Filed June 1, 2023
| Provider | Service type | Compensation |
|---|---|---|
Filed as: MERRILL LYNCH, PIERCE, FENNER AND S Service code 15 · EIN 13-5674085 | Recordkeeping | $51,531 |
MMA SECURITIES LLC3 years Filed as: MMA SECURITIES Service code 70 · EIN 22-3570392 | Consulting Fees | $40,000 |
RSM US LLP4+ years Service code 11 · EIN 42-0714325 | Actuarial | $22,500 |
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.
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 | $49,966 | $93,094-46.3% | $106,387-53.0% | $68,904-27.5% |
| Participation rate | 42.4% | 83.9%-41.5pp | 77.5%-35.0pp | 74.1%-31.7pp |
| Annual return | -2.25% | -2.12%-0.1pp | 0.25%-2.5pp | 1.07%-3.3pp |
| Employer contribution / active EE | $1,281 | $3,237-60.4% | $3,520-63.6% | $2,540-49.6% |
| Participant deferral / active EE | $2,643 | $5,445-51.5% | $5,421-51.2% | $4,015-34.2% |
| Admin fee / account holder | $19 | $85-78.2% | $7,510-99.8% | $71-73.9% |