Filed July 1, 2024
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| Provider | Service type | Compensation |
|---|---|---|
PRINCIPAL LIFE INSURANCE COMPANY2+ years Service code 13 · EIN 42-0127290 | Contract Administrator | $600 |
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 a failure to timely transmit participant contributions (Schedule H line 4a).
Plan reported corrective distributions (failed ADP/ACP testing).
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 | $8,249 | $36,916-77.7% | $156,551-94.7% | $57,658-85.7% |
| Participation rate | 15.4% | 63.4%-48.0pp | 84.0%-68.6pp | 70.2%-54.8pp |
| Annual return | 10.03% | 12.38%-2.4pp | 32.23%-22.2pp | 5.13%+4.9pp |
| Employer contribution / active EE | $84 | $1,571-94.7% | $5,501-98.5% | $1,974-95.8% |
| Participant deferral / active EE | $591 | $1,926-69.3% | $4,871-87.9% | $3,061-80.7% |
| Admin fee / account holder | $9 | $82-89.6% | $13,028-99.9% | $95-90.9% |