Filed May 27, 2021
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| Provider | Service type | Compensation |
|---|---|---|
Filed as: MERRILL LYNCH LIFE AGENCY INC Service code 49 · EIN 13-2808480 | Other Services | $23,647 |
PRINCIPAL LIFE INSURANCE COMPANY4+ years Service code 13 · EIN 42-0127290 | Contract Administrator | $13,247 |
WILSHIRE ASSOCIATES INCORPORATED4+ 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.
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 | $12,662 | $35,366-64.2% | $90,657-86.0% | $75,289-83.2% |
| Participation rate | 27.5% | 57.3%-29.8pp | 74.0%-46.5pp | 72.4%-44.9pp |
| Annual return | 3.07% | -2.19%+5.3pp | 1.89%+1.2pp | -0.04%+3.1pp |
| Employer contribution / active EE | $318 | $916-65.3% | $2,532-87.4% | $2,405-86.8% |
| Participant deferral / active EE | $778 | $1,998-61.1% | $3,424-77.3% | $3,739-79.2% |
| Admin fee / account holder | $12 | $59-79.7% | $4,994-99.8% | $102-88.3% |