Filed April 27, 2022
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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.)
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
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 | $11,403 | $73,102-84.4% | $123,553-90.8% | $56,289-79.7% |
| Participation rate | 22.4% | 74.3%-51.9pp | 82.3%-59.9pp | 69.9%-47.4pp |
| Annual return | -4.03% | 3.01%-7.0pp | 119.21%-123.2pp | -9.96%+5.9pp |
| Employer contribution / active EE | $0 | $2,977-100.0% | $4,628-100.0% | $2,111-100.0% |
| Participant deferral / active EE | $693 | $5,423-87.2% | $6,426-89.2% | $3,350-79.3% |
| Admin fee / account holder | $598 | $554+8.0% | $9,284-93.6% | $521+14.8% |