Filed August 14, 2024
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| Provider | Service type | Compensation |
|---|---|---|
JOHN HANCOCK LIFE INSURANCE COMPANY10+ years Service code 15 · EIN 01-0233346 | Recordkeeping | $26,298 |
Service code 13 · EIN 42-0127290 | Contract Administrator | $11,045 |
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.)
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $98,292 | $55,470+77.2% | $155,556-36.8% | $74,478+32.0% |
| Participation rate | 36.6% | 61.9%-25.4pp | 78.2%-41.7pp | 67.2%-30.7pp |
| Annual return | 16.43% | 269.80%-253.4pp | 64.84%-48.4pp | 1370.56%-1354.1pp |
| Employer contribution / active EE | $692 | $2,267-69.5% | $4,675-85.2% | $2,626-73.7% |
| Participant deferral / active EE | $1,841 | $2,838-35.1% | $5,631-67.3% | $4,350-57.7% |
| Admin fee / account holder | $575 | $1,744-67.1% | $15,885-96.4% | $1,946-70.5% |