Filed August 3, 2023 (most recent of 3 filings on file)
Total covered: 616 employees
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| Provider | Service type | Compensation |
|---|---|---|
PRINCIPAL LIFE INSURANCE COMPANY1+ years Service code 13 · EIN 42-0127290 | Contract Administrator | $21,186 |
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.
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
Plan reported corrective distributions (failed ADP/ACP testing).
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $15,770 | $122,128-87.1% | $147,117-89.3% | $200,096-92.1% |
| Participation rate | 31.7% | 78.2%-46.5pp | 82.2%-50.5pp | 72.0%-40.3pp |
| Annual return | 0.00% | 30.58%-30.6pp | 420.54%-420.5pp | 34.26%-34.3pp |
| Employer contribution / active EE | $0 | $4,093-100.0% | $4,932-100.0% | $3,038-100.0% |
| Participant deferral / active EE | $2,521 | $8,484-70.3% | $8,065-68.7% | $5,090-50.5% |
| Admin fee / account holder | $54 | $180-69.7% | $12,993-99.6% | $269-79.8% |