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Grade My 401(k)
Built by Basic Capital
2 critical issues

Paychex Retirement LLC

85-3275179· Rochester, NY· Paychex· 2024 filing· vs 1 plans your size
F
0/100
Overall grade

Falling behind on most measures.

F
Fees
D
Financial Wellness
B
Plan design
F
Compliance
Fees

Your plan pays around 82 bps of assets per year. Similar plans pay around 14 bps. Your plan is more expensive than about 100% of similar plans.

F
cheaper100th percentilepricier
Financial Wellness

Below-average savings. Employees put away $926/employee a year. That's less than 75% of similar plans.

D
lower25th percentilehigher
Plan design

Covers the basics. A few high-impact features are missing.

B
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.
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.
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

2 critical issues on the latest filing. These need attention.

F
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.
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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Key insights

  • Strongest area: plan design. Covers the basics. A few high-impact features are missing.
  • Best place to improve: fees. Your plan pays around 82 bps of assets per year. Similar plans pay around 14 bps. Your plan is more expensive than about 100% of similar plans.
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