Filed November 4, 2021 (most recent of 2 filings on file)
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| Provider | Service type | Compensation |
|---|---|---|
MINNESOTA LIFE INSURANCE COMPANY2+ years Service code 13 · EIN 41-0417830 | Contract Administrator | $9,003 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
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).
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
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 | $7,926 | $36,916-78.5% | $156,551-94.9% | $57,658-86.3% |
| Participation rate | 46.3% | 63.4%-17.1pp | 84.0%-37.7pp | 70.2%-23.9pp |
| Annual return | 7.95% | 12.38%-4.4pp | 32.23%-24.3pp | 5.13%+2.8pp |
| Employer contribution / active EE | $580 | $1,571-63.0% | $5,501-89.4% | $1,974-70.6% |
| Participant deferral / active EE | $1,025 | $1,926-46.7% | $4,871-78.9% | $3,061-66.5% |
| Admin fee / account holder | $41 | $82-50.8% | $13,028-99.7% | $95-57.1% |