Canton, MA (December 1, 2016): Gray, Gray & Gray, a leading accounting and audit firm, has released the results of a survey of benefit plan administrators in the six-state New England region. Gray, Gray & Gray conducted the survey with the goal of discovering some of the best practices being used by successful defined contribution benefit plan administrators.
“Our goal was to create a ‘snapshot’ of the defined contribution plan industry, and to provide benchmarks against which administrators can measure their own plan’s performance,” said Jim Donellon, a Manager in Gray, Gray & Gray’s Employee Benefit Plan Audits Group. “You can’t manage what you don’t measure, and these numbers provide some key points of comparison for plan administrators.”
With responses from benefit plan administrators across the entire region, the results paint a picture of an industry serving a wide range of business types and sizes. Some of the survey highlights include:
- The average plan assets (as of Dec. 31, 2015) were $57,631,762
- 401(k) plans were the most commonly offered (96%)
- The majority of plans (39%) offer between 21 and 30 investment options
- 47% of the plans have failed a discrimination test in the past two years
“Many of the questions zero in on key performance indicators (KPIs), measurements which can help an administrator determine which areas of their plan are operating efficiently and which may need more attention,” said Marty Kirshner, a Manager in Gray, Gray & Gray’s Employee Benefit Plan Audits Group . “While results will vary for every plan, it is helpful to see what the industry averages are, and compare your results accordingly.”
Complete survey results are available on Gray, Gray & Gray’s website at www.gggcpas.com, or by calling (781) 407-0300. For additional information or help in using the survey results to measure your own plan’s performance, contact Gray, Gray & Gray’s Employee Benefit Plan Audits Group.