Filed May 22, 2017
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| Provider | Service type | Compensation |
|---|---|---|
PRINCIPAL LIFE INSURANCE COMPANY2+ years Service code 13 · EIN 42-0127290 | Contract Administrator | $5,678 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
Plan reported corrective distributions (failed ADP/ACP testing).
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 | $54,456 | $42,546+28.0% | $71,796-24.2% | $55,167-1.3% |
| Participation rate | 37.0% | 59.1%-22.1pp | 69.1%-32.1pp | 69.0%-32.0pp |
| Annual return | 6.59% | 12.36%-5.8pp | 78.04%-71.4pp | 169.23%-162.6pp |
| Employer contribution / active EE | $359 | $803-55.3% | $1,924-81.4% | $1,963-81.7% |
| Participant deferral / active EE | $1,902 | $2,064-7.9% | $2,794-31.9% | $3,054-37.7% |
| Admin fee / account holder | $75 | $650-88.5% | $4,815-98.4% | $504-85.2% |