Filed August 7, 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 | $32,059 | $54,690-41.4% | $76,030-57.8% | $74,478-57.0% |
| Participation rate | 18.2% | 60.3%-42.1pp | 69.1%-50.8pp | 67.2%-49.0pp |
| Annual return | 9.90% | 31.92%-22.0pp | 361.54%-351.6pp | 1370.56%-1360.7pp |
| Employer contribution / active EE | $836 | $1,781-53.0% | $2,688-68.9% | $2,626-68.2% |
| Participant deferral / active EE | $514 | $3,070-83.2% | $4,257-87.9% | $4,350-88.2% |
| Admin fee / account holder | $2,041 | $2,240-8.9% | $6,421-68.2% | $1,946+4.9% |