Filed September 25, 2024
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| Provider | Service type | Compensation |
|---|---|---|
CERITY PARTNERS3 years Filed as: CERITY PARTNERS LLC Service code 27 · EIN 27-1180831 999 WATERSIDE DR., SUITE 1000 · NORFOLK, VA 23510 | Advisory (Plan) | $28,981 |
FORVIS MAZARS, LLP2 years Service code 10 · EIN 44-0160260 440 MONTICELLO AVE., SUITE 2050 · NORFOLK, VA 23510 | Accounting | $18,765 |
PBMARES, LLP10+ years Service code 10 · EIN 54-0737372 701 TOWN CENTER DR., SUITE 900 · NEWPORT NEWS, VA 23606 | Accounting | $14,687 |
USI CONSULTING GROUP2 years Filed as: USI INSURANCE Service code 22 500 WEST MONROE ST · CHICAGO, IL 60661 | Insurance Broker | $9,259 |
Service code 29 · EIN 54-1294386 101 WEST MAIN STREET · NORFOLK, VA 23510 | Legal | $5,858 |
DAVENPORT & COMPANY LLC10+ years Filed as: DAVENPORT & COMPANY, INC. Service code 71 · EIN 54-1835842 5400 DISCOVER PARK BLVD. · WILLIAMSBURG, VA 23188 | Brokerage Fees | $0 |
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.
The auditor signed off without reservation. This is the cleanest opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $89,796 | $81,460+10.2% | $103,333-13.1% | $80,856+11.1% |
| Participation rate | 100.0% | 66.8%+33.2pp | 74.5%+25.5pp | 67.6%+32.4pp |
| Annual return | 11.24% | 25.55%-14.3pp | 24.88%-13.6pp | 35.59%-24.4pp |
| Employer contribution / active EE | $5,430 | $3,105+74.9% | $3,868+40.4% | $2,755+97.1% |
| Participant deferral / active EE | $1,882 | $3,869-51.4% | $5,057-62.8% | $4,296-56.2% |
| Admin fee / account holder | $669 | $6,566-89.8% | $8,355-92.0% | $6,918-90.3% |