Filed November 3, 2024
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| Provider | Service type | Compensation |
|---|---|---|
BTC1+ years Service code 24 · EIN 45-5138085 | Discretionary Trustee | $38,618 |
FARBER HASS HURLEY LLP1+ years Service code 10 · EIN 20-4207759 | Accounting | $13,132 |
BENECO SYSTEMS, LLC1+ years Filed as: BENECO Service code 15 · EIN 41-2046279 | Recordkeeping | $3,123 |
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.)
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
Auditor declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $54,504 | $50,464+8.0% | $75,784-28.1% | $52,331+4.2% |
| Participation rate | 22.2% | 66.8%-44.6pp | 75.8%-53.6pp | 68.1%-45.9pp |
| Annual return | 0.38% | 1.03%-0.7pp | 9.68%-9.3pp | 4.54%-4.2pp |
| Employer contribution / active EE | $1,486 | $1,988-25.3% | $3,323-55.3% | $1,882-21.1% |
| Participant deferral / active EE | $796 | $2,570-69.0% | $3,652-78.2% | $3,022-73.7% |
| Admin fee / account holder | $661 | $1,103-40.1% | $5,300-87.5% | $592+11.8% |