Filed January 4, 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.)
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $24,411 | $138,393-82.4% | $184,256-86.8% | $80,959-69.8% |
| Participation rate | 40.0% | 83.9%-43.9pp | 86.8%-46.8pp | 67.7%-27.7pp |
| Annual return | 16.66% | 20.01%-3.4pp | 28.85%-12.2pp | 35.67%-19.0pp |
| Employer contribution / active EE | $2,120 | $4,847-56.3% | $6,427-67.0% | $2,757-23.1% |
| Participant deferral / active EE | $3,117 | $7,076-56.0% | $9,133-65.9% | $4,300-27.5% |
| Admin fee / account holder | $1,884 | $10,489-82.0% | $13,899-86.4% | $6,925-72.8% |