Canton, MA (December 21, 2017): Gray, Gray & Gray, LLP, a leading independent accounting and audit firm, has released the results of their second annual survey of benefit plan administrators in the New England region. The survey’s purpose is to develop an overview of how defined contribution plans are managed, and to discover “best practices” used by plan administrators.
“Our annual defined contribution plan survey creates a set of data points for plan administrators to use as a basis of comparison with the relative position of similar plans from a variety of companies,” said Jim Donellon, Director of Gray, Gray & Gray’s Employee Benefit Plan Audits Group.
Some of the highlights from the 2017 survey include:
- The average plan assets (as of Dec. 31, 2016) were $49,015,452
- 85% of plans consider bonus compensation to be eligible compensation
- The most popular type of fund offered is Mutual Funds (86%)
- More than half of plans surveyed (56%) match employee contributions at each pay period
- Almost two-thirds of plans (61%) require employees to reach 21 years of age before becoming eligible to participate
“Naturally, results will vary for every plan,” said Martin Kirshner, Manager in the firm’s Employee Benefit Plans Audit Group. “But it is interesting and valuable to see what the industry averages are, and to compare individual plan results accordingly.”
Gray, Gray & Gray will also host a webinar at 11:00 am EST on January 25, 2018 that will provide a more in-depth analysis of the survey results. The webinar is free, with online registration at www.gggcpas.com.
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.
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