Filed August 17, 2022 (most recent of 2 filings on file)
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| Provider | Service type | Compensation |
|---|---|---|
Filed as: MASSACHUSETTS MUTUAL LIFE INSURANCE Service code 52 · EIN 04-1590850 | Indirect Investment Fees | $9,777 |
RAYMOND JAMES FINANCIAL SERVICES1+ years Filed as: RAYMOND JAMES INSURANCE GROUP INC Service code 53 · EIN 59-1199408 | Insurance Commissions | $5,017 |
NOVA 401(K) ASSOCIATES1+ years Service code 13 | Contract Administrator | $0 |
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.
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 | $15,839 | $37,134-57.3% | $100,671-84.3% | $52,331-69.7% |
| Participation rate | 51.0% | 57.7%-6.7pp | 70.7%-19.8pp | 68.1%-17.1pp |
| Annual return | 0.68% | 0.10%+0.6pp | 20.43%-19.7pp | 4.54%-3.9pp |
| Employer contribution / active EE | $616 | $1,187-48.1% | $4,012-84.6% | $1,882-67.3% |
| Participant deferral / active EE | $1,657 | $2,163-23.4% | $3,144-47.3% | $3,022-45.2% |
| Admin fee / account holder | $91 | $467-80.4% | $4,850-98.1% | $592-84.6% |