Filed November 24, 2023 (most recent of 2 filings on file)
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| Provider | Service type | Compensation |
|---|---|---|
Filed as: MUTUAL OF AMERICA LIFE INSURANCE CO Service code 13 320 PARK AVENUE · NEW YORK, NY 10022 | Contract Administrator | $9,363 |
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.
The auditor declined to give an opinion. This is usually a 103(a)(3)(C) limited-scope election.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $6,562 | $39,859-83.5% | $78,689-91.7% | $57,658-88.6% |
| Participation rate | 63.4% | 66.1%-2.7pp | 73.6%-10.1pp | 70.2%-6.8pp |
| Annual return | 6.67% | 18.96%-12.3pp | 62.18%-55.5pp | 5.13%+1.5pp |
| Employer contribution / active EE | $667 | $1,786-62.7% | $2,851-76.6% | $1,974-66.2% |
| Participant deferral / active EE | $0 | $2,248-100.0% | $3,517-100.0% | $3,061-100.0% |
| Admin fee / account holder | $12 | $76-84.7% | $4,510-99.7% | $95-87.6% |