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Grade My 401(k)
Built by Basic Capital
1 critical issue

Ropes & Gray LLP

04-2233412· Boston, MA· Empower· 2024 filing· vs 614 plans your size in your industry
C
0/100
Overall grade

Middle of the pack, with clear ways to do better.

B
Fees
B
Financial Wellness
F
Plan design
D
Compliance
Fees

Your plan pays around 5 bps of assets per year. Similar plans pay around 10 bps. Your plan is a bit cheaper than most similar plans.

B
cheaper28th percentilepricier
Financial Wellness

Strong savings. Employees put away $15,085/employee a year. That's more than 86% of similar plans.

B
lower86th percentilehigher
Plan design

The employer contributes through profit sharing rather than a standard match.

F
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.
Default investment (QDIA)
Employees who never pick investments land in a sensible default, usually a target-date fund, instead of cash.
Brokerage window
Employees can invest beyond the core fund menu through a self-directed brokerage account.
Compliance & health

1 critical issue on the latest filing. These need attention.

D
Failed IRS fairness test
The plan failed its annual IRS fairness test and had to refund contributions to higher-paid employees. A safe harbor design eliminates this problem entirely.
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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Key insights

  • Strongest area: financial wellness. Strong savings. Employees put away $15,085/employee a year. That's more than 86% of similar plans.
  • Best place to improve: plan design. The employer contributes through profit sharing rather than a standard match.
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