Filed March 6, 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.)
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 | $19,556 | $52,884-63.0% | $84,753-76.9% | $55,167-64.6% |
| Participation rate | 27.8% | 67.5%-39.7pp | 76.6%-48.8pp | 69.0%-41.2pp |
| Annual return | 9.51% | 18.03%-8.5pp | 22.78%-13.3pp | 169.23%-159.7pp |
| Employer contribution / active EE | $736 | $2,233-67.0% | $3,574-79.4% | $1,963-62.5% |
| Participant deferral / active EE | $1,043 | $2,644-60.6% | $3,712-71.9% | $3,054-65.9% |
| Admin fee / account holder | $718 | $581+23.7% | $5,333-86.5% | $504+42.5% |