Filed July 26, 2024
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| Provider | Service type | Compensation |
|---|---|---|
KEARNY COUNTY BANK1 year Service code 21 · EIN 48-0292810 PO BOX 67, 221 N. MAIN STREET · LAKIN, KS 67860 | Bank Trustee | $42,895 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
Sponsor crossed the 100-balance-holder threshold in the most recent filing - large-plan audit requirement now applies.
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 | $48,498 | $54,368-10.8% | $117,039-58.6% | $62,292-22.1% |
| Participation rate | 64.2% | 64.9%-0.8pp | 77.2%-13.0pp | 69.5%-5.3pp |
| Annual return | 17.75% | 21.77%-4.0pp | 18.95%-1.2pp | 28.90%-11.1pp |
| Employer contribution / active EE | $1,215 | $1,692-28.2% | $3,785-67.9% | $2,042-40.5% |
| Participant deferral / active EE | $2,039 | $2,269-10.1% | $3,929-48.1% | $3,169-35.7% |
| Admin fee / account holder | $421 | $493-14.8% | $5,974-93.0% | $479-12.3% |