Filed September 11, 2023
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Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
Plan reported corrective distributions (failed ADP/ACP testing).
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 | $22,596 | $41,854-46.0% | $73,835-69.4% | $52,331-56.8% |
| Participation rate | 64.1% | 66.2%-2.1pp | 73.4%-9.3pp | 68.1%-4.0pp |
| Annual return | -0.38% | 2.11%-2.5pp | 2268.13%-2268.5pp | 4.54%-4.9pp |
| Employer contribution / active EE | $714 | $1,920-62.8% | $2,788-74.4% | $1,882-62.1% |
| Participant deferral / active EE | $1,921 | $2,498-23.1% | $3,583-46.4% | $3,022-36.4% |
| Admin fee / account holder | $0 | $493-100.0% | $4,880-100.0% | $592-100.0% |