Filed August 1, 2023
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| Provider | Service type | Compensation |
|---|---|---|
Service code 15 · EIN 13-3689044 | Recordkeeping | $62,261 |
THE BANK OF NEW YORK MELLON3 years Filed as: BANK OF AMERICA NA Service code 16 · EIN 13-5674085 | Consulting | $35,471 |
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 signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $27,298 | $106,247-74.3% | $147,096-81.4% | $77,714-64.9% |
| Participation rate | 97.8% | 78.4%+19.4pp | 82.2%+15.6pp | 70.6%+27.2pp |
| Annual return | 16.26% | 56.87%-40.6pp | 419.75%-403.5pp | 31.26%-15.0pp |
| Employer contribution / active EE | $2,418 | $4,069-40.6% | $4,936-51.0% | $2,727-11.3% |
| Participant deferral / active EE | $6,556 | $7,996-18.0% | $8,071-18.8% | $4,649+41.0% |
| Admin fee / account holder | $238 | $338-29.5% | $13,005-98.2% | $433-45.0% |