Filed June 21, 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.
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $115,193 | $85,766+34.3% | $136,298-15.5% | $70,126+64.3% |
| Participation rate | 16.0% | 74.2%-58.2pp | 81.9%-65.9pp | 69.5%-53.5pp |
| Annual return | 8.04% | 31.46%-23.4pp | 5156.27%-5148.2pp | 73.15%-65.1pp |
| Employer contribution / active EE | $944 | $2,966-68.2% | $4,696-79.9% | $2,343-59.7% |
| Participant deferral / active EE | $1,666 | $5,051-67.0% | $6,247-73.3% | $3,332-50.0% |
| Admin fee / account holder | $4,040 | $5,421-25.5% | $9,244-56.3% | $4,645-13.0% |