Filed February 20, 2024
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| Provider | Service type | Compensation |
|---|---|---|
Filed as: RAYMOND JAMES FIN SVCS ADVISORS Service code 27 · EIN 59-2937883 | Advisory (Plan) | $30,000 |
PRINCIPAL LIFE INSURANCE COMPANY3+ years Service code 13 · EIN 42-0127290 | Contract Administrator | $7,436 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Employer 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 | $136,672 | $63,314+115.9% | $91,004+50.2% | $62,293+119.4% |
| Participation rate | 66.5% | 73.3%-6.8pp | 75.6%-9.1pp | 69.5%-3.0pp |
| Annual return | 19.45% | 21.00%-1.5pp | 4.60%+14.8pp | 28.90%-9.4pp |
| Employer contribution / active EE | $0 | $1,807-100.0% | $2,456-100.0% | $2,042-100.0% |
| Participant deferral / active EE | $3,216 | $2,944+9.3% | $3,548-9.3% | $3,169+1.5% |
| Admin fee / account holder | $38 | $468-91.8% | $5,417-99.3% | $479-92.0% |