Filed November 3, 2024
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| Provider | Service type | Compensation |
|---|---|---|
BENECO SYSTEMS, LLC1 year Service code 15 · EIN 41-2046279 | Recordkeeping | $44,063 |
FARBER HASS HURLEY LLP2+ years Service code 10 · EIN 20-4207759 | Accounting | $13,174 |
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.)
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 | $54,243 | $52,884+2.6% | $84,753-36.0% | $55,167-1.7% |
| Participation rate | 21.6% | 67.5%-46.0pp | 76.6%-55.0pp | 69.0%-47.4pp |
| Annual return | 6.22% | 18.03%-11.8pp | 22.78%-16.6pp | 169.23%-163.0pp |
| Employer contribution / active EE | $1,559 | $2,233-30.2% | $3,574-56.4% | $1,963-20.6% |
| Participant deferral / active EE | $860 | $2,644-67.5% | $3,712-76.8% | $3,054-71.9% |
| Admin fee / account holder | $673 | $581+16.0% | $5,333-87.4% | $504+33.6% |