Filed April 27, 2023
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| Provider | Service type | Compensation |
|---|---|---|
PRINCIPAL LIFE INSURANCE COMPANY3+ years Service code 13 · EIN 42-0127290 | Contract Administrator | $4,901 |
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.
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 | $12,762 | $55,453-77.0% | $170,435-92.5% | $62,293-79.5% |
| Participation rate | 11.4% | 66.4%-55.0pp | 83.6%-72.2pp | 69.5%-58.1pp |
| Annual return | 14.76% | 21.38%-6.6pp | 205.94%-191.2pp | 28.90%-14.1pp |
| Employer contribution / active EE | $0 | $2,164-100.0% | $5,432-100.0% | $2,042-100.0% |
| Participant deferral / active EE | $426 | $2,303-81.5% | $4,939-91.4% | $3,169-86.6% |
| Admin fee / account holder | $212 | $455-53.5% | $13,881-98.5% | $479-55.8% |