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ABC Company Annual Plan Review Report

This report analyzes ABC Company's retirement plan, identifies key observations and proposes an action plan for improvement in the coming year. Recommendations include increasing participation rates and optimizing deferral rates to ensure employees are on track for retirement. It suggests onsite education meetings, targeted mailings, and considering immediate eligibility for 401(k) enrollment. The report aims to enhance the effectiveness and efficiency of the retirement plan for all participants.

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ABC Company Annual Plan Review Report

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  1. For ABC Company • Presented by ____________________ • December 31, 2013

  2. From First National Bank / XYZ Advisors We are pleased to deliver our Annual Plan Review Report for ABC Company. This report will examine your plan in a variety of perspectives and compare it against industry averages. At the end of the report, we will present recommendations for how we can improve your plan this year and our specific action plan.We look forward to meeting with your Retirement Plan Committee to discuss this report in greater detail.

  3. Comments / Action Plan • Most important observations about your plan • Deferral rates are below average • Many employees are not contributing enough to take advantage of the full match • Participation rate can be increased by 10 – 15% with a focused campaign • Most employees are not going to be on track to retire at age 67 Action plan for coming year • Plan series of onsite education meetings • Targeted mailing to participants that have not accessed the website • Consider QDIA for participants whose contributions are defaulting • Consider moving to immediate eligibility for 401(k) source, and consider automatic enrollment at 3% of pay • Explore cost of safe harbor match • Review fund menu for coverage of key asset classes and to suggest any needed additions or replacements

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