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Grade My 401(k)
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1 critical issue

Winston & Strawn LLP

36-1975990· Chicago, IL· Fidelity· 2024 filing· vs 971 plans your size in your industry
D
0/100
Overall grade

Below average. Several areas need attention.

–
Fees
not graded
A
Financial Wellness
F
Plan design
D
Compliance
Fees
Estimate only · not graded

Fees aren't disclosed. A typical estimate for a plan with this asset level is 14 bps, but this estimate is not graded.

Not graded
Financial Wellness

Strong savings. Employees put away $15,167/employee a year. That's more than 88% of similar plans.

A
lower88th percentilehigher
Plan design

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

F
No employer match
No match is reported. A match is the top reason employees enroll and contribute. 88% of similar plans offer one.
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 $15,167/employee a year. That's more than 88% of similar plans.
  • Best place to improve: plan design. No employer match or contribution, the feature that matters most for savings.
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