Filed November 8, 2021
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| Provider | Service type | Compensation |
|---|---|---|
Filed as: TRANSAMERICA FINANCIAL LIFE INS CO Service code 15 · EIN 36-6071399 | Recordkeeping | $80,155 |
Service code 27 · EIN 20-8874282 | Advisory (Plan) | $51,230 |
QBI, LLC2+ years Service code 15 · EIN 26-2768667 | Recordkeeping | $10,666 |
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.
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 | $33,001 | $56,095-41.2% | $178,503-81.5% | $90,274-63.4% |
| Participation rate | 40.9% | 65.6%-24.7pp | 81.9%-41.0pp | 73.4%-32.5pp |
| Annual return | 345.49% | 28.81%+316.7pp | 151.12%+194.4pp | 53.97%+291.5pp |
| Employer contribution / active EE | $0 | $1,572-100.0% | $5,011-100.0% | $2,523-100.0% |
| Participant deferral / active EE | $1,695 | $2,669-36.5% | $5,202-67.4% | $4,231-59.9% |
| Admin fee / account holder | $85 | $101-15.7% | $13,987-99.4% | $114-25.6% |