Upward Projects 401(k) Review & Grade
Upward Projects 401(k) Plan
Phoenix, AZAccommodation & Food Services1,162 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$278Employer $ per active participant
$1,370Employee $ saved per active participant
1.60%Direct admin cost, % of plan assets
$4.7MNet plan assets, end of year
$3,901Average balance per account
Score breakdown
- Employer generosity25.4 / 5051th percentile for employer $ per participant
- Low cost0.6 / 252th percentile for low admin cost vs. same-size plans
- Employee saving10.9 / 1573th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score34 / 100 · Grade D
This plan vs. peers
Peers: Accommodation & Food Services plans with 500–2,499 active participants (458 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 51th |
| Lower admin cost | 2th |
| Employee saving | 73th |
| Peers that auto-enroll | 17% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($32,833 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $71,123 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Upward Projects put in about $278 per active participant, more than the typical peer ($266). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Direct plan expenses (1.60% of assets) are well above similar-size plans (0.23%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $322,830 |
| Participant (employee) contributions | $1,591,360 |
| Other contributions (incl. rollovers in) | $858,293 |
| Administrative expenses paid from the plan | $56,787 |
| Contract administrator fees | $56,787 |
| Benefits paid out | $715,436 |
| Net assets, start / end of year | $2.4M / $4.7M |
| Active participants, start / end of year | 1,025 / 1,298 |
| Participants with account balances | 1,206 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Kimberlin Company, PLLC |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $56,787 reported compensation |
| Principal Securities Inc | $13,480 reported compensation |
| Wilshire Advisors LLC | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251028163052NAL0011733808001, received 2025-10-28, EIN 82-3127811, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.