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Grade My 401(k)
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1 critical issue

Wellspan Health

22-2517863· York, PA· Empower· 2024 filing· vs 31 plans your size
C
0/100
Overall grade

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

C
Fees
C
Financial Wellness
D
Plan design
D
Compliance
Fees

Your plan pays around 7 bps of assets per year. Similar plans pay around 9 bps. Your plan is a bit cheaper than most similar plans.

C
cheaper42th percentilepricier
Financial Wellness

Middle-of-the-pack savings. Employees put away $6,202/employee a year. That's about average for plans this size.

C
lower60th percentilehigher
Plan design

No employer match or contribution, the feature that matters most for savings.

D
No employer match
No match is reported. A match is the top reason employees enroll and contribute. 92% of similar plans offer one.
Automatic enrollment
New hires are enrolled by default. Plans with auto-enroll see much higher participation.
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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Empower

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Key insights

  • Strongest area: fees. Your plan pays around 7 bps of assets per year. Similar plans pay around 9 bps. Your plan is a bit cheaper than most similar plans.
  • Best place to improve: plan design. No employer match or contribution, the feature that matters most for savings.
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