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Grade My 401(k)
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1 issue

Reed Smith LLP

25-0749630· Pittsburgh, PA· Fidelity· 2024 filing· vs 761 plans your size in your industry
B
0/100
Overall grade

Solid plan with a few things to improve.

A
Fees
B
Financial Wellness
D
Plan design
B
Compliance
Fees

Your plan pays around 2 bps of assets per year. Similar plans pay around 11 bps. Your plan is cheaper than about 90% of similar plans.

A
cheaper10th percentilepricier
Financial Wellness

Middle-of-the-pack savings. Employees put away $12,241/employee a year. That's about average for plans this size.

B
lower74th percentilehigher
Plan design

Good base, but no automatic enrollment. That's the top thing to add.

D
Employer match
The plan matches employee contributions, the single strongest driver of participation and savings.
Profit sharing
The employer also makes profit-sharing contributions on top of the match.
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 item to review, nothing critical.

B
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: fees. Your plan pays around 2 bps of assets per year. Similar plans pay around 11 bps. Your plan is cheaper than about 90% of similar plans.
  • Best place to improve: plan design. Good base, but no automatic enrollment. That's the top thing to add.
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