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 | $86,938-26.1% | $102,423-37.3% | $80,925-20.6% |
| Participation rate | 22.7% | 72.4%-49.7pp | 76.5%-53.8pp | 67.7%-44.9pp |
| Annual return | 0.05% | 18.89%-18.8pp | 29.42%-29.4pp | 35.65%-35.6pp |
| Employer contribution / active EE | $0 | $2,369-100.0% | $3,023-100.0% | $2,756-100.0% |
| Participant deferral / active EE | $154 | $4,120-96.3% | $5,054-96.9% | $4,299-96.4% |
| Admin fee / account holder | $3,371 | $8,053-58.1% | $9,455-64.3% | $6,940-51.4% |