Filed October 12, 2022
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| Provider | Service type | Compensation |
|---|---|---|
BB&T2+ years Filed as: BB & T Service code 19 · EIN 56-1368984 | Securities Custodian | $24,878 |
PRONVEST2+ years Service code 26 · EIN 62-1823351 | Advisory (Participants) | $14,516 |
BB&T IIA2+ years Service code 27 · EIN 57-0956597 | Advisory (Plan) | $8,343 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
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).
Plan reported corrective distributions (failed ADP/ACP testing).
Sponsor crossed the 100-balance-holder threshold in the most recent filing - large-plan audit requirement now applies.
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 | $36,637 | $23,385+56.7% | $69,182-47.0% | $57,658-36.5% |
| Participation rate | 18.5% | 37.9%-19.4pp | 55.1%-36.6pp | 70.2%-51.8pp |
| Annual return | 8.96% | -659.34%+668.3pp | -21.93%+30.9pp | 5.13%+3.8pp |
| Employer contribution / active EE | $153 | $422-63.8% | $1,206-87.3% | $1,974-92.3% |
| Participant deferral / active EE | $514 | $843-39.0% | $1,897-72.9% | $3,061-83.2% |
| Admin fee / account holder | $477 | $82+481.3% | $2,697-82.3% | $95+405.0% |