Filed October 26, 2022
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| Provider | Service type | Compensation |
|---|---|---|
PRINCIPAL LIFE INSURANCE COMPANY7+ years Service code 13 · EIN 42-0127290 | Contract Administrator | $56,508 |
Filed as: LOCKTON INVESTMENT ADVISORS Service code 27 · EIN 20-8874282 | Advisory (Plan) | $25,128 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Participant contribution per participant is in the bottom quintile of the peer cohort.
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
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 | $106,194 | $93,182+14.0% | $146,643-27.6% | $79,391+33.8% |
| Participation rate | 53.8% | 76.4%-22.7pp | 80.1%-26.3pp | 70.7%-16.9pp |
| Annual return | 19.79% | 21.61%-1.8pp | 22.75%-3.0pp | 116.88%-97.1pp |
| Employer contribution / active EE | $717 | $2,420-70.4% | $4,137-82.7% | $2,428-70.5% |
| Participant deferral / active EE | $1,944 | $4,169-53.4% | $5,506-64.7% | $4,046-52.0% |
| Admin fee / account holder | $325 | $585-44.5% | $10,280-96.8% | $627-48.2% |