Filed March 20, 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.)
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 | $47,817 | $76,551-37.5% | $123,894-61.4% | $62,881-24.0% |
| Participation rate | 36.6% | 73.0%-36.4pp | 81.4%-44.8pp | 69.3%-32.7pp |
| Annual return | 4.98% | 18.68%-13.7pp | 47.52%-42.5pp | 20.14%-15.2pp |
| Employer contribution / active EE | $1,155 | $2,882-59.9% | $4,617-75.0% | $2,281-49.4% |
| Participant deferral / active EE | $1,236 | $4,840-74.5% | $5,984-79.3% | $3,203-61.4% |
| Admin fee / account holder | $2,114 | $4,826-56.2% | $8,357-74.7% | $4,296-50.8% |