Filed July 19, 2024
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| Provider | Service type | Compensation |
|---|---|---|
Filed as: MASSACHUESETTS MUTUAL LIFE INS CO Service code 15 · EIN 04-1590850 | Recordkeeping | $855 |
RELIANCE TRUST COMPANY4+ years Service code 19 · EIN 58-1428634 | Securities Custodian | $0 |
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.
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 | $20,363 | $47,977-57.6% | $154,114-86.8% | $56,287-63.8% |
| Participation rate | 24.0% | 66.2%-42.2pp | 83.0%-59.1pp | 69.9%-45.9pp |
| Annual return | -4.07% | 3.54%-7.6pp | 735.16%-739.2pp | -9.96%+5.9pp |
| Employer contribution / active EE | $607 | $2,169-72.0% | $5,298-88.5% | $2,111-71.3% |
| Participant deferral / active EE | $700 | $2,392-70.7% | $5,081-86.2% | $3,350-79.1% |
| Admin fee / account holder | $12 | $438-97.3% | $13,411-99.9% | $521-97.8% |