Filed April 12, 2023
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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.
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
Annual investment return is in the bottom quintile of the peer cohort.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $64,265 | $86,949-26.1% | $102,460-37.3% | $80,959-20.6% |
| Participation rate | 22.7% | 72.4%-49.7pp | 76.5%-53.8pp | 67.7%-44.9pp |
| Annual return | 0.05% | 18.89%-18.8pp | 29.47%-29.4pp | 35.67%-35.6pp |
| Employer contribution / active EE | $0 | $2,370-100.0% | $3,025-100.0% | $2,757-100.0% |
| Participant deferral / active EE | $154 | $4,121-96.3% | $5,056-96.9% | $4,300-96.4% |
| Admin fee / account holder | $3,371 | $8,048-58.1% | $9,460-64.4% | $6,925-51.3% |