Filed March 29, 2021
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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 | $27,338 | $56,894-51.9% | $84,753-67.7% | $62,881-56.5% |
| Participation rate | 53.4% | 68.5%-15.1pp | 76.6%-23.1pp | 69.3%-15.9pp |
| Annual return | 0.29% | 6.30%-6.0pp | 22.78%-22.5pp | 20.14%-19.9pp |
| Employer contribution / active EE | $1,575 | $2,400-34.4% | $3,574-55.9% | $2,281-30.9% |
| Participant deferral / active EE | $0 | $2,709-100.0% | $3,712-100.0% | $3,203-100.0% |
| Admin fee / account holder | $335 | $3,581-90.6% | $5,333-93.7% | $4,296-92.2% |