Filed September 25, 2024
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| Provider | Service type | Compensation |
|---|---|---|
PALLADIUM PARTNERS6+ years Service code 27 · EIN 26-0728851 999 WATERSIDE DR., SUITE 1000 · NORFOLK, VA 23510 | Advisory (Plan) | $28,864 |
BKD, LLP6+ years Filed as: DIXON HUGHES GOODMAN, LLP Service code 10 · EIN 56-0747981 440 MONTICELLO AVE., SUITE 1400 · NORFOLK, VA 23510 | Accounting | $11,900 |
PBMARES, LLP6+ years Service code 10 · EIN 54-0737372 701 TOWN CENTER DR., SUITE 900 · NEWPORT NEWS, VA 23606 | Accounting | $11,371 |
DAVENPORT & COMPANY LLC6+ years Filed as: DAVENPORT & COMPANY, INC. Service code 71 · EIN 54-1835842 5400 DISCOVER PARK BLVD. · WILLIAMSBURG, VA 23188 | Brokerage Fees | $8,259 |
HUDSON INSURANCE CO.2 years Filed as: HUDSON INSURANCE COMPANY Service code 22 500 WEST MONROE ST · CHICAGO, IL 60661 | Insurance Broker | $7,200 |
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
Annual investment return is in the bottom quintile of the peer cohort.
The auditor signed off without reservation. This is the cleanest opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $86,285 | $72,277+19.4% | $101,248-14.8% | $79,858+8.0% |
| Participation rate | 98.8% | 68.5%+30.3pp | 75.8%+22.9pp | 69.6%+29.1pp |
| Annual return | 6.96% | 22.30%-15.3pp | 46.47%-39.5pp | 31.71%-24.8pp |
| Employer contribution / active EE | $5,599 | $2,692+108.0% | $3,660+53.0% | $2,471+126.6% |
| Participant deferral / active EE | $2,319 | $3,282-29.3% | $4,370-46.9% | $3,740-38.0% |
| Admin fee / account holder | $581 | $4,400-86.8% | $5,945-90.2% | $5,306-89.1% |