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| Provider | Service type | Compensation |
|---|---|---|
MINNESOTA LIFE INSURANCE COMPANY1+ years Service code 13 · EIN 41-0417830 | Contract Administrator | $4,200 |
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.
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
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 | $20,320 | $57,096-64.4% | $94,229-78.4% | $55,191-63.2% |
| Participation rate | 68.7% | 75.7%-6.9pp | 78.8%-10.0pp | 69.2%-0.4pp |
| Annual return | 0.12% | 159.65%-159.5pp | 10.68%-10.6pp | 10.78%-10.7pp |
| Employer contribution / active EE | $94 | $1,708-94.5% | $3,587-97.4% | $1,899-95.0% |
| Participant deferral / active EE | $2,442 | $3,165-22.8% | $4,320-43.5% | $3,046-19.8% |
| Admin fee / account holder | $12 | $89-86.8% | $6,269-99.8% | $91-87.0% |