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.)
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $51,062 | $77,816-34.4% | $123,549-58.7% | $64,181-20.4% |
| Participation rate | 36.1% | 74.7%-38.6pp | 82.3%-46.2pp | 69.6%-33.5pp |
| Annual return | -5.34% | 12.49%-17.8pp | 119.20%-124.5pp | 7.63%-13.0pp |
| Employer contribution / active EE | $1,349 | $3,014-55.3% | $4,628-70.9% | $2,381-43.4% |
| Participant deferral / active EE | $1,256 | $5,240-76.0% | $6,426-80.5% | $3,470-63.8% |
| Admin fee / account holder | $454 | $5,519-91.8% | $9,284-95.1% | $4,887-90.7% |