Filed July 13, 2023
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Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
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.
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 | $31,997 | $56,894-43.8% | $84,753-62.2% | $62,881-49.1% |
| Participation rate | 39.3% | 68.5%-29.3pp | 76.6%-37.3pp | 69.3%-30.0pp |
| Annual return | 0.50% | 6.30%-5.8pp | 22.78%-22.3pp | 20.14%-19.6pp |
| Employer contribution / active EE | $989 | $2,400-58.8% | $3,574-72.3% | $2,281-56.6% |
| Participant deferral / active EE | $1,285 | $2,709-52.6% | $3,712-65.4% | $3,203-59.9% |
| Admin fee / account holder | $1,871 | $3,581-47.8% | $5,333-64.9% | $4,296-56.4% |