Filed November 3, 2024
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| Provider | Service type | Compensation |
|---|---|---|
BENECO SYSTEMS, LLC2 years Service code 15 · EIN 41-2046279 | Recordkeeping | $42,519 |
FARBER HASS HURLEY LLP3+ years Service code 10 · EIN 20-4207759 | Accounting | $12,542 |
Service code 13 · EIN 41-0417830 | Contract Administrator | $131 |
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 declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $56,489 | $58,726-3.8% | $92,240-38.8% | $62,293-9.3% |
| Participation rate | 41.7% | 68.3%-26.6pp | 76.5%-34.7pp | 69.5%-27.8pp |
| Annual return | 15.20% | 43.62%-28.4pp | 176.29%-161.1pp | 28.90%-13.7pp |
| Employer contribution / active EE | $2,213 | $2,392-7.5% | $3,680-39.9% | $2,042+8.4% |
| Participant deferral / active EE | $2,475 | $2,766-10.5% | $3,897-36.5% | $3,169-21.9% |
| Admin fee / account holder | $494 | $556-11.2% | $5,194-90.5% | $479+3.1% |