Filed April 5, 2023
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| Provider | Service type | Compensation |
|---|---|---|
Service code 15 · EIN 13-3689044 | Recordkeeping | $48,655 |
THE BANK OF NEW YORK MELLON3 years Filed as: BANK OF AMERICA NA Service code 16 · EIN 13-5674085 | Consulting | $35,343 |
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
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 | $76,601 | $91,424-16.2% | $135,942-43.7% | $71,495+7.1% |
| Participation rate | 96.4% | 75.7%+20.7pp | 81.9%+14.5pp | 67.9%+28.5pp |
| Annual return | 22.52% | 29.90%-7.4pp | 68.28%-45.8pp | 28.85%-6.3pp |
| Employer contribution / active EE | $5,209 | $3,704+40.6% | $4,858+7.2% | $2,589+101.2% |
| Participant deferral / active EE | $12,796 | $7,092+80.4% | $7,759+64.9% | $4,291+198.2% |
| Admin fee / account holder | $362 | $1,266-71.4% | $10,764-96.6% | $1,588-77.2% |