Filed May 22, 2017
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| Provider | Service type | Compensation |
|---|---|---|
PRINCIPAL LIFE INSURANCE COMPANY4+ years Service code 13 · EIN 42-0127290 | Contract Administrator | $7,539 |
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 | $63,930 | $42,548+50.3% | $74,552-14.2% | $56,287+13.6% |
| Participation rate | 38.1% | 60.5%-22.4pp | 69.1%-31.1pp | 69.9%-31.8pp |
| Annual return | -6.66% | 12.40%-19.1pp | 32.53%-39.2pp | -9.96%+3.3pp |
| Employer contribution / active EE | $430 | $855-49.7% | $1,961-78.1% | $2,111-79.6% |
| Participant deferral / active EE | $2,069 | $2,277-9.1% | $3,108-33.4% | $3,350-38.2% |
| Admin fee / account holder | $97 | $467-79.3% | $5,060-98.1% | $521-81.4% |