Filed May 25, 2023
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Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Employer 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.)
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $41,209 | $56,894-27.6% | $84,753-51.4% | $62,881-34.5% |
| Participation rate | 52.9% | 68.5%-15.6pp | 76.6%-23.7pp | 69.3%-16.4pp |
| Annual return | 5.86% | 6.30%-0.4pp | 22.78%-16.9pp | 20.14%-14.3pp |
| Employer contribution / active EE | $240 | $2,400-90.0% | $3,574-93.3% | $2,281-89.5% |
| Participant deferral / active EE | $1,340 | $2,709-50.5% | $3,712-63.9% | $3,203-58.2% |
| Admin fee / account holder | $2,203 | $3,581-38.5% | $5,333-58.7% | $4,296-48.7% |