Filed February 20, 2024
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| Provider | Service type | Compensation |
|---|---|---|
PRINCIPAL LIFE INSURANCE COMPANY9+ years Service code 13 · EIN 42-0127290 | Contract Administrator | $122,558 |
Filed as: PENSIONMARK FINANCIAL GROUP, LLC Service code 27 · EIN 61-1758632 | Advisory (Plan) | $44,228 |
Filed as: CHARLES SCHWAB & CO, INC. Service code 33 · EIN 94-1737782 | Direct payment from the plan; Securit... | $6 |
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
Plan reported corrective distributions (failed ADP/ACP testing).
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $123,731 | $71,534+73.0% | $98,462+25.7% | $71,529+73.0% |
| Participation rate | 89.3% | 72.7%+16.6pp | 75.2%+14.1pp | 67.9%+21.3pp |
| Annual return | 18.75% | 32.44%-13.7pp | 21.17%-2.4pp | 28.97%-10.2pp |
| Employer contribution / active EE | $0 | $2,399-100.0% | $3,049-100.0% | $2,590-100.0% |
| Participant deferral / active EE | $4,595 | $4,109+11.8% | $4,738-3.0% | $4,291+7.1% |
| Admin fee / account holder | $454 | $1,677-72.9% | $8,875-94.9% | $1,588-71.4% |