Filed June 2, 2022
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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 | $52,325 | $57,976-9.7% | $63,018-17.0% | $62,293-16.0% |
| Participation rate | 45.1% | 75.9%-30.8pp | 74.8%-29.7pp | 69.5%-24.4pp |
| Annual return | 12.75% | 17.54%-4.8pp | 87.62%-74.9pp | 28.90%-16.1pp |
| Employer contribution / active EE | $2,859 | $2,415+18.4% | $2,761+3.5% | $2,042+40.0% |
| Participant deferral / active EE | $1,102 | $2,956-62.7% | $3,330-66.9% | $3,169-65.2% |
| Admin fee / account holder | $1,198 | $276+334.6% | $3,601-66.7% | $479+150.0% |