Filed November 4, 2024 (most recent of 3 filings on file)
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| Provider | Service type | Compensation |
|---|---|---|
Filed as: MUTUAL OF AMERICA LIFE INSURANCE CO Service code 12 320 PARK AVENUE · NEW YORK, NY 10022 | Account maintenance fees; Claims proc... | $4,692 |
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).
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 | $7,002 | $46,732-85.0% | $156,551-95.5% | $55,167-87.3% |
| Participation rate | 52.6% | 65.8%-13.2pp | 84.0%-31.4pp | 69.0%-16.4pp |
| Annual return | 7.59% | 17.72%-10.1pp | 32.23%-24.6pp | 169.23%-161.6pp |
| Employer contribution / active EE | $343 | $2,105-83.7% | $5,501-93.8% | $1,963-82.5% |
| Participant deferral / active EE | $897 | $2,204-59.3% | $4,871-81.6% | $3,054-70.6% |
| Admin fee / account holder | $7 | $418-98.4% | $13,028-99.9% | $504-98.6% |