Filed May 19, 2023
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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.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $23,723 | $125,797-81.1% | $170,043-86.0% | $75,173-68.4% |
| Participation rate | 43.5% | 83.6%-40.1pp | 87.0%-43.5pp | 67.2%-23.7pp |
| Annual return | 28.94% | 27.20%+1.7pp | 53.40%-24.5pp | 160.72%-131.8pp |
| Employer contribution / active EE | $1,535 | $4,616-66.8% | $6,790-77.4% | $2,671-42.5% |
| Participant deferral / active EE | $2,643 | $6,838-61.3% | $10,410-74.6% | $4,126-35.9% |
| Admin fee / account holder | $338 | $8,177-95.9% | $12,824-97.4% | $5,651-94.0% |