Filed July 22, 2024
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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.
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 | $4,842 | $56,894-91.5% | $84,753-94.3% | $62,881-92.3% |
| Participation rate | 20.0% | 68.5%-48.5pp | 76.6%-56.6pp | 69.3%-49.3pp |
| Annual return | -72.24% | 6.30%-78.5pp | 22.78%-95.0pp | 20.14%-92.4pp |
| Employer contribution / active EE | $0 | $2,400-100.0% | $3,574-100.0% | $2,281-100.0% |
| Participant deferral / active EE | $846 | $2,709-68.8% | $3,712-77.2% | $3,203-73.6% |
| Admin fee / account holder | $1,955 | $3,581-45.4% | $5,333-63.3% | $4,296-54.5% |