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 | $54,679-41.4% | $76,119-57.9% | $74,459-56.9% |
| Participation rate | 18.2% | 60.3%-42.1pp | 69.1%-50.8pp | 67.2%-49.0pp |
| Annual return | 9.90% | 31.90%-22.0pp | 361.25%-351.3pp | 1369.70%-1359.8pp |
| Employer contribution / active EE | $836 | $1,781-53.1% | $2,693-68.9% | $2,626-68.1% |
| Participant deferral / active EE | $514 | $3,072-83.3% | $4,259-87.9% | $4,350-88.2% |
| Admin fee / account holder | $2,041 | $2,238-8.8% | $6,421-68.2% | $1,945+5.0% |