Filed January 23, 2024
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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.
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 | $5,965 | $45,041-86.8% | $63,003-90.5% | $70,131-91.5% |
| Participation rate | 20.6% | 69.5%-48.9pp | 74.8%-54.2pp | 69.5%-48.9pp |
| Annual return | 10.65% | 18.76%-8.1pp | 87.59%-76.9pp | 73.14%-62.5pp |
| Employer contribution / active EE | $773 | $2,052-62.3% | $2,760-72.0% | $2,342-67.0% |
| Participant deferral / active EE | $513 | $2,465-79.2% | $3,329-84.6% | $3,332-84.6% |
| Admin fee / account holder | $939 | $2,836-66.9% | $3,600-73.9% | $4,645-79.8% |