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 | $52,858 | $85,766-38.4% | $136,298-61.2% | $70,126-24.6% |
| Participation rate | 32.5% | 74.2%-41.7pp | 81.9%-49.4pp | 69.5%-37.0pp |
| Annual return | 14.20% | 31.46%-17.3pp | 5156.27%-5142.1pp | 73.15%-58.9pp |
| Employer contribution / active EE | $1,570 | $2,966-47.1% | $4,696-66.6% | $2,343-33.0% |
| Participant deferral / active EE | $1,461 | $5,051-71.1% | $6,247-76.6% | $3,332-56.2% |
| Admin fee / account holder | $390 | $5,421-92.8% | $9,244-95.8% | $4,645-91.6% |