Filed June 1, 2023
| Provider | Service type | Compensation |
|---|---|---|
Filed as: MERRILL LYNCH, PIERCE, FENNER AND S Service code 15 · EIN 13-5674085 | Recordkeeping | $316,905 |
MMA SECURITIES LLC5 years Filed as: MMA SECURITIES Service code 70 · EIN 22-3570392 | Consulting Fees | $30,000 |
RSM US LLP6+ years Service code 10 · EIN 42-0714325 | Accounting | $23,100 |
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 | $65,242 | $114,568-43.1% | $379,746-82.8% | $93,223-30.0% |
| Participation rate | 50.6% | 89.4%-38.8pp | 78.4%-27.9pp | 74.9%-24.3pp |
| Annual return | 18.39% | 16.38%+2.0pp | 34.90%-16.5pp | 19.29%-0.9pp |
| Employer contribution / active EE | $1,592 | $3,213-50.5% | $3,540-55.0% | $2,680-40.6% |
| Participant deferral / active EE | $3,340 | $6,118-45.4% | $6,024-44.6% | $4,563-26.8% |
| Admin fee / account holder | $68 | $72-6.3% | $7,927-99.1% | $79-14.4% |