Filed April 8, 2024
Total covered: 326 employees
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| Provider | Service type | Compensation |
|---|---|---|
REGIONS BANK2+ years Service code 27 · EIN 63-0371391 | Advisory (Plan) | $30,631 |
Service code 37 · EIN 04-2647786 | Loan Processing | $16,946 |
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.
Form 5500 reported that benefits due were not provided when due.
Plan reported corrective distributions (failed ADP/ACP testing).
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $11,463 | $42,582-73.1% | $171,082-93.3% | $57,658-80.1% |
| Participation rate | 68.3% | 63.9%+4.4pp | 76.7%-8.4pp | 70.2%-1.9pp |
| Annual return | 11.93% | 308.67%-296.7pp | 32.56%-20.6pp | 5.13%+6.8pp |
| Employer contribution / active EE | $0 | $1,306-100.0% | $4,002-100.0% | $1,974-100.0% |
| Participant deferral / active EE | $1,041 | $2,933-64.5% | $4,797-78.3% | $3,061-66.0% |
| Admin fee / account holder | $71 | $82-13.7% | $8,520-99.2% | $95-24.8% |