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davisbmsc1

Average salary, plan count for administrators

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Looking for general market place averages for internal analysis:

Average salary for entry level processors

Average salary for exp. administrators

Average plan count for administrators

Average plan size,  number of participants

Thanks for any input. 

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Favorite answer, it depends.

What location?  An entry level in Alabama will be cheaper than an entry level in Florida, Florida cheaper than California, etc...

What functions will the admin perform?  entry level vs experienced doesn't necessarily mean as much as what the admin will actually do.  Same with number of plans.  What does the admin to "per plan"?  What kind of plans?  Are they all on platforms?  Are they All DC plans?  How complicated is the plan design?

For a decent answer, I think you need to at least narrow it down by region and responsibilities.

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Our firm does executive compensation market pricings and we have for 43 years---

Agree with Rather be Golfing---an important criteria is revenue for the firm, asset size, and number of employees---we don't use one survey but use multiple surveys (usually more than 6)

 

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Thanks, Rather be Golfing and Bob the Swimmer.

We are in central Virginia and I know there will be some variance depending on location.

Our average administrator is 5 to 20 years experienced, handles 60 to 75 plans and does census gathering/scrubbing/reconciliation, enters into Relius ASP, downloads financial data from funding co., completes compliance testing, annual 5500 filing, document amendments. Most funding co.s are insurance (VOYA, Lincoln, JH, Nationwide, etc.), a few brokerage. 10% audited plans, otherwise smaller DC plans (average 50 participants). 50% Safe Harbor. A few ESOPs, couple of cash balance

Entry level gathers some census and learns some testing, helps with document amendments. Otherwise handles participant communications, processes distributions, loans, contribution files, etc. 

Just looking for general guidelines from other firms/areas to get comparables to our marketplace.

 

Thanks again.

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