| Participant deferral / active EE | $1,363 | $2,742-50.3% | $3,712-63.3% | $3,061-55.5% |
| Admin fee / account holder | $44 | $130-65.7% | $5,333-99.2% | $95-52.9% |