Filed May 27, 2021
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| Provider | Service type | Compensation |
|---|---|---|
PRINCIPAL LIFE INSURANCE COMPANY1+ years Service code 13 · EIN 42-0127290 | Contract Administrator | $23,839 |
Filed as: MERRILL LYNCH LIFE AGENCY INC Service code 49 · EIN 13-2808480 | Other Services | $14,865 |
WILSHIRE ASSOCIATES INCORPORATED1+ years Service code 27 · EIN 95-2755361 | Advisory (Plan) | $0 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Annual investment return 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.
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
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 | $12,943 | $32,913-60.7% | $80,004-83.8% | $59,188-78.1% |
| Participation rate | 23.3% | 56.9%-33.6pp | 73.0%-49.7pp | 69.4%-46.1pp |
| Annual return | -2.18% | 1.16%-3.3pp | 7.63%-9.8pp | 5.51%-7.7pp |
| Employer contribution / active EE | $241 | $789-69.4% | $2,473-90.2% | $2,098-88.5% |
| Participant deferral / active EE | $764 | $1,686-54.7% | $3,204-76.2% | $3,265-76.6% |
| Admin fee / account holder | $59 | $40+48.4% | $5,033-98.8% | $92-35.5% |