Filed August 18, 2020
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| Provider | Service type | Compensation |
|---|---|---|
Filed as: MASSMUTUAL LIFE INSURANCE CO Service code 15 · EIN 04-1590850 1295 STATE STREET · SPRINGFIELD, MA 01111 | Recordkeeping | $150 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
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.
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 | $29,199 | $42,548-31.4% | $74,552-60.8% | $56,287-48.1% |
| Participation rate | 68.4% | 60.5%+7.9pp | 69.1%-0.8pp | 69.9%-1.5pp |
| Annual return | -7.22% | 12.40%-19.6pp | 32.53%-39.7pp | -9.96%+2.7pp |
| Employer contribution / active EE | $526 | $855-38.5% | $1,961-73.2% | $2,111-75.1% |
| Participant deferral / active EE | $2,608 | $2,277+14.5% | $3,108-16.1% | $3,350-22.1% |
| Admin fee / account holder | $13 | $467-97.1% | $5,060-99.7% | $521-97.4% |