Filed April 27, 2023
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| Provider | Service type | Compensation |
|---|---|---|
PRINCIPAL LIFE INSURANCE COMPANY5+ years Service code 13 · EIN 42-0127290 | Contract Administrator | $5,858 |
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.
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 | $10,435 | $52,967-80.3% | $172,753-94.0% | $65,186-84.0% |
| Participation rate | 32.5% | 66.2%-33.7pp | 82.6%-50.2pp | 70.2%-37.7pp |
| Annual return | 18.31% | 30.12%-11.8pp | 803.00%-784.7pp | 29.39%-11.1pp |
| Employer contribution / active EE | $497 | $2,190-77.3% | $5,144-90.3% | $2,177-77.2% |
| Participant deferral / active EE | $728 | $2,471-70.5% | $5,198-86.0% | $3,514-79.3% |
| Admin fee / account holder | $136 | $472-71.1% | $13,956-99.0% | $847-83.9% |