1 critical issue
Board of Trustees of Supplemental Income Trust Fund
94-2554388· Vallejo, CA· John Hancock· 2024 filing· vs 2 plans your size
F
0/100
Overall grade
Falling behind on most measures.
F
Fees
C
Financial Wellness
F
Plan design
D
Compliance
Fees
Your plan pays around 35 bps of assets per year. Similar plans pay around 9 bps. Your plan is more expensive than about 92% of similar plans.
cheaper92th percentilepricier
Financial Wellness
Below-average savings. Employees put away $2,896/employee a year. That's less than 61% of similar plans.
lower39th percentilehigher
Plan design
The employer contributes through profit sharing rather than a standard match.
Employer contributes via profit sharing
No standard match, but the employer puts money in through profit sharing. Often a flat percentage to everyone, which works like a match for employees.
No automatic enrollment
Employees have to opt in themselves. Auto-enrollment is the easiest way to lift participation, and most newly started plans are now required to include it.
Not safe harbor
The plan has to pass annual IRS nondiscrimination testing, which can cap what owners and higher earners are allowed to contribute.
No brokerage window
Employees can only invest through the plan's core fund menu. A brokerage window opens the wider market for people who want more control.
Compliance & health
1 critical issue on the latest filing. These need attention.
Late employee deposits
Employee 401(k) deposits didn't reach the plan on time. The DOL treats this as a prohibited transaction, and it's one of the most common audit triggers. It needs a formal correction, not just a late deposit.
Fidelity bond below 10% of BOY assets, ERISA 412 violation
The reported ERISA fidelity bond is below the 10%-of-assets guideline based on beginning-of-year assets. Fast-growing plans can look under-bonded on paper; confirm against the plan's current bond coverage.
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John Hancock
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Key insights
- Strongest area: financial wellness. Below-average savings. Employees put away $2,896/employee a year. That's less than 61% of similar plans.
- Best place to improve: plan design. The employer contributes through profit sharing rather than a standard match.
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