Filed March 6, 2023
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Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Employer 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.)
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $36,132 | $53,774-32.8% | $134,162-73.1% | $79,852-54.8% |
| Participation rate | 36.5% | 58.8%-22.2pp | 72.2%-35.6pp | 69.6%-33.1pp |
| Annual return | 13.21% | 19.01%-5.8pp | 36.35%-23.1pp | 31.72%-18.5pp |
| Employer contribution / active EE | $0 | $1,322-100.0% | $3,705-100.0% | $2,471-100.0% |
| Participant deferral / active EE | $2,164 | $2,420-10.6% | $3,500-38.2% | $3,740-42.2% |
| Admin fee / account holder | $3,954 | $3,985-0.8% | $6,685-40.9% | $5,306-25.5% |