Filed May 9, 2022 (most recent of 2 filings on file)
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| Provider | Service type | Compensation |
|---|---|---|
Service code 15 · EIN 35-0145825 | Recordkeeping | $44,964 |
Filed as: MUTUAL OF AMERICA LIFE INSURANCE CO Service code 12 · EIN 13-1614399 | Claims processing; Participant loan p... | $4,569 |
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 | $24,063 | $33,232-27.6% | $71,796-66.5% | $63,975-62.4% |
| Participation rate | 35.3% | 60.1%-24.9pp | 69.1%-33.9pp | 71.1%-35.9pp |
| Annual return | 6.76% | 11.99%-5.2pp | 78.04%-71.3pp | 48.65%-41.9pp |
| Employer contribution / active EE | $499 | $723-31.0% | $1,924-74.1% | $2,182-77.1% |
| Participant deferral / active EE | $594 | $1,604-63.0% | $2,794-78.7% | $3,356-82.3% |
| Admin fee / account holder | $36 | $63-43.3% | $4,815-99.3% | $70-48.9% |