Filed August 22, 2024 (most recent of 2 filings on file)
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| Provider | Service type | Compensation |
|---|---|---|
Filed as: PRINCIPAL CUSTODY SOLUTIONS Service code 13 · EIN 51-0099493 | Contract Administrator | $120,099 |
PRINCIPAL LIFE INSURANCE COMPANY10+ years Service code 13 · EIN 42-0127290 | Contract Administrator | $74,635 |
MORNINGSTAR3 years Filed as: MORNINGSTAR INVESTMENT MANAGEMENT L Service code 26 · EIN 36-4317381 | Advisory (Participants) | $0 |
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
Annual investment return is in the bottom quintile of the peer cohort.
Plan reported corrective distributions (failed ADP/ACP testing).
The auditor signed off without reservation. This is the cleanest opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $195,651 | $62,624+212.4% | $177,989+9.9% | $77,643+152.0% |
| Participation rate | 98.9% | 66.8%+32.1pp | 77.1%+21.9pp | 70.6%+28.4pp |
| Annual return | 11.04% | 16.16%-5.1pp | 294.48%-283.4pp | 31.24%-20.2pp |
| Employer contribution / active EE | $9,957 | $1,909+421.6% | $3,949+152.2% | $2,726+265.3% |
| Participant deferral / active EE | $4,173 | $4,219-1.1% | $6,276-33.5% | $4,647-10.2% |
| Admin fee / account holder | $550 | $386+42.6% | $10,363-94.7% | $430+27.8% |