Upwork Inc. 401(k) Review & Grade
Upwork Retirement Savings Plan
San Francisco, CAAdministrative, Support & Staffing Services706 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$5,393Employer $ per active participant
$20,650Employee $ saved per active participant
0.12%Direct admin cost, % of plan assets
$121.8MNet plan assets, end of year
$95,824Average balance per account
Score breakdown
- Employer generosity48.1 / 5096th percentile for employer $ per participant
- Low cost17.1 / 2569th percentile for low admin cost vs. same-size plans
- Employee saving15.0 / 15100th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score87 / 100 · Grade A
This plan vs. peers
Peers: Administrative, Support & Staffing Services plans with 500–2,499 active participants (401 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 96th |
| Lower admin cost | 69th |
| Employee saving | 100th |
| Peers that auto-enroll | 27% |
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Red flags from the filing
Corrective distributions: the plan refunded $3,826 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Upwork put in about $5,393 per active participant, more than the typical peer ($712). 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.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- 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 | $3,804,594 |
| Participant (employee) contributions | $14,568,894 |
| Other contributions (incl. rollovers in) | $4,233,755 |
| Administrative expenses paid from the plan | $133,810 |
| Other admin expenses | $75,832 |
| Benefits paid out | $9,709,955 |
| Net assets, start / end of year | $93.1M / $121.8M |
| Active participants, start / end of year | 792 / 619 |
| Participants with account balances | 1,271 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Baker Tilly US, LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $60,007 reported compensation |
| Newfront | $40,108 reported compensation |
| Creative Planning | $35,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250707141724NAL0001654739001, received 2025-07-07, EIN 46-4337682, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.